> For the complete documentation index, see [llms.txt](https://docs.afx.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.afx.xyz/about-afx.md). # About AFX AFX is a high-performance sovereign L1 purpose-built for decentralized derivatives. By synthesizing the rapid execution of a centralized exchange with the immutable sovereignty of the blockchain, AFX delivers a professional-grade **Perp DEX** environment characterized by sub-100ms finality, institutional liquidity, and unmatched capital efficiency. ## Why AFX * **On-Chain Verifiable** — Every order match and settlement is verifiable on the blockchain. Your funds stay in your control; the platform cannot misappropriate assets. * **CEX-Grade Performance** — A hybrid architecture with an off-chain matching engine and on-chain settlement delivers the speed and depth traders expect from a centralized exchange, without the custody risk. * **Fair & Manipulation-Resistant Pricing** — Mark price is derived from the median of three independent price components, combining on-chain order book data with multi-exchange oracle feeds to resist price manipulation. * **Institutional-Grade Risk Controls** — Tiered margin requirements, multi-phase liquidation, and an LP Vault backstop ensure platform solvency even in extreme market conditions. ## At a Glance | | | | ----------------------- | ------------------------------------------------------------------------------------------------------- | | **Network** | Our Own Layer 1 | | **Settlement Currency** | USDC | | **Contract Type** | USDC-margined linear perpetual | | **Supported Assets** | Crypto, commodity, equity, and ETF perpetual markets. Query live product metadata for the current list. | | **Max Leverage** | Up to 100x | | **Trading Fees** | Taker 0.06% · Maker 0.01% | | **Funding Interval** | Every 4 hours (varies by asset) | | **Trading Hours** | 24/7 | ## Getting Started 1. **Connect** — Log in with your email or connect a Web3 wallet (MetaMask, WalletConnect, OKX Wallet, Coinbase Wallet, etc.). 2. **Deposit** — Transfer USDC to your AFX trading account via the Arbitrum network. 3. **Trade** — Select a trading pair, set your leverage, and place your order. ## Core Features ### Trading AFX supports market, limit, conditional (stop), and TWAP-style execution. Traders can choose between cross margin and isolated margin, and trade in one-way or hedge (two-way) position mode where available. Maximum leverage is determined per market and risk tier. * [Trading Rules](/trading-rules.md) * [Order Types](/trading-rules/order-types.md) * [Leverage](/trading-rules/leverage.md) ### Pricing & Funding Mark price uses a three-component median to ensure fair valuation. Oracle price aggregates spot prices from Binance, Bybit, and OKX with multi-layer protection. Funding rates anchor perpetual prices to the underlying spot market. * [Mark Price](/trading-rules/mark-price.md) * [Oracle Price](/trading-rules/oracle-price.md) * [Funding Rate](/trading-rules/funding-rate.md) ### Risk & Liquidation A tiered risk limit system adjusts margin requirements by position size. Liquidation follows a four-phase process: order cancellation, market close, LP Vault takeover, and auto-deleveraging (ADL) as a last resort. * [Risk Limits](/trading-rules/risk-limits.md) * [Liquidation](/trading-rules/liquidation.md) * [ADL](/trading-rules/adl.md) ### Vaults The **LP Vault (ALP)** is the protocol-level liquidity vault — 0% management fee, open to all depositors. **User Vaults** let any trader create a strategy vault and earn a 10% profit share from depositors. * [Vaults Overview](/vaults.md) * [LP Vault](/vaults/lp-vault.md) ### Earn & Grow Invite traders through the **Affiliate Program** and earn 10%–35% commission on their trading fees. Active traders can join the **VIP Program** to receive a share of the platform's fee revenue. * [Affiliate Program](/affiliate-program.md) * [VIP Program](/vip-program.md) ## Documentation | Section | What You'll Learn | | ------------------------------------------------------ | ------------------------------------------------------------------------------- | | [Trading Rules](/trading-rules.md) | Margin modes, position modes, order types, leverage, TP/SL, slippage protection | | [Mark Price](/trading-rules/mark-price.md) | How AFX calculates the fair mark price | | [Oracle Price](/trading-rules/oracle-price.md) | Oracle sources, protection mechanisms | | [Funding Rate](/trading-rules/funding-rate.md) | Funding formula, premium index, settlement schedule | | [Liquidation](/trading-rules/liquidation.md) | When and how positions are liquidated | | [Risk Limits](/trading-rules/risk-limits.md) | Tiered leverage and maintenance margin | | [Supported Assets](/trading-rules/supported-assets.md) | All trading pairs and their parameters | | [Vaults](/vaults.md) | LP Vault and User Vault mechanics | | [Affiliate Program](/affiliate-program.md) | Referral commissions (10%–35%) | | [VIP Program](/vip-program.md) | Fee revenue sharing for active traders | ## Links * **Trade:** * **Discord:** [AFX\_XYZ](https://discord.gg/mUeDkWYENJ) * **Twitter / X:** [@AFX\_XYZ](https://x.com/AFX_XYZ) * **Medium:** --- # Agent Instructions This documentation is published with GitBook. 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