> 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/welcome-to-afx-learn.md). # Welcome to AFX Learn Perpetual futures let you trade price direction on crypto, stocks, metals, and indices — with leverage, no expiry, and no custody of the underlying asset. This hub covers everything you need to understand and trade on-chain perps: from first principles to step-by-step guides to market-specific explainers. All guides are written for traders who want to understand what they're doing, not just follow steps. No hype. No price predictions. ### Where to Start New to perpetual futures or on-chain trading? Start here in order: 1. [What Is a Perpetual DEX?](/basics/what-is-a-perpetual-dex.md) — what on-chain perp trading is and how it works 2. [On-Chain Perps vs CEX Perps](/basics/on-chain-vs-cex-perps.md) — how DEX trading differs from centralized exchanges 3. [How to Trade Perpetuals On-Chain](/how-to-guides/how-to-trade-perpetuals-on-chain-a-step-by-step-guide.md) — a step-by-step walkthrough from wallet to first trade Already familiar with perps? Jump directly to any section below. ### [Basics](/basics/what-is-a-perpetual-dex.md) Core concepts every perp trader needs to understand — regardless of which platform you use. | Guide | What it covers | | --------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------ | | [What Is a Perpetual DEX?](/basics/what-is-a-perpetual-dex.md) | How on-chain perpetual exchanges work, and how they differ from traditional futures | | [On-Chain Perps vs CEX Perps](/basics/on-chain-vs-cex-perps.md) | Custody, transparency, fees, liquidity, and asset access — side by side | | [What Is a Funding Rate?](/basics/what-is-funding-rate.md) | How funding payments keep perp prices anchored to spot — and what they signal about market sentiment | | [What Is Liquidation?](/basics/what-is-liquidation.md) | What triggers automatic position closure, how to calculate your liquidation price, and how to avoid it | | *More coming →* | Leverage, margin types, mark price vs index price, open interest, and more | ### [How-To Guides](/how-to-guides/trade-stock-perpetuals-on-chain.md) Step-by-step walkthroughs for trading, depositing, managing positions, and earning on AFX. | Guide | What it covers | | ----------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------- | | [How to Trade Perpetuals On-Chain](/how-to-guides/how-to-trade-perpetuals-on-chain-a-step-by-step-guide.md) | Connect wallet → deposit USDC → choose market → open position | | *More coming →* | How to set leverage safely, how to read a funding rate, limit vs market orders, stop-loss management | ### Markets & Assets AFX lists perpetuals across crypto, equities, metals, and indices. These guides explain the mechanics and context for each market category. | Guide | What it covers | | ------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------ | | [Trade Stock Perpetuals On-Chain](/how-to-guides/trade-stock-perpetuals-on-chain.md) | How equity perps work — MSTR, NVDA, TSLA, AAPL — trading stock price exposure 24/7, no brokerage | | *More coming →* | NVDA, TSLA, AAPL, XAG silver, SPX index perpetuals | *** ### About These Guides All content on this Learn Hub follows AFX's editorial standards: * **No price predictions.** We explain how markets work, not where they're going. * **Plain language first.** Technical accuracy without unnecessary jargon. * **NFA on all trading content.** Perpetual futures carry a high risk of loss. Nothing here is financial advice. Availability of markets varies by jurisdiction. Guides are reviewed and updated periodically. If something is out of date or unclear, refer to the [AFX Documentation](https://docs.afx.xyz/) for current platform specifics. **Ready to trade?** [Open AFX →](https://app.afx.xyz/trade) --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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