> For the complete documentation index, see [llms.txt](https://docs.fluvion.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.fluvion.io/overview.md).

# Overview

**Fluvion** is a high-performance, decentralized perpetual futures exchange supporting Solana and EVM networks (Ethereum, Robinhood) with frictionless email login powered by Privy. Powered by an institutional-grade off-chain Central Limit Order Book (CLOB) and verifiable on-chain settlement, Fluvion brings the speed, liquidity, and execution quality of premier centralized exchanges directly to DeFi.

Traders enjoy up to **50x–100x leverage**, deep liquidity with tight spreads, flexible **Cross and Isolated Margin** modes, sub-second execution, and zero-gas order placement through cryptographic session keys.

***

## Why Trade on Fluvion?

* **Institutional-Grade Orderbook**: High-frequency matching engine with millisecond execution latency and deep orderbook liquidity across major cryptocurrency markets.
* **Multi-Chain & Social Onboarding**: Connect seamlessly via **Email** (instant embedded wallet, zero seed-phrase friction), native **Solana** wallets (Phantom, Solflare, Backpack), or **EVM** wallets (MetaMask, Rabby, Coinbase) across Ethereum and Robinhood Chain.
* **Gasless Order Management**: Sign a secure session key once when connecting your wallet, then place, modify, and cancel orders instantly with zero network gas fees and zero wallet pop-up fatigue.
* **Flexible Margin Modes**:
  * **Cross Margin**: Share account equity across multiple positions to maximize capital efficiency and automatically offset profits against losses.
  * **Isolated Margin**: Confine risk to individual positions with dedicated collateral, strictly capping potential losses per trade.
* **Transparent USDC Settlement**: All contracts are quoted, margined, and settled in USDC. No synthetic peg risk or unexpected collateral conversion fees.
* **Robust Price & Risk Architecture**: 3-Price system (**Index Price**, **Mark Price**, **Last Price**) protected by multi-exchange oracle aggregation and outlier filters to guard against flash crashes, predatory wick-hunting, and cascading liquidations.
* **Non-Cascading Liquidation**: Liquidations are transferred directly to liquidators at a deterministic discount rather than market-dumped into the order book, preventing vicious cascading price collapses.
* **Transparent Flat Fees & Custom Rates**: Clean default **0.05% (5 bps)** Maker & Taker fees across all Crypto and RWA perpetual pairs, with support for custom institutional fee rates and a multi-tier referral rebate engine.

***

## Platform Architecture at a Glance

Fluvion DEX is a perpetual futures DEX built on the high-performance architecture of Orderly Network, combining an institutional-grade off-chain Central Limit Order Book (CLOB) with verifiable on-chain settlement.

```mermaid
flowchart LR
    A[User Onboarding\nEmail / Solana / EVM] -->|USDC Deposit| B[Multi-Chain Smart Vault]
    A -->|Sign Session Key| C[Trading Client]
    C -->|Zero-Gas Orders| D[High-Performance CLOB\nMatching Engine]
    D -->|Fills & Real-Time Risk| E[Risk Engine\nIMR / MMR Checks]
    E -->|Batched State Settlement| B
    F[Oracle Aggregator\nTier-1 CEXes] -->|Mark & Index Prices| E
```

1. **Collateral Custody**: Funds reside securely in on-chain smart contract vaults across supported networks (Solana, Ethereum, Robinhood).
2. **Session Key Authentication**: When connecting via Email or Web3 wallet, a temporary cryptographic trading key is signed. This enables the web interface to submit orders with sub-second latency without prompting wallet approval on every tick.
3. **Off-Chain CLOB Matching Engine**: Executes orders with price-time priority and deterministically updates user accounts in real time.
4. **On-Chain Settlement**: Realized PnL, margin balances, and withdrawals settle verifiably on-chain via smart contract vaults.

***

## Supported Markets

Fluvion supports over **80+ perpetual futures markets** across cryptocurrencies and Real World Assets (RWAs):

| Asset Class            | Key Markets                                                      | Max Leverage | Settlement |   Margin Modes   |
| ---------------------- | ---------------------------------------------------------------- | :----------: | :--------: | :--------------: |
| **Major Crypto**       | `SOL-PERP`, `BTC-PERP`, `ETH-PERP`                               |   **100x**   |    USDC    | Cross / Isolated |
| **Large Caps**         | `BNB-PERP`, `XRP-PERP`, `DOGE-PERP`                              |    **50x**   |    USDC    | Cross / Isolated |
| **Solana & Memes**     | `JUP`, `RAY`, `1000BONK`, `WIF`, `PENGU`, `FARTCOIN`, `PUMP`     |  **10x–20x** |    USDC    | Cross / Isolated |
| **L1/L2 Altcoins**     | `SUI`, `NEAR`, `AVAX`, `LINK`, `HYPE`, `SEI`, `APT`, `ARB`, `OP` |  **10x–20x** |    USDC    | Cross / Isolated |
| **DeFi & Emerging AI** | `AAVE`, `UNI`, `PENDLE`, `ENA`, `TAO`, `FET`, `VIRTUAL`          |    **10x**   |    USDC    | Cross / Isolated |
| **Global Indices**     | `SPX500-PERP` (S\&P 500), `NAS100-PERP` (Nasdaq 100)             |    **20x**   |    USDC    | Cross / Isolated |
| **Commodities**        | `XAU-PERP` (Gold), `XAG-PERP` (Silver), `CL-PERP` (Crude Oil)    |    **20x**   |    USDC    | Cross / Isolated |
| **Tech Equities**      | `NVDA-PERP` (NVIDIA), `TSLA-PERP` (Tesla), `GOOGL-PERP` (Google) |    **20x**   |    USDC    | Cross / Isolated |
| **Forex**              | `EURUSD-PERP`, `USDJPY-PERP`                                     |    **20x**   |    USDC    | Cross / Isolated |

For full contract specifications, see the [Supported Markets Guide](/platform-and-economics/supported-markets.md).

***

## Documentation Roadmap

Navigate through the documentation sections to master the platform:

1. [**Getting Started**](/getting-started/quickstart.md)
   * [Web Quickstart](/getting-started/quickstart.md): Fund your wallet and place your first trade in 5 minutes.
   * [Wallet & Account Setup](/getting-started/account-and-wallet.md): Understanding session keys and account structure.
   * [Deposits & Withdrawals](/getting-started/deposits-and-withdrawals.md): How to deposit USDC collateral and withdraw funds safely.
2. [**Trading Basics**](/trading-basics/perpetual-futures.md)
   * [Perpetual Futures 101](/trading-basics/perpetual-futures.md): Core concepts, leverage mechanics, and long vs. short.
   * [Order Types & Execution](/trading-basics/order-types.md): Market, Limit, Stop, Post-Only, Reduce-Only, and TP/SL.
   * [Orderbook & Matching Engine](/trading-basics/orderbook-and-matching.md): CLOB mechanics, price-time priority, maker vs. taker.
   * [Web Trading Interface](/trading-basics/trading-interface.md): Full walkthrough of the charting and order entry dashboard.
   * [Portfolio & Analytics Dashboard](/trading-basics/portfolio.md): Comprehensive equity analytics, PnL/volume charts, order audit, VIP fee progress, and API key management at `fluvion.io/portfolio`.
   * [Zero-Fee Token Swap](/trading-basics/swap.md): Instant multi-chain token swaps with 0% platform fee at `fluvion.io/swap`.
3. [**Perpetual Futures Mechanics**](/perpetual-futures-mechanics/margin-modes.md)
   * [Margin Modes](/perpetual-futures-mechanics/margin-modes.md): In-depth comparison of Cross Margin and Isolated Margin.
   * [Margin, Leverage & PnL](/perpetual-futures-mechanics/margin-leverage-and-pnl.md): Detailed formulas for Account Margin Ratio, IMR, MMR, and PnL.
   * [Pricing System](/perpetual-futures-mechanics/pricing-system.md): How Index, Mark, and Last prices are calculated and protected.
   * [Funding Rate Mechanism](/perpetual-futures-mechanics/funding-rate.md): How funding tethering works, calculation intervals, and cashflows.
   * [Liquidations & Risk Engine](/perpetual-futures-mechanics/liquidations.md): Liquidation thresholds, non-cascading execution, and Insurance Fund.
4. [**Platform & Economics**](/platform-and-economics/fees-and-rebates.md)
   * [Markets & Funding Portal](/platform-and-economics/markets.md): Real-time market categories, spotlight, and cross-venue funding rate comparison at `fluvion.io/markets`.
   * [Supported Markets Specifications](/platform-and-economics/supported-markets.md): Complete specifications for 80+ Crypto and RWA markets.
   * [Trading Fees & Volume Rebates](/platform-and-economics/fees-and-rebates.md): Fee tiers and 30-day volume discount schedule.
   * [Affiliate & Rewards Program](/platform-and-economics/referral-program.md): Multi-level partner rewards, custom commission split, and daily USDC settlement at `fluvion.io/rewards/affiliate`.
   * [Leaderboard](/platform-and-economics/leaderboard.md): Live volume and PnL rankings.
5. [**API Trading**](/api-trading/api.md)
   * [API Quickstart](/api-trading/quickstart.md): Create credentials and verify read-only access.
   * [Authentication](/api-trading/authentication.md): Sign requests with an API key.
   * [Orders & Execution](/api-trading/trading.md): Validate margin, leverage and order lifecycle.
   * [AI Agents & Skills](/api-trading/agents.md): Integrate assistants with controlled execution tools.
6. [**Reference**](/reference/glossary.md)
   * [Glossary & FAQ](/reference/glossary.md): Comprehensive definitions of perpetual futures trading terms.


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