Architecture
How offchain matching and onchain settlement fit together.
Markets
Available Perps markets and the parameters that shape trading.
Fees
What each fill costs and how maker rebates work.
Margin
Equity, initial margin, maintenance margin, and margin states.
Liquidation Mechanics
How liquidation is detected, executed, and backstopped.
Funding
How funding rates are computed and settled against open positions.
Mark Price
How the price used for margin, PnL, and liquidation is computed.
Index Price
How the underlying’s fair value is sourced and aggregated.
Market Sessions
How session state affects pricing feed selection.
Geographic Restrictions
Where order placement is restricted.