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

# Exchange

A perpetual futures exchange: what it trades, how it prices, and how it manages risk.

The Nexus Exchange is a perpetual futures venue: a central-limit order book with a native matching engine, risk system and oracle, quoted and margined in [USDX](/overview/usdx.md). USDX has not launched yet: testnet markets are margined in synthetic USDX from the faucet, which has no real-world value.

> **The API base URL has changed.** The Exchange API moved from `https://exchange.nexus.xyz/api/exchange` to `https://api.testnet.nexus.xyz/v1`. Point your client at the new base. On 2026-09-28, `GET /markets/summary` returned HTTP 500 on the old base and HTTP 200 on the new one. Request signing is unchanged: you sign the path without the base prefix, so `/v1/markets` signs `/markets`, as `/api/exchange/markets` did. See [APIs & rates](/apis-and-rates/apis-and-rates.md).

Start with [Introduction](/overview/introduction.md) for what is live today, or go straight to the mechanics.

|                    |                                                                                                                                                                                                                                                     |
| ------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Trade**          | [Quickstart](/trading/trading/quickstart.md) · [Order types](/trading/trading/perpetuals/order-types.md) · [Market Specifications](/trading/trading/perpetuals/market-specifications.md)                                                            |
| **Mechanics**      | [Margining](/trading/trading/perpetuals/margining.md) · [Funding rates](/trading/trading/perpetuals/funding-rates.md) · [Liquidations](/trading/trading/perpetuals/liquidations.md) · [Price oracles](/trading/trading/perpetuals/price-oracles.md) |
| **What is listed** | [Asset directory](/asset-directory/asset-directory.md)                                                                                                                                                                                              |
| **Integrate**      | [APIs & rates](/apis-and-rates/apis-and-rates.md) · [Market maker guide](/apis-and-rates/apis-and-rates/market-maker-guide.md)                                                                                                                      |

The **API Reference** section documents every endpoint, schema and authentication scheme.


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