> 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/trading.md).

# Trading

- [Trading](https://docs.nexus.xyz/trading/trading.md): What the Exchange trades, how orders are matched, and what is live on testnet today.
- [Quickstart](https://docs.nexus.xyz/trading/trading/quickstart.md): From a wallet to a filled order — the shortest path to trading the Exchange over the API.
- [Perpetuals](https://docs.nexus.xyz/trading/trading/perpetuals.md): Perpetual futures on the Exchange — no expiry, funding-tethered, cross-margined in USDX.
- [Market Specifications](https://docs.nexus.xyz/trading/trading/perpetuals/market-specifications.md): Contract specifications for every listed perpetual — tick and lot size, margin rates, leverage, open-interest caps, funding, and fees.
- [Margining](https://docs.nexus.xyz/trading/trading/perpetuals/margining.md): Initial and maintenance margin, leverage as a standing per-market setting, and the liquidation threshold.
- [Order Types](https://docs.nexus.xyz/trading/trading/perpetuals/order-types.md): The eight order types and four time-in-force policies, and what each one requires.
- [Positions](https://docs.nexus.xyz/trading/trading/perpetuals/positions.md): Position state: size, entry, unrealized and realized PnL, funding, and liquidation price.
- [Funding Rates](https://docs.nexus.xyz/trading/trading/perpetuals/funding-rates.md): How funding is measured against the index, when it settles, and what caps it.
- [Liquidations](https://docs.nexus.xyz/trading/trading/perpetuals/liquidations.md): When a position is liquidated, how to compute your own liquidation price, the order the engine sends, and the waterfall that absorbs a shortfall.
- [Price Oracles](https://docs.nexus.xyz/trading/trading/perpetuals/price-oracles.md): How the mark and index prices are built, and the freshness and deviation guards on them.
- [Discovery Bounds](https://docs.nexus.xyz/trading/trading/perpetuals/discovery-bounds.md): The price band and the max-move circuit breaker — the two bounds that decide which orders and which marks the venue will accept.
- [Trading Hours](https://docs.nexus.xyz/trading/trading/perpetuals/trading-hours.md): Which markets trade continuously, which follow exchange hours, and what the venue does and does not yet enforce.
- [Spot](https://docs.nexus.xyz/trading/trading/spot.md): In Development


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