> ## Documentation Index > Fetch the complete documentation index at: https://docs.intention.xyz/llms.txt > Use this file to discover all available pages before exploring further. # Trading Overview > Intention Exchange is the flagship perpetual futures DEX on the Intention L1 — a full suite of professional order types, risk controls, and liquidity infrastructure inheriting its guarantees from the protocol below it. **Intention Exchange** (`app.intention.xyz`) is the flagship perpetual futures DEX on the Intention L1. Every order, cancellation, fill, funding payment, and liquidation is produced by IntentionKernel and finalized by IntentionBFT consensus — Intention Exchange does not implement its own matching engine or risk pipeline, it inherits both from the protocol below it. The entire lifecycle of a position is therefore verifiable by validators and users alike at the protocol layer, not at the application layer. The trading stack is designed to feel like a top-tier centralized venue to traders, while exposing the determinism and auditability of a blockchain to integrators. Matching runs on a full on-chain central limit order book with price-time priority, sub-second block cadence, and deterministic sequencing rules. ## What you can do Market, limit, stop-market, stop-limit, take-profit, post-only, reduce-only, IOC, FOK, and GTC orders. Split large orders with TWAP, ladder into positions with Scale orders, and flip direction instantly with Quick Reverse. Attach take-profit and stop-loss to orders or positions, add margin, and control leverage per contract. Mark price, index price, and funding drive P\&L, liquidations, and settlements — all derived transparently. ## Core building blocks * **Markets and matching.** Each contract has its own order book, tick size, lot size, and leverage tiers. See [Markets](/trading/markets) and [Order book](/trading/order-book). * **Order types and modifiers.** Standard order types pair with time-in-force flags (GTC, IOC, FOK), post-only, and [reduce-only](/trading/reduce-only) to express any execution intent. * **Margin and leverage.** Traders pick between isolated and cross [margin modes](/trading/margin-modes), set [leverage](/trading/leverage) per contract, and can [add or remove margin](/trading/add-margin) from isolated positions. * **Risk and liquidations.** Positions are marked to the [mark price](/trading/mark-price), funded hourly via [funding](/trading/funding), and liquidated in tiers with fallbacks to the liquidation vault and [ADL](/trading/adl). * **Pricing feeds.** [Index price](/trading/index-price) aggregates major spot venues; [mark price](/trading/mark-price) blends oracle, book, and funding basis. * **Liquidity.** Vaults supply on-book liquidity and absorb liquidations. See [Vaults](/trading/vaults). ## Execution guarantees Every block, Intention orders actions by a fixed priority: system operations, then non-matching actions (deposits, funding, liquidations, conditional-order triggers), cancels, and finally new order placements. Non-post-only placements wait two blocks off-chain before entering matching, which bounds front-running and makes cancels effectively preemptive. The full scheme is described in [Transaction sequencing](/trading/tx-sequencing). ## Fees and precision Fees use a 14-day rolling volume tier with maker and taker rates, additional maker rebates for top market makers, and group-based pricing across contracts. [Fee schedule](/trading/fees). Quantity and price rounding follows per-field rules documented in [Precision](/trading/precision) — safety-critical fields round against the user, display fields round to nearest.