> For the complete documentation index, see [llms.txt](https://docs.nectarliquid.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.nectarliquid.com/trading.md). # Trading Welcome to trading on Nectar Liquid. The platform delivers institutional-grade spot and perpetual contract trading natively on Asset Chain, combining the speed and deep liquidity of centralized exchanges with the transparency, non-custodial security, and deterministic settlement of decentralized smart contracts. ### Key Trading Capabilities * **Up to 50x Leverage**: Trade major cryptocurrencies (`WETH`, `WBTC`) and specialized regional pairs (`cNGN`) with flexible collateral options. * **Zero Price Impact Swaps**: Execute spot token swaps quoted directly at oracle index prices without slippage from pool depth limitations. * **Fair Mark Price Oracles**: Liquidations and order triggers are driven by composite real-time oracle feeds, preventing cascading liquidations from temporary wick spikes or orderbook manipulation. * **Non-Custodial Architecture**: You always maintain full custody of your capital. Orders are submitted through cryptographic wallet signatures and settled directly on Asset Chain. * **Builder & UI Fee Support**: Frontends, aggregators, and trading bots can earn fees seamlessly via customizable builder attribution and fee receiver contracts. *** ### Trading Documentation Guide Explore each section below to master the platform's mechanics and execution models: * [**Trading Overview**](/trading/trading-overview.md): Introduction to the trading terminal, opening your first position, collateral management, and real-time PnL tracking. * [**Positions and Order Types**](/trading/positions-and-order-types.md): Deep dive into Market Orders, Limit Orders, Trigger Orders (Take Profit / Stop Loss), Swap Slippage bounds, and Mark Price calculations. * [**Fees**](/trading/fees.md): Complete breakdown of position open/close fees, swap fee tiers, dynamic borrowing factors, adaptive funding rates, network keeper refunds, and builder fees. * [**Liquidations and ADL**](/trading/liquidations-and-adl.md): How liquidation thresholds work, liquidation fee structures, and the Auto-Deleveraging (ADL) mechanism for tail-risk solvency. * [**Direct URLs**](/trading/direct-urls.md): Deep-link formatting specifications for bots, websites, and community channels to pre-populate trading pairs, leverage, collateral, and builder referral attribution. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.nectarliquid.com/trading.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.