> For the complete documentation index, see [llms.txt](https://elysia.gitbook.io/elysia-perps/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://elysia.gitbook.io/elysia-perps/introduction/what-is-elysia-perps.md). # What is Elysia Perps Elysia Perps is a perpetual futures protocol developed by ELYSIA. Trade with EL as collateral without selling it, on a module others can launch markets on. Elysia Perps is a perpetual futures protocol developed by ELYSIA. It is also a **perpetual futures module**: a complete trading engine (order matching, margin, liquidation, settlement, and on-chain custody) that **anyone can use to launch their own perp market**. It is not a single venue run top-down by one operator; it is the technical core that *powers* venues. The live Elysia Perps app is the **flagship reference implementation** of that module: the first fully built venue it powers, complete with its own UX/UI. When this documentation talks about placing orders, managing positions, or depositing collateral, it is describing the live Elysia Perps markets. So you can read Elysia Perps two ways: * **As a trader**: it's a hybrid DEX where you trade BTC and US 500 index perps with leverage. Your collateral is held in the protocol's smart contract, while orders are matched by a fast off-chain engine: the transparency of on-chain custody with the speed of a centralized exchange. Withdrawals are reviewed before release, within 48 hours. * **As a builder**: it's a perpetuals module you can launch your own market on, with the live Elysia Perps markets as the proven template. > **New to perps?** A perpetual future ("perp") is a contract that lets you take a long or short position on an asset's price with leverage, and has no expiry date. A funding mechanism keeps its price aligned with the underlying market. ## Key features | | | | ---------------------------- | ----------------------------------------------------------------- | | **What it is** | A perpetual futures *module* you can launch your own market on | | **Reference implementation** | The live Elysia Perps app, the flagship UX/UI built on the module | | **Product** | Perpetual futures (no expiry) | | **Architecture** | Hybrid DEX: on-chain deposits/withdrawals + off-chain matching | | **Matching** | Central Limit Order Book (CLOB) | | **Margin model** | Isolated (cross-margin planned) | | **Markets** | BTC-PERP-EL and US500-PERP-EL live. More markets planned. | | **Collateral** | EL (credited as EL$) | | **Max leverage** | Up to 5× | | **Login** | Wallet signature (EIP-712), no sign-up, no password | > These are the current settings on the live Elysia Perps markets. Elysia Perps is a perpetuals **module**: another market launched on it can set its own markets, collateral, leverage, and parameters. See [Markets](/elysia-perps/trading/markets.md). ## How it works At a high level, trading on Elysia Perps follows three steps: 1. **Deposit**: You send ERC-20 tokens to the protocol's smart contract. Once the deposit is confirmed on-chain, your balance appears in Elysia Perps. Your collateral is held in the protocol's smart contract. Withdrawals are reviewed before release, within 48 hours. 2. **Trade**: You place orders that are matched against the order book by the matching engine. Positions, margin, and PnL are tracked in real time. 3. **Withdraw**: You can request a withdrawal at any time. Each request is reviewed within 48 hours. ![Hybrid architecture: deposits held in an on-chain smart contract, orders matched by an off-chain order book engine](https://1949530945-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDKUIMv3mUd02iALaez0P%2Fuploads%2Fgit-blob-5cba62ac6a9d23ea47c59ce4b3cfe9a994ae5bdc%2Fhybrid-architecture.png?alt=media) ## Why hybrid? Fully on-chain order books are slow and expensive; fully centralized exchanges ask you to hand over your funds. Elysia Perps splits the difference: * **Custody is on-chain.** Deposits and withdrawals go through an auditable smart contract. You can request a withdrawal at any time. Each request is reviewed within 48 hours. * **Matching is off-chain.** A CLOB engine delivers low-latency order matching and a trading experience comparable to a CEX. A zero-knowledge proof layer is planned for the future to bring matching and settlement integrity further on-chain. ## A live market, and a module It's worth restating the distinction, because it's what makes Elysia Perps different from a conventional exchange: * A **conventional exchange** is a single venue, operated top-down by one company. You can only trade what that operator decides to list. * **Elysia Perps is the module underneath.** The matching engine, margin system, liquidation engine, oracle pricing, and on-chain custody are reusable infrastructure. Anyone can launch their own perp market on top of it, choosing its collateral, markets, and parameters. * **The live Elysia Perps markets are the reference implementation**: the first, fully built venue on this module. It proves the engine end-to-end and serves as the template for anyone building on it. This is why the docs emphasize the *engine* and not just a single venue: the trading experience you see is one instance, and the same machinery can power many. ## Where to go next * New here? Start with **Getting Started → Connect & Login**. * Want to understand the collateral model and the markets it enables? See [Quanto Markets](/elysia-perps/introduction/quanto-markets.md). * Ready to trade? Jump to **Trading → Order Types**. --- # 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. 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