> 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**.