> ## Documentation Index
> Fetch the complete documentation index at: https://docs.architect.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# What is AX?

**AX** is a global derivatives exchange specializing in the trading and clearing of perpetual futures on traditional financial assets.

## Order matching

Orders trade on an order book using **price-time priority**: better prices match first, and for the same price, earlier orders match before later orders.

To learn the basics of how trading works on AX, start with [Perpetual Futures Basics](/guides/perpetual-futures/basics).

## Perpetual futures

A **perpetual future** is a futures-style contract that **does not expire**. Funding payments help keep the contract price aligned with the underlying benchmark, and contracts can trade **24/7**.

For product-specific details like tick size, margin rates, trading hours, and price bands, see [Contract Specs](/guides/perpetual-futures/contract-specs).

## Margin and leverage

To trade, you post **initial margin** to open positions and must stay above **maintenance margin** to keep them open. If equity falls too far, positions can be liquidated.

Read [Margin & Leverage](/guides/margin-risk/margin-leverage) and [Risks](/guides/margin-risk/risks).

## Clearing and settlement

AX marks positions to market in real time (so collateral updates as prices move), and applies [Funding Rate Payments](/guides/funding-settlement/funding-rate-payments) on the published schedule.

See [Settlement](/guides/funding-settlement/settlement) for the core idea, and [Profit & Loss (P\&L)](/guides/perpetual-futures/profit-loss) for how trading P\&L and funding combine.

## Deposits, withdrawals, fees and custody

Deposits can be USD wire or stablecoins like USDC, but contracts and balances are USD-denominated. AX charges maker and taker fees, and funds are held with custodians.

See [Deposits & Collateral](/guides/accounts-fees/collateral), [Fee Structure](/guides/accounts-fees/fee-structure), and [Fund Custody](/guides/accounts-fees/fund-custody).

## Getting started

Institutional onboarding is open today; see [Institutional Accounts](/guides/getting-started/institutional-accounts). Individual accounts are not yet supported; see [Individual Accounts](/guides/getting-started/individual-accounts). For KYC/AML expectations, see [Account Requirements](/guides/getting-started/account-requirements).

## Regulatory oversight

AX is operated by Architect Bermuda Ltd, and operates under the oversight of the Bermuda Monetary Authority.

See [Who operates AX?](/guides/about-us/who-operates) and [What licences does AX have?](/guides/about-us/licences). For more help, see [Contact Us](/guides/about-us/contact).