> ## 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.

# Introduction

> Welcome to AX, the world's first centralized and regulated exchange for perpetual futures on traditional underlying asset classes. FX, stocks, interest rates, metals, stock indexes, and more.

**AX** is a global derivatives exchange for perpetual futures on traditional (non-digital) assets.

Trading happens on an order book with **price-time priority** (best price first, then FIFO within price), and positions are **leveraged**, so margin and liquidation rules apply.

Perpetual contracts **don’t expire** and can trade **24/7**; funding helps keep prices aligned with the underlying benchmark.

Start here: [What is AX?](/guides/about-us/what-is-architect).