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

# Overview

> The market mechanics behind Perps trading

Perps markets follow a small set of system rules. This section explains how
those rules work so you can anticipate how positions are valued, when they are
at risk, and why account balances change.

<CardGroup cols={2}>
  <Card title="Architecture" icon="sitemap" href="/perps/learn-about-trading/architecture">
    How offchain matching and onchain settlement fit together.
  </Card>

  <Card title="Markets" icon="list" href="/perps/learn-about-trading/markets">
    Available Perps markets and the parameters that shape trading.
  </Card>

  <Card title="Fees" icon="percent" href="/perps/learn-about-trading/fees">
    What each fill costs and how the volume-based fee tiers work.
  </Card>

  <Card title="Margin" icon="scale-balanced" href="/perps/learn-about-trading/margin">
    Equity, initial margin, maintenance margin, and margin states.
  </Card>

  <Card title="Liquidation Mechanics" icon="triangle-exclamation" href="/perps/learn-about-trading/liquidation-mechanics">
    How liquidation is detected, executed, and backstopped.
  </Card>

  <Card title="Funding" icon="repeat" href="/perps/learn-about-trading/funding">
    How funding rates are computed and settled against open positions.
  </Card>

  <Card title="Mark Price" icon="chart-line" href="/perps/learn-about-trading/mark-price">
    How the price used for margin, PnL, and liquidation is computed.
  </Card>

  <Card title="Index Price" icon="crosshairs" href="/perps/learn-about-trading/index-price">
    How the underlying's fair value is sourced and aggregated.
  </Card>

  <Card title="Market Sessions" icon="clock" href="/perps/learn-about-trading/market-sessions">
    How session state affects pricing feed selection.
  </Card>

  <Card title="Geographic Restrictions" icon="globe" href="/perps/learn-about-trading/geographic-restrictions">
    Where order placement is restricted.
  </Card>
</CardGroup>
