> ## 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.

> [card] [Architecture](https://docs.polymarket.com/perps/learn-about-trading/architecture.md)
>
> How offchain matching and onchain settlement fit together.

> [card] [Markets](https://docs.polymarket.com/perps/learn-about-trading/markets.md)
>
> Available Perps markets and the parameters that shape trading.

> [card] [Fees](https://docs.polymarket.com/perps/learn-about-trading/fees.md)
>
> What each fill costs and how the volume-based fee tiers work.

> [card] [Margin](https://docs.polymarket.com/perps/learn-about-trading/margin.md)
>
> Equity, initial margin, maintenance margin, and margin states.

> [card] [Liquidation Mechanics](https://docs.polymarket.com/perps/learn-about-trading/liquidation-mechanics.md)
>
> How liquidation is detected, executed, and backstopped.

> [card] [Funding](https://docs.polymarket.com/perps/learn-about-trading/funding.md)
>
> How funding rates are computed and settled against open positions.

> [card] [Mark Price](https://docs.polymarket.com/perps/learn-about-trading/mark-price.md)
>
> How the price used for margin, PnL, and liquidation is computed.

> [card] [Index Price](https://docs.polymarket.com/perps/learn-about-trading/index-price.md)
>
> How the underlying's fair value is sourced and aggregated.

> [card] [Market Sessions](https://docs.polymarket.com/perps/learn-about-trading/market-sessions.md)
>
> How session state affects pricing feed selection.

> [card] [Geographic Restrictions](https://docs.polymarket.com/api-reference/perps/geographic-restrictions.md)
>
> Where order placement is restricted.


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