> For the complete documentation index, see [llms.txt](https://fx100.gitbook.io/fx100-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://fx100.gitbook.io/fx100-docs/readme.md).

# FX100

The end of liquidations.

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**FX100 is on private testnet.** Access requires a referral code. Nothing described here is live for public trading, and parameters in these docs are subject to change before mainnet.
{% endhint %}

FX100 is a perpetual futures DEX on Base built around a specialised trading mechanic: **every position begins with 15 minutes of liquidation protection.**

During that window the position cannot be liquidated, whatever the price does. The window is free, automatic, and applies to every market.

There is no order book. Every trade fills against a single USDC liquidity vault at the oracle price plus a dynamic spread, and executes immediately. Leverage goes up to 100x, and collateral and settlement are USDC throughout.

### Where to go next

* [**What is FX100**](/fx100-docs/start-here/what-is-fx100.md) — the mechanics in brief: no order book, one vault, isolated margin.
* [**Liquidation protection**](/fx100-docs/start-here/liquidation-protection.md) — the 15-minute window, exactly what it does and doesn't do.
* [**Your first trade**](/fx100-docs/start-here/your-first-trade.md) — from a referral code to an open position.

If you want the mechanics before you trade, start with [pricing and execution](/fx100-docs/trading/pricing-and-execution.md) — almost every surprising number in the interface traces back to the spread.

FX100 is built by [f(x) Protocol](https://fx.aladdin.club), a product line of AladdinDAO.