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

# UPDOWN

UPDOWN is a decentralized spot and perpetual exchange that supports low price impact perpetual trades with up to 100x leverage as well as low swap fees.

Trading is supported by unique asset pools, PX Pools, that earn liquidity providers fees from perpetual trades, liquidations, and swaps.

UPDOWN routes every order against PX Pools and quotes the oracle index price rather than relying on an order book or external market makers. To ensure accurate pricing without wicks, UPDOWN uses Chainlink Data Stream oracles, so liquidations occur only at fair market prices.

For liquidity providers: [PX](/providing-liquidity.md#token-pricing)

For traders: [Trading on UPDOWN](/trading.md)


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