> For the complete documentation index, see [llms.txt](https://docs.fermi.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.fermi.trade/introduction.md).
# Introduction
Fermi V1 is the first perps DEX with **fair ordering guarantees**. This means, all incoming transactions are always executed in strict first-come, first-serve order; and that ordering rule is cryptographically verifiable.
### Why Fair Ordering
Fair ordering eliminates a whole class of market structure problems faced by exchanges today:
* Eliminates Pick off risks - Market Makers are guaranteed their updates land in time
* Permits high frequency arbitrage - this is a major source of liquidity, volumes, and pricing signals in tradFi market, absent today in DeFi
* Allows fast optimistic confirmations - you can know what happened to your transaction in <2ms, without waiting for full onchain execution!
In existing onchain exchanges, the block builder or leader has full dicretion on ordering, inclusion, and exclusion of transactions. This leads to a lack of liquidity, depth, and volume, compared to centralized venues.
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