> 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/readme.md). # README Fermi-v1 (`frmv1`) is a non-custodial, fully on-chain perpetual-futures exchange built on Solana. A single on-chain program owns the order book, the cross-margin risk engine, funding, and liquidation; [POSq](broken://pages/ac31e9ddbaaf6ba0dc00cd9026f42e08117ea99d) sequences encrypted intents over VDF ticks and anchors that order into a per-market commit/reveal execution queue; and an optimistic harness gives traders millisecond-level feedback while on-chain finality follows behind. This site is the user-facing reference for **traders, market makers, liquidators, integrators, and prospective partners** evaluating the system. It explains both *how Fermi-v1 works* and *why the design is viable* — start with [02 - Architecture](broken://pages/890697491fdf2eed943cb23b394c6638d28ed1ce) for the system-level case. ## Getting started * [**01 - Overview**](broken://pages/58ed578d6aab74d47c04b0dab43df44578f47615) — What Fermi-v1 is, what makes it different, and the moving pieces. * [**02 - Architecture**](broken://pages/890697491fdf2eed943cb23b394c6638d28ed1ce) — The on-chain program, [POSq sequencing layer](broken://pages/ac31e9ddbaaf6ba0dc00cd9026f42e08117ea99d), relayer/executor plumbing, and optimistic harness; how they interact; why the design is fair (auditable FCFS) and fast (low optimistic latency); the trust model and viability case. * [**03 - Getting Started**](broken://pages/c8072c86887d42e609a5a2fc8dee16796fca6b18) — Connect a wallet, fund an account, place your first order. * [**04 - Glossary**](broken://pages/8fcba8a19d20cbda15c7c66b790c330fe022ce8b) — Every term used in these docs. ## Accounts & collateral * [**05 - Accounts**](broken://pages/ca8918148c166aebd4698506e26c10082b232997) — Fermi account, sub-accounts, delegation, account size. * [**06 - Collateral & Banks**](broken://pages/006081c63f595cffd3f589c2ecf05d0512e1816c) — Supported tokens, deposit/borrow indexes, weight scaling. ## Markets * [**07 - Perp Market Specs**](broken://pages/5a5c4fca57620dfcc1e42afe5dfde68fa937cfba) — Lot sizes, tick sizes, leverage tiers, market parameters by symbol. * [**08 - Pricing & Mark Price**](broken://pages/aafaf8bdfcfb4dda589e5271a469b1902a6c481f) — Oracle feeds, stable price, mark price. * [**09 - Funding**](broken://pages/680f8696e9d9dc5f1eb5c7a817b364fad32da7f8) — Funding rate algorithm, impact price, settlement cadence. ## Order book and matching * [**10 - FIFO Order Book**](broken://pages/c22a8887caeab589a71645012a2e3efda04843ea) — Price-time priority encoding, fixed and oracle-pegged trees. * [**11 - Matching Engine**](broken://pages/0f0463f601862e7cb23b3633eab97633d590c2f9) — Match loop, fill events, eviction, post-only behavior. * [**12 - Order Types**](broken://pages/d61d1c45b4e81e4eb4921acecc04a09233799515) — Limit, IOC, Market, PostOnly, PostOnlySlide, OraclePegged, with TIF and reduce-only. * [**13 - Self-Trade Prevention**](broken://pages/efabcddfd0349e27806630879d63c011dbfb8fd8) — DecrementTake, CancelProvide, AbortTransaction. * [**14 - Fees**](broken://pages/7f4793754fa07ae1152573c67fa3c7dd0e232ad1) — Maker/taker, IOC penalty, settle incentive, liquidation fees, platform fees. ## Risk and PnL * [**15 - Margin Math & Account Health**](broken://pages/854a94521c8968d1ac32269b054622c7369c60d5) — Init / Maint / Liquidation-end health, weighted positions. * [**16 - Entry Price and PnL**](broken://pages/3f285b6f16a5c7e3f06bf676148ed29a8353c928) — Average entry, unrealized vs settled, hupnl, realized trade P\&L. * [**17 - Risk Tiers and Liquidation**](broken://pages/bec8219b5c85ab951e627331f9357231dbccb330) — Triggers, phases, fees, force-cancel and force-close. * [**18 - Bankruptcy & Insurance Fund**](broken://pages/72e830bc825f1dd6d395844a72534e964ba2a00d) — Insurance flow, socialized loss, unsocialized loss. * [**19 - Risk Warning**](broken://pages/9dbe4de0920cae1438fa8ffa5fb06e421efae6c6) — What can go wrong, what cannot, and what's still your responsibility. ## Execution queue * [**20 - Execution Queue v5**](broken://pages/be48c90533e062fae8818e133338dcf126bb706d) — Per-market AMQ-style FIFO, commit/reveal, sequencing, gap recovery, autodrop. * [**21 - Direct Fallback Pool**](broken://pages/31cdbebbf779c24c05fcc4cf4188188d5f306bc7) — Censorship-resistant submission path. * [**30 - POSq Sequencing**](broken://pages/ac31e9ddbaaf6ba0dc00cd9026f42e08117ea99d) — Verifiable off-chain sequencing, v1 single-sequencer mode, and the v2 roadmap. ## Integrating * [**22 - Trader Workflow**](broken://pages/cac7d3e6caa388b654e79fb8cf990d9bf2291d2f) — End-to-end flow for a bot or UI. * [**23 - SDK**](broken://pages/88a989d71b1d8331cc545ef7e2c98215730bb800) — TypeScript and Rust clients. * [**24 - Direct CPI Integration**](broken://pages/0a599c7a4024495eee1028623a4e112f9535315c) — Submit orders from another Solana program. * [**25 - HTTP & SSE API**](broken://pages/cde6fe8b251bf446b6350f65563e1ee1a7083b1f) — Optimistic harness REST, fanout SSE. * [**26 - gRPC API (Relayer)**](broken://pages/0e7a840819337d746ed8e882c2eb48f78a789e68) — `SubmitIntent`, signing, error codes. * [**27 - WebSocket / Streams**](broken://pages/7d3c5e45e454daccab97c229e4fad94404a4d92b) — Subscriptions for fills, book deltas, funding. * [**28 - FAQ**](broken://pages/ccf84bc16cddac76c19d20da254ea4573925278f) — Common questions about execution, margin, and recovery. * [**29 - Support**](broken://pages/affc0a808b406efad6224bf9735688ee3b9ade77) — Where to get help. ## Conventions used in these docs * Every formula is taken from the on-chain code; the source file and line range is cited in italics under the formula. * All amounts on chain are in **native** (smallest token unit, e.g. USDC = 6 decimals → 1 USDC = `1_000_000` native). Where docs show human numbers we use **HU**. * Prices on the book are in **price lots**: integer ratio of `quote_lot_size` to `base_lot_size`. To convert: `native_price = price_lots × quote_lot_size / base_lot_size`. * `I80F48` is a fixed-point type — 80 integer bits, 48 fractional bits — used everywhere weights, fees, and funding are stored. * Solana primitives: a *slot* is the validator round (\~400ms). A *signature* is the on-chain tx hash you can look up on a block explorer. ## Network deployment | Field | Value | | -------------- | ---------------------------------------------- | | Cluster | Solana mainnet-beta | | Program ID | `FRMiKrj2hQGvcZQtSDdiFRZ4cmaTjuc1QVkM2B5ShUvA` | | Group | `87qUKYQoK1f9gYQjYzw5NcRo7wx6VmfhTGJ7JenoeYAA` | | SOL-PERP queue | `H298eJU5b4uyAHpeeZQdXS9JUttmmaMh2U6RYkUHFfE9` | | ETH-PERP queue | `764RYGQACUpWqx3dtYUmfG2G3MK6wXT5WPPRHJxzCJQP` | | BTC-PERP queue | `ArvDdpYTojBbH4FkCxLxALmX3Sb5qr4VsmFFkgV2NSC3` | Devnet endpoints are listed in [03 - Getting Started](broken://pages/c8072c86887d42e609a5a2fc8dee16796fca6b18). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. 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