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

# Protocol Architecture

Ionex.trade is built on Symmio, a trustless, intent‑centric clearing layer for bilateral perpetuals. Traders express intents; solvers respond with quotes; accepted quotes are settled on‑chain via Symmio’s contracts, preserving self‑custody and verifiability.

Key actors:

* Traders: submit intents and hold collateral in cross‑margin accounts.
* Solvers/Hedgers: provide executable quotes and hedge inventory off‑chain as needed.
* Clearing contracts: enforce bilateral settlement and margin constraints.

Ionex integrates Orbs’ solver network for reliable quoting and competitive spreads while maintaining on‑chain settlement guarantees through Symmio.

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## Solvers (or Hedgers)

Solvers are third parties that plug into Ionex to fill user intents. They may operate across centralized exchanges or other venues to manage inventory and hedge risk. Key points:

* Educational use: The following is illustrative, not exhaustive of all solver strategies.
* No trust dependency: On‑chain contracts are designed so off‑chain hedging actions do not introduce trust into settlement.
* Top‑down relationship: Solver actions off‑chain do not affect on‑chain guarantees.

### Example: Delta‑Neutral Strategy (illustrative)

A solver fills a user’s long intent on Ionex and opens an offsetting short on a CEX. PnL becomes near delta‑neutral; profits derive from initial spread and funding premiums. Cross‑margining multiple user positions can lower collateral needs.

![Delta neutral example](https://3946410858-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FemxVQ1ZV4jv5yOxSB8pd%2Fuploads%2Fgit-blob-a91363687768e128aca1707e10fbb45dbad81405%2Fdiagram-protocol-intro.svg?alt=media)

We recommend reviewing the Architecture pages for risk controls (IM/MM/CVA), funding, and oracle/pricing model to understand how Ionex maintains robust on‑chain settlement while enabling competitive off‑chain hedging.