> 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/high-level-architecture.md).

# High Level Architecture

## Flow of a Trade (Intent → Quote → Settle)

1. Trader submits an intent (side/size/leverage/constraints).
2. Solvers compete to quote price and execution parameters.
3. Trader accepts the best quote.
4. Symmio settles the bilateral agreement on‑chain against the trader’s cross‑margin USDT collateral.

## Accounts & Collateral (Cross‑Margin)

* Single USDT collateral account backs all positions.
* Unrealized PnL nets across positions, enabling higher capital efficiency.
* Deposits are immediate; withdrawals finalize after a 12‑hour fraud‑proof window.

## Leverage & Risk Controls

* Max leverage: per‑market caps as configured by hedgers within Symmio constraints (see Markets snapshot).
* Initial Margin (IM): Minimum capital to open new exposure; scales with leverage and market risk.
* Maintenance Margin (MM): Minimum capital to keep positions open; breaching MM triggers liquidation.
* Liquidations: If account health falls below MM, positions can be reduced/closed to restore solvency. CVA mechanisms ensure counterparties remain whole.

## Funding Mechanics

* Funding aligns perp pricing with spot via periodic transfers between longs and shorts.
* Parameters (epoch/window/direction) follow Symmio’s model and per‑market configs.

![Funding mechanics](https://3946410858-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FemxVQ1ZV4jv5yOxSB8pd%2Fuploads%2Fgit-blob-0d5c0a98bf7223cb1d4f34c28c15ca93d7fbed6f%2Fdiagram-high-level-1.svg?alt=media)

## Oracle & Pricing

* Quotes reflect solver pricing; on‑chain settlement uses Symmio’s standard validations (including Muon‑based signatures where applicable) and risk checks.

## Solvers & Hedging

* Orbs’ solver network provides competitive quotes, uptime SLAs, and inventory management (hedging may occur off‑chain).
* Execution is atomic from the trader’s perspective; settlement remains on‑chain and verifiable.

![Risk checks](https://3946410858-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FemxVQ1ZV4jv5yOxSB8pd%2Fuploads%2Fgit-blob-f212fd95cbee659146991e895ac245b38f96a28c%2Fdiagram-high-level-2.svg?alt=media)