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

# What Is Imperial

<figure><img src="https://content.gitbook.com/content/RyetO8T9VONIGrnoApIx/blobs/uJoJVsCN7qLA1azZNmCE/Twitter%20(X)%20Cover%20photo%201500%20%C3%97%20500%20px.png" alt=""><figcaption></figcaption></figure>

Imperial is a fully on-chain RFQ on Solana that pulls liquidity from across DeFi to provide the deepest liquidity, tightest spreads and cheapest fees. Trade crypto, equities, commodities, FX and pre-IPO names from the Solana wallet you already use, with up to 250x leverage and a trading fee of 1 basis point (0.01%).

The path of victory for Solana has always been on-chain NASDAQ. Spot volume has already moved to Solana, but BTC futures trade roughly 14x the volume of spot, and price discovery happens in derivatives. **If Solana wants to be NASDAQ on-chain, perps trades must live on Solana's global ledger.**

That is what Imperial does. It takes the depth of the deepest perpetuals order books in DeFi and quotes it natively on Solana. Your trade fills against that depth, your position settles on Solana's ledger, and you pay 1 bp per trade.

### Why Imperial

* **Deep liquidity.** Every order is filled against an external order book with tens of millions of dollars of depth near the price, so large orders move the price far less than on single-pool venues.
* **1 bp fees.** 0.01% of notional when you open and 0.01% when you close. No platform fee on top.
* **Up to 250x.** Per-market leverage up to 250x on BTC and SOL, 100x on ETH, gold, silver and FX majors.
* **Portfolio margin.** Hedged cross-margin accounts get margin credit for correlated positions. See [Portfolio Margin](https://docs.imperial.space/trading/portfolio-margin).
* **200+ markets.** Crypto, US equities and indices, commodities, FX, rates and pre-IPO companies.
* **Your wallet, your positions.** Positions, collateral and settlement live on Solana. No bridging, no separate exchange account.

### Where to start

* New to Imperial: [Getting Started](https://docs.imperial.space/intro/getting-started)
* The rules: [Margin](https://docs.imperial.space/trading/margin), [Leverage](https://docs.imperial.space/trading/leverage), [Liquidation](https://docs.imperial.space/trading/liquidation), [Fees](https://docs.imperial.space/trading/fees)