> 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/products/armada.md). # Armada Armada is a proprietary perpetuals AMM built on Solana. It brings deep external liquidity and a broader range of markets to the Solana wallet you already use, with trading fees of just 1 basis point (0.01%). Trade crypto, equities, commodities, FX, and perpetuals linked to pre-IPO companies through Imperial—without manually bridging funds, switching networks, or managing a separate exchange account. ### How Armada Works When you request a trade through Imperial, Armada records your request on Solana. Imperial then executes a corresponding hedge on Lighter. Once that trade fills, Armada updates your Solana position with the actual execution price and filled size. Your position lives on Solana. Imperial manages the external execution. ### Deeper Liquidity Where It Matters Order-book depth determines how much you can trade before moving the price. More liquidity near the current price can mean less slippage when opening, increasing, or closing a position. The BTC order-book snapshots below, captured approximately 30 seconds apart, illustrate the difference between the liquidity available through Armada and Phoenix. They show a moment in time; available depth changes with market conditions.
### Lower Fees on Every Trade Armada charges **1 basis point (0.01%)** per trade, compared with Phoenix’s **3.5 basis points (0.035%)**. Here’s what that means at different trade sizes: * **$10,000 trade:** $1 on Armada versus $3.50 on Phoenix. * **$100,000 trade:** $10 on Armada versus $35 on Phoenix. * **$1,000,000 trade:** $100 on Armada versus $350 on Phoenix. That’s approximately **71% less in trading fees**. Opening and closing a $100,000 position at the same notional saves **$50** at these rates. These figures compare trading fees only. Funding, spread, slippage, and network costs are separate. ### More Ways to Trade Armada extends your trading options beyond crypto, with perpetual markets across equities, commodities, FX, and pre-IPO names. These contracts provide price exposure; they do not represent ownership of the underlying shares. Choose isolated margin to allocate collateral to an individual position, or cross margin to share collateral across positions. More markets, deeper liquidity, and lower trading fees—all through your Solana wallet.