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

# Garuda Perps (coming soon)

Overview of Garuda Perps and how to get started.

## What is Garuda Perps?

Garuda Perps is a perpetual trading platform built on the Terra Classic blockchain that allows users to trade cryptocurrencies such as BTC or LUNC without owning the actual assets. Traders can open Long positions to profit when prices rise or Short positions to profit when prices fall, using leverage to increase their market exposure.

Garuda Perps uses a liquidity pool from [Garuda Vault](/garuda-vault-coming-soon.md) funded by liquidity providers (LPs) to support leveraged trading. LPs earn trading fees but also share the profits and losses generated by traders. 

The platform combines off-chain trade execution with on-chain settlement and verifiable trade records, using oracle price feeds and risk engine management mechanisms to help protect the liquidity pool.

## Supported Markets

<table><thead><tr><th width="161.39996337890625">Market</th><th width="196.4000244140625">Leverage Maximum</th><th>Trading Collateral</th></tr></thead><tbody><tr><td>BTC</td><td>100x</td><td>Any token supported on Garuda Perps</td></tr><tr><td>LUNC</td><td>100x</td><td>Any token supported on Garuda Perps</td></tr></tbody></table>

## How It Works?

{% tabs %}
{% tab title="Traders" %}
Deposits supported collateral for trading and borrows the remainder of the position size from the vaults. Pays borrow fees, base fees, and price impact fees. Profits and losses are settled in the position’s underlying collateral token.
{% endtab %}

{% tab title="Liquidity Providers" %}
Provides liquidity to the vaults.  Earns percentage fees generated by trading activites. Exposed to trader P/L as the vaults acts as counterparty.
{% endtab %}
{% endtabs %}

### Price Oracles

Garuda Perps sources cryptocurrency prices from two independent external exchanges: **Bybit** and **Binance**. The platform calculates the median price from both price feeds to determine the reference market price used for trading and risk management. Prices are updated off-chain and delivered to the trading system during trade execution to support accurate pricing and reduce the impact of abnormal price fluctuations.