> ## Documentation Index
> Fetch the complete documentation index at: https://docs.peach.technology/llms.txt
> Use this file to discover all available pages before exploring further.

# Trade

> Perpetual trading in Peach is powered by Hyperliquid. Orders go directly from your client to Hyperliquid — Peach is the interface, not the venue.

Trade lets you open and manage **perpetual futures** positions from inside Peach. Perps are powered by **[Hyperliquid](https://hyperliquid.xyz/)**, a decentralized perpetuals exchange that runs on its own Layer 1 and operates a fully on-chain order book.

Peach is the **interface** for Hyperliquid here — the trading itself happens on Hyperliquid.

## How order flow works

<Steps>
  <Step title="You configure the order in the Peach app">
    Pick the market, side, size, leverage, and order type (market, limit, etc.).
  </Step>

  <Step title="Peach builds the Hyperliquid order payload">
    The same payload format Hyperliquid would expect from any client.
  </Step>

  <Step title="You sign on your device">
    The order is signed locally with your Peach wallet.
  </Step>

  <Step title="The signed order is submitted to Hyperliquid">
    The signed payload is sent **directly from your client to Hyperliquid's API** — Peach does not custody, hold, or route the order through any other intermediary.
  </Step>

  <Step title="Hyperliquid matches and settles">
    Order matching, position bookkeeping, funding, and liquidation all happen on Hyperliquid. Peach reads the result and shows it to you.
  </Step>
</Steps>

## Who does what

| Role                                    | Who         |
| --------------------------------------- | ----------- |
| Provides the trading UI                 | Peach       |
| Signs the order                         | You         |
| Matches orders / runs the book          | Hyperliquid |
| Holds margin and PnL                    | Hyperliquid |
| Tracks positions, funding, liquidations | Hyperliquid |
| Reads and displays state                | Peach       |

<Info>
  Because every order is signed by your wallet and sent directly to Hyperliquid, your trading account on Hyperliquid is tied to your Peach wallet address. You can verify any of your trades, positions, or balances via Hyperliquid's own explorers and APIs.
</Info>

## Fees

Peach charges **no fee** on perps. The only fees on a Peach-routed perp trade are the fees Hyperliquid itself charges — taker, maker, and (for funding) the cross-side funding rate.

### Referral discount

Trades placed through Peach receive a **4% discount on Hyperliquid trading fees**, applied automatically up to **\$25,000,000 of cumulative trading volume per account**. Once an account crosses that threshold, Hyperliquid's standard fee schedule applies.

<Note>
  The discount is applied at the venue level via Hyperliquid's referral program. There is nothing for you to opt into — connecting through Peach is what enables it.
</Note>

## Risks to understand

<Warning>
  Perpetuals are leveraged products. Losses can exceed your initial deposit on any individual market move large enough to liquidate your position. If you do not understand how funding, liquidation price, and margin work, do not trade with size you cannot afford to lose.
</Warning>

Specifically, on top of the usual risks of any on-chain product:

* **Liquidation** — if your margin ratio falls below the maintenance threshold, Hyperliquid will close your position at the prevailing market price. Slippage and gaps can make the realized loss worse than the displayed liquidation price.
* **Funding** — perps pay or receive funding periodically. Holding a position through unfavorable funding will erode PnL.
* **Market risk** — markets can gap, halt, or move sharply on news. Stops are not guaranteed to fill at the trigger price.
* **Venue risk** — Hyperliquid is an independent on-chain venue. Outages, governance changes, or unforeseen issues at the venue level can affect your position. Peach has no ability to override or modify Hyperliquid behavior.

Peach does not give trading advice, recommend positions, or guarantee any outcome. Trade accordingly.