# Introduction

Perpcolator is a permissionless perpetual futures protocol built on Solana.

It lets anyone trade leveraged perpetual contracts on any token without KYC, listing approval, or a required base asset.

The protocol takes inspiration from Toly's Percolator concept and applies it to a permissionless perp exchange design.

### Core properties

* Non-custodial wallet-based trading
* Permissionless market creation and participation
* Solana-native settlement with transparent onchain activity
* pUSD-based margin and settlement across all markets

### What this documentation covers

This documentation is organized around three core areas.

* **Protocol** explains the model, market mechanics, and risk flow.
* **Product** explains the user journey, trading workflow, and account concepts.
* **Resources** covers technical context, security, integrations, and official references.

### Documentation structure

Use the main sections below to navigate the docs.

* [Protocol](https://docs.perpcolator.com/protocol)
* [Product](https://docs.perpcolator.com/product)
* [Resources](https://docs.perpcolator.com/resources)

### Architecture at a glance

Perpcolator runs across two layers.

1. The Solana layer records every signed state change onchain
2. The backend layer indexes protocol activity for faster reads and UI delivery

All authoritative state changes originate from user-signed Solana transactions.

The backend does not hold custody of user funds.

### Who this is for

These docs are designed for three audiences.

* Traders who want to understand how the product works
* Researchers who want to understand the protocol model
* Builders who want to integrate with the system

### How to read the docs

Start with **Protocol** if you want the conceptual model first.

Start with **Product** if you want the practical trading workflow.

Start with **Resources** if you want technical context, security details, or official references.

### Design principles

Perpcolator is documented with four priorities.

* Clear market mechanics
* Minimal user flows
* Precise terminology
* Practical integration guidance

{% hint style="warning" %}
Current public usage is on Solana Devnet.

Devnet pUSD has no real-world monetary value.
{% endhint %}