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

# Trading Overview: Spot and Perpetual Markets on BM.XYZ

> BM.XYZ supports spot and perpetual markets on a central limit order book. All fills settle onchain on BM Chain with sub-second finality.

BM.XYZ supports **spot** and **perpetual (perps)** markets on a central limit order book (CLOB). All fills settle on BM Chain and can be verified in the explorers.

## Market types

### Spot

Buy or sell the base asset against a quote asset (e.g. BTC/USDC). No leverage is applied — you trade only what you hold.

### Perpetuals

Trade price exposure with leverage. Positions are margined in USDC; funding payments balance long/short interest over time.

## Trade page layout

| Area            | Purpose                                         |
| --------------- | ----------------------------------------------- |
| **Chart**       | TradingView candlesticks, multiple timeframes   |
| **Order book**  | Live bids/asks and depth                        |
| **Order panel** | Side, size, price, leverage (perps), order type |
| **Bottom tabs** | Balances, positions, open orders, history       |

## Margin modes (perps)

| Mode         | Description                                                       |
| ------------ | ----------------------------------------------------------------- |
| **Cross**    | Shared margin across all cross positions                          |
| **Isolated** | Margin locked per position; supports add/remove margin on testnet |

## Testnet scope

| Capability                | V1 | V2      |
| ------------------------- | -- | ------- |
| Market / Limit orders     | ✅  | ✅       |
| Post-Only                 | —  | —       |
| Reduce-Only               | —  | Mainnet |
| Advanced stop / TP orders | —  | ✅       |
| TP/SL on order entry      | —  | ✅       |
| One-click close all       | —  | Mainnet |

<Note>
  Advanced stop and TP/SL features — including TP/SL on order entry and standalone trigger orders — are available on **testnet V2** only. One-click close all and Reduce-Only are targeting mainnet.
</Note>

## Before you trade

* Complete [Getting started](/onboarding/getting-started) to connect your wallet and claim test USDC from the faucet.
* Ensure you have a sufficient test USDC balance before placing any order.
* For perps, set your desired leverage and review the estimated liquidation price before submitting.