> For the complete documentation index, see [llms.txt](https://docs.opaldex.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.opaldex.com/understanding-opal.md).

# Understanding Opal

## What is Opal DEX?

Opal DEX is a **non-custodial perpetual futures exchange** built on principles of privacy, fairness, and verifiability.

### Core Principles

#### 1. Privacy-First Design

Your trading strategy stays yours. Orders are sealed until settlement, preventing:

* Front-running
* Stop-loss hunting
* Intent-based MEV extraction
* Predatory market making

#### 2. Fair Execution

Frequent batch auctions create level playing fields:

* Uniform clearing prices per market
* No latency advantages
* Reduced sandwich attacks
* Protection against manipulation

#### 3. Verifiable Integrity

Trust, but verify. Post-trade proofs ensure:

* Correct order matching
* Accurate risk calculations
* Transparent liquidation triggers
* Auditable state transitions

#### 4. Non-Custodial

Your keys, your funds:

* Standardized deposits/withdrawals
* No central custody risk
* Permissionless access
* Self-sovereign trading


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