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

# Trading

> Position construction, physical direction, and isolated collateral.

# Physical exposure, isolated financing.

An Axient position holds a venue-native outcome asset alongside a separate debt and cash ledger. This is not a perpetual-futures funding system: the position has identifiable collateral, an identifiable loan, and identifiable token inventory.

## Direction

* **Long YES** acquires the YES outcome asset.
* **Short YES** is represented by acquiring the NO outcome asset, where the connected venue provides a valid YES/NO complete-set relationship.

This makes the terminal position a physical event claim rather than a negative inventory or an open synthetic obligation. Markets with a different payoff structure or multi-outcome topology require a separate design.

## Isolated collateral

Collateral is allocated to a single market position. It is not offset against unrelated positions in the base specification. If the user contributes collateral `C` and selects gross leverage `L ≥ 1`, the acquisition budget is `L × C` and the initial loan is `(L − 1) × C`. Any budget that is not consumed by the executable entry order remains as position cash.

## Position policies

* No new leverage after the reduce-only boundary.
* Debt, cash, and token balances are accounted for separately.
* Once debt is extinguished, the residual tokens are not pledged again without a new, explicit borrowing action.
* Final payout accounting uses the venue’s authoritative payout vector, not an assumed binary or void value.

## What a trade preview means

An interface may show indicative exposure, but a position is constructed from the cost that can actually be settled on the connected venue. Final parameters depend on available depth, fees, lot rules, settlement costs, and active risk limits.

<Warning>
  Leverage increases both exposure and the chance of automatic reduction. A preview is not an executable quote and does not guarantee an exit at a desired price.
</Warning>