Synthetix – Documentation

# Synthetix > Trader documentation for Synthetix perpetual contracts ## Docs - [FAQ](/faq): If you need help, open a support ticket through the chat widget on this page (bottom right). - [Getting Started](/getting-started): New to Synthetix? Start here. This guide walks you through the basics of trading perpetual futures on Synthetix. You'll be ready to place your first trade in just a few steps. - [Auto-Deleveraging (ADL)](/trading/adl): Auto-deleveraging is a last-resort risk mechanism that activates when a liquidated account reaches **bankruptcy**, meaning its collateral is insufficient to cover the loss at the current mark price. In this situation, the exchange cannot absorb the loss through normal liquidation, so it is instead distributed to the most profitable, most leveraged positions on the opposite side of the market. - [Fees](/trading/fees): Trading on Synthetix Mainnet involves fees that are applied when opening and closing positions. These fees support the operation of the protocol and its liquidity providers. This section explains how trading fees are calculated and how they may impact your execution. - [Funding](/trading/funding): Perpetual futures use funding to keep prices in line with the spot market. Funding is a recurring payment between longs and shorts based on the difference between the perp's mark price and the index price of the underlying asset. - [Glossary](/trading/glossary) - [Leverage & Margin](/trading/leverage-margin): Using leverage amplifies both gains and losses. Higher leverage uses less margin, but it also brings your liquidation threshold closer. - [Liquidations](/trading/liquidations): A liquidation occurs when a trader's positions move against them far enough that account equity falls below the required maintenance margin. - [Markets](/trading/markets): All markets on Synthetix are perpetual futures quoted and settled in USDT on Ethereum Mainnet. - [Navigating the App](/trading/navigating-the-app): The Synthetix Exchange is