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

# THENA Perps

[THENA Perps](https://perps.thena.fi/) is a cutting edge “Intent-Based” perpetual DEX powered by SYMMIO and hosted by THENA that gives users access to (up to) 50x leverage trading over a range of more than 300 crypto assets. 

<figure><img src="/files/AGY004mdaLwznKtmXtln" alt=""><figcaption></figcaption></figure>

The “Intent-Based” model connects DeFi users on-chain to third parties called “Hedgers”, that are able to provide liquidity in a trustless manner. Inspired by the Request for Quote -model (“RFQ”), Hedgers are automatically filling perpetual intents from DeFi users to create onchain and permissionless derivatives. This infrastructure pioneers the first Automated Market For Quotes engine (“AMFQ”) that seamlessly blends the strengths of order books and AMMs for an unmatched capital efficiency for both end users and professional market makers.

The counterparty risk of each position minted remains isolated through symmetrical onchain agreements, and covered at any time by the collateral locked into each party’s cross-margin account, making the system fully trustless. In these bilateral agreements, the gains of a party mirrors the losses of the other one. \
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The THENA Perps model surpasses the competition by eliminating systemic inefficiencies and dependence on oracles. It presents a platform that is not only user-friendly but also financially robust.


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