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

# Exchange & Trading

> Launch tokens, markets, oracles, and trading infrastructure on Injective's native on-chain orderbook.

Injective offers a fully on-chain orderbook with matching engine capabilities built directly into the protocol layer. Exchanges built on Injective share a global unified liquidity pool while maintaining their own UI and user relationships, earning 40% of trading fees from orders they originate.

Native support for spot, perpetual swaps, futures, and permissionless market creation with sub-second block times. No backend infrastructure to build, no liquidity fragmentation.

<CardGroup cols={3}>
  <Card title="Launch a Token" icon="coin" href="/developers-defi/token-launch">
    Create a new token via TokenFactory, bridge an existing one, or use a UI tool like Injective Hub or TokenStation.
  </Card>

  <Card title="Launch a Market" icon="chart-line" href="/developers-defi/market-launch">
    Create spot or derivatives trading pairs on the native CLOB. One transaction, permissionless.
  </Card>

  <Card title="Configure an Oracle" icon="satellite-dish" href="/developers-defi/provider-oracle">
    Register a custom oracle provider to relay off-chain price data for derivative markets and collateral valuations.
  </Card>

  <Card title="Launch an Exchange" icon="laptop-code" href="/developers/dapps/example-dex">
    Bootstrap a DEX frontend that plugs into the shared orderbook. Earn 40% of trading fees from orders you originate.
  </Card>

  <Card title="Injective Trader" icon="robot" href="/developers-defi/injective-trader">
    Professional-grade Python framework for algorithmic trading strategies with built-in risk management and analytics.
  </Card>

  <Card title="Denom & Bank" icon="database" href="/developers-defi/denom-and-bank">
    Work with token denominations, bank balances, and metadata in the native bank module.
  </Card>
</CardGroup>

## Key Concepts

| Term                             | Description                                                                                                                                                                                                       |
| -------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Exchange Module**              | Native on-chain module handling orderbook management, trade execution, order matching, and settlement. [Full reference](/developers-native/injective/exchange)                                                    |
| **FBA (Frequent Batch Auction)** | All orders in a block are matched at a single clearing price at block end. Eliminates front-running.                                                                                                              |
| **40% Fee Share**                | Exchanges that originate orders earn 40% of trading fees. Remaining 60% goes to community burn/buyback.                                                                                                           |
| **Tick Size**                    | Minimum increment for price and quantity in trading markets. See [price tick calculator](/developers-defi/calculate-min-price-tick-size) and [quantity tick calculator](/developers-defi/min-quantity-tick-size). |
| **Token Factory**                | Native module for permissionless token creation with `factory/{creator}/{subdenom}` format.                                                                                                                       |
| **Subaccounts**                  | Isolated [trading accounts](/developers/concepts/trading-account) for margin and position management, separated from main wallet.                                                                                 |