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

# Real Exchange

### Overview

Real Exchange is a multi-market trading platform that brings together centralized spot and futures trading, on-chain perpetuals, and peer-to-peer real-world asset markets into a single, cohesive ecosystem. Designed for both accessibility and performance, Real Exchange serves retail users, professional traders, institutions, and developers through regulated infrastructure and decentralized protocols that operate seamlessly together.

***

### [Spot and Futures Markets](/ecosystem/real-exchange/spot-and-futures.md)

Real Exchange is a regulated, centralized cryptocurrency exchange offering spot and futures markets through a secure, intuitive, and user-friendly trading experience. The platform is built to eliminate the operational complexity and risks associated with self-custody, making crypto trading accessible to a broader audience.

Users can easily onboard via integrated fiat on-ramps and off-ramps, with direct links to supported banks and payment providers. By combining institutional-grade matching engines, custody, and risk systems with a consumer-friendly design, Real Exchange allows users to trade, manage, and move capital without interacting with wallets, private keys, or on-chain transaction mechanics.

***

### [Perpetuals Markets](/ecosystem/real-exchange/perpetuals.md)

Real Exchange also includes a non-custodial decentralized perpetual trading market designed for on-chain leveraged trading using stablecoin collateral. This system enables users to take long or short price exposure without holding the underlying asset, while maintaining full control of funds through self-custody.

The perpetuals market uses a pooled-liquidity, oracle-driven architecture with automated funding and liquidation mechanisms. All positions, settlements, and risk enforcement occur on-chain, providing transparent execution, predictable risk management, and verifiable settlement for advanced traders who prefer decentralized infrastructure.

***

### [Peer-to-Peer Markets](/ecosystem/real-exchange/peer-to-peer.md)

Real Exchange integrates non-custodial peer-to-peer trading and decentralized investment tools into a single social, visual experience inspired by platforms like Instagram. Users can discover tokenized properties and real-world assets through an engaging feed, interact with other investors, and participate in community-driven investment opportunities.

The platform serves as the native application showcasing the capabilities of the Real blockchain ecosystem, making real-world asset investing more accessible, interactive, and transparent. Real Exchange enables peer-to-peer trading and decentralized secondary markets for assets tokenized through the Real Protocol, including fractionalized property, commodities, luxury assets, and more.d

Developers can integrate Real Protocol smart contracts directly into their applications to support secondary trading, liquidity, and price discovery for tokenized real-world assets, ensuring open access and composability across the ecosystem.

***

### Trading Market Comparison

| <mark style="color:$primary;">**Feature**</mark> | <mark style="color:$primary;">**Spot and Futures**</mark> |   <mark style="color:$primary;">**Perpetuals**</mark>  | <mark style="color:$primary;">**Peer-to-Peer**</mark> |
| ------------------------------------------------ | :-------------------------------------------------------: | :----------------------------------------------------: | :---------------------------------------------------: |
| Primary Use Case                                 |           Easy trading, hedging, and speculation          |       Leveraged exposure without asset ownership       |        Investing and trading real-world assets        |
| Market Type                                      |                 Centralized exchange (CEX)                |              Decentralized exchange (DEX)              |               Decentralized peer-to-peer              |
| Primary Assets                                   |              Cryptocurrencies and stablecoins             | Cryptocurrencies and tokenized assets (price exposure) |           Tokenized real-world assets (RWAs)          |
| Trading Products                                 |             Spot markets and futures contracts            |          Perpetual contracts (long and short)          |     Direct asset trading and fractional ownership     |
| Custody Model                                    |                  Exchange-managed custody                 |                    User self-custody                   |                   User self-custody                   |
| Wallet Required                                  |                             No                            |                           Yes                          |                          Yes                          |
| Private Key Management                           |                        Not required                       |                        Required                        |                        Required                       |
| Settlement                                       |               Off-chain internal settlement               |                   On-chain settlement                  |                  On-chain settlement                  |
| Collateral                                       |                Fiat, crypto, or stablecoins               |                       Stablecoins                      |           Asset-specific or stablecoin-based          |
| Leverage                                         |                    Available on futures                   |                 Available on perpetuals                |                          None                         |
| Liquidity Model                                  |               Order-book with market makers               |          Pooled liquidity with oracle pricing          |                  Direct P2P matching                  |
| Pricing Mechanism                                |                 Order-book price discovery                |           Oracle-driven mark and index prices          |               Market-driven P2P pricing               |
| Risk Management                                  |         Centralized margin and liquidation engine         |        Automated on-chain margin and liquidation       |         Trade-level smart contract enforcement        |
| Fiat On and Off Ramps                            |     Fully integrated with banks and payment providers     |                          None                          |                          None                         |
| User Experience                                  |                 Simple, beginner-friendly                 |                  Advanced, DeFi-native                 |              Social and discovery-driven              |
| Target Users                                     |            Retail, professional, institutional            |              Advanced and on-chain traders             |         Investors, collectors, and communities        |
| Transparency                                     |               Platform reporting and audits               |              Fully on-chain and verifiable             |             Fully on-chain and verifiable             |
| Regulatory Framework                             |               Regulated centralized exchange              |                 Protocol-level controls                |                Protocol-level controls                |
| Developer Integration                            |                       Exchange APIs                       |                     Smart contracts                    |         Smart contracts and dApp integrations         |


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