> For the complete documentation index, see [llms.txt](https://doc.rocky.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.rocky.exchange/overview/readme.md).

# What is Rocky?

Rocky is the **trading and liquidity layer for Canton** — starting with a **privacy-preserving perpetuals exchange**, and expanding into RWA liquidity, price discovery, and cross-chain capital routing.

Perpetuals are the entry point: the fastest path to liquidity and activity, and the most mature infrastructure to bring real-world assets on-chain. You trade crypto and tokenized RWAs with leverage, from a self-custodial wallet — and your positions stay private.

## Why Rocky

* **Nobody sees your book.** Positions, balances, and liquidation levels are private by default.
* **Solvency stays provable.** Privacy for users, transparency for the protocol.
* **Real assets, one venue.** Crypto and tokenized real-world assets, side by side.
* **Self-custodial.** You hold your keys; every action needs your signature.

Under the hood, Rocky pairs **CEX-level execution** — a high-performance matching engine, an order book with market-maker API access, and a real-time risk & liquidation engine — with **Canton-native settlement**: DAML contracts for margin and positions, and atomic, private settlement for every trade.

## Why Canton

Most perp DEXs are built on transparent public chains, where transparency becomes a vulnerability for large capital and institutions. Canton delivers institutional-grade privacy and settlement:

* **Privacy-preserving interoperability** — transact privately while staying interoperable across regulated assets and networks.
* **Institutional-grade rails** — architecture and onboarding standards trusted by banks, custodians, and asset managers.
* **DAML + atomic settlement** — complex financial logic with reduced counterparty and settlement risk.

## Explore Rocky

Rocky offers two ways to trade:

* **Perpetuals** — trade crypto and tokenized real-world assets with leverage; your positions stay private. [Learn more →](/perpetuals/overview.md)
* **Spot** — buy and sell assets directly on Canton.


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