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

# PEX Overview

The Fairest Decentralized Spot and Perpetual Exchange which support Crypto and RWA margin trading on zkSync

**About PEX**

PEX aims to become the fairest decentralized perpetual trading platform by providing RWA and crypto leverage trading and improving upon existing PerpDEX primitives and rounding everything off with a game-theory-inspired Auto-Equilibrium Engine (AEE).

**PerpDEX Dilemma – High APR with low-interest alignment**

The zero-sum game nature among Govern token holders, Liquidity Providers (LP) and Traders has dictated their relationships to be competitions rather than cooperations. Typically, the DEX ends up in a death spiral after having their glorious moment.

**Our position**

PEX stands for **Perpetual Equilibrium Exchange**. With PEX's unique AEE system, this protocol aims to solve the PerpDEX dilemma by aligning incentives among parties. From Nash-equilibrium to collective best-payoff. **"Trade Fair, Gain More"**.

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