> ## Documentation Index
> Fetch the complete documentation index at: https://injectivelabs-mintlify-6abb8c3a.mintlify.site/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.

> **[Launch a Token](/developers-defi/token-launch)**
>
> Create a new token via TokenFactory, bridge an existing one, or use a UI tool like Injective Hub or TokenStation.

> **[Launch a Market](/developers-defi/market-launch)**
>
> Create spot or derivatives trading pairs on the native CLOB. One transaction, permissionless.

> **[Configure an Oracle](/developers-defi/provider-oracle)**
>
> Register a custom oracle provider to relay off-chain price data for derivative markets and collateral valuations.

> **[Launch an Exchange](/developers/dapps/example-dex)**
>
> Bootstrap a DEX frontend that plugs into the shared orderbook. Earn 40% of trading fees from orders you originate.

> **[Injective Trader](/developers-defi/injective-trader)**
>
> Professional-grade Python framework for algorithmic trading strategies with built-in risk management and analytics.

> **[Denom & Bank](/developers-defi/denom-and-bank)**
>
> Work with token denominations, bank balances, and metadata in the native bank module.

## 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. |


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