> For the complete documentation index, see [llms.txt](https://docs.carbon.inc/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.carbon.inc/developers/introduction/what-is-carbon.md).

# What is Carbon

Carbon is a **non-custodial perpetual-futures platform** built on the [SYMM](https://www.symm.io/) protocol. The Carbon Trading API is its programmatic surface: a REST API to trade, manage positions, and read market data without touching a smart contract directly. You keep custody of your funds.

### The RFQ model

Most exchanges run a Central Limit Order Book (CLOB): your order matches against another anonymous order. Carbon is an **RFQ (Request for Quote)** venue:

1. You (the **trader**, `PartyA`) submit an intent — "go long 1 BTC at 10×."
2. A **solver** (the counterparty, `PartyB`) — a professional market maker — prices it and takes the other side.
3. The trade **settles on-chain on Arbitrum**, collateralized by both sides.

There's no shared book you match into; your counterparty is always a solver that quoted your trade. That's why the API has a `solver` parameter and `/v1/solvers/...` endpoints reporting each solver's liquidity and funding.

### Where trades settle

Carbon settles on **Arbitrum** (chain ID `42161`). Every account and market request carries a `chainId` identifying the deployment.

### Two account modes: crypto and tradfi

| Mode       | Margin model                                           | Positions     |
| ---------- | ------------------------------------------------------ | ------------- |
| **Crypto** | **Cross** — one shared margin pool backs all positions | Cross only    |
| **TradFi** | **Isolated** — each position has its own margin        | Isolated only |

This is a hard rule today: crypto mode allows **only cross** positions, tradfi mode allows **only isolated** positions. See [Accounts & trading modes](/developers/architecture/accounts-and-trading-modes.md).

### Markets

* **Crypto perps** — BTC, ETH, and the long tail of crypto assets.
* **RWA (Real-World Assets)** — tokenized equities and commodities, priced from traditional-market feeds with market-hours schedules, under `/v1/rwa/...`.

### What the API gives you

* **Authenticate** a wallet and mint scoped API keys.
* **Manage accounts** — subaccounts, balances, equity.
* **Trade** — open/close, add/remove margin, TP/SL, and batches.
* **Read** — live positions, order & funding history, prices, markets, solver data.


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