> ## Documentation Index > Fetch the complete documentation index at: https://docs.priest.trade/llms.txt > Use this file to discover all available pages before exploring further. # FAQ > Frequently Asked Questions about Priest.trade, perpetuals trading on Monad, and token launches. Frequently Asked Questions about Priest.trade, perpetuals trading on Monad, and token launches. *** ## General ### What is Priest.trade? Priest.trade is the Monad-native perpetuals launchpad and trading exchange. It allows any token on Monad to be created with an immediate perpetual futures market, traded with up to 40x leverage, and graduated into a real Uniswap v4 spot pool with permanent locked liquidity. ### What blockchain does Priest.trade run on? Priest.trade runs natively on **Monad Mainnet** (Chain ID: `143`) and **Monad Testnet** (Chain ID: `10143`). It is an EVM protocol built specifically for Monad's 10,000 TPS and 1-second finality. ### What is the relationship between Perpes.fun and Priest.trade? Perpes.fun is the Solana deployment of the protocol. Priest.trade is the standalone production brand deployed on Monad Mainnet (`priest.trade`). *** ## Trading ### What collateral is accepted? All trading collateral is denominated in **native Circle USDC** on Monad (`0x754704Bc059F8C67012fEd69BC8A327a5aafb603`). ### What is the maximum leverage? * **Warmup Markets (first 24h of a token):** Up to **10x**. * **Active vAMM Markets:** Up to **40x**. * **Graduated Secondary Markets:** Starts at **15x**, unlocking by 5x each day up to **40x**. ### How do liquidations work? A position is liquidated when its equity falls below maintenance margin (1.25% at 40x leverage). Priest.trade uses a **dual-price check**: a position can only be liquidated if its margin ratio breaches the maintenance threshold at *both* the Mark Price and the Index Price, neutralizing single-block flash wicks. ### Can I set Take Profit and Stop Loss? Yes. On-chain TP and SL triggers are stored directly in contract storage and executed automatically by protocol keepers. *** ## Token Launches & Listings ### Can anyone launch a token? Yes. Token creation is permissionless. Total supply (1,000,000,000 tokens) is minted directly to the engine with zero creator pre-mine, ensuring a 100% fair launch. ### What is the difference between launching and listing? * **Launching:** Deploys a new token that begins on the primary virtual AMM (vAMM). * **Listing:** Connects an existing Monad token with an eligible Uniswap v3/v4 pool directly onto the secondary oracle engine. ### How much do creators earn? Creators earn **25%** of trading fees by default, and permanently unlock **50% of trading fees** once their market reaches \$100,000 in volume within 30 days. ### How does graduation work? When a market clears 5 volume and resilience gates, the protocol seeds a Uniswap v4 spot pool with full-range liquidity and permanently burns the position NFT to `0x...dEaD`. The perp market transitions to the secondary oracle engine. *** ## Liquidity & Counterflow ### What is the Counterflow Vault? Counterflow is an ERC-4626 vault (`cfUSDC`) where liquidity providers deposit USDC. Counterflow acts as the automated backstop counterparty for graduated markets, earning **30% of protocol fees** plus market surplus when traders lose. ### How do I withdraw from Counterflow? Redemptions follow a 2-step process with a **3-day cooldown** to protect depositors from front-running losses. Once the cooldown passes, you can claim your principal and accrued yield in USDC. This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.