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

# How it works

APEX essentially functions as a non-custodial trustless orderbook on top of the Perpetual Protocol virtual Automated Market Maker (vAMM). This is known as a "best of both worlds" combination, whereby APEX users can enjoy:

* The advantages of Perpetual Protocol's vAMM model, whereby liquidity can easily be bootstrapped for new markets and new markets are listed regularly. 
* Advanced order type functionality they are used to use on centralised exchanges. 

As a decentralised, non-custodial solution, APEX is open to anyone and it keeps your funds safe.