Trade Lifecycle: Opening a Long XRP-PERP Position

1. 01
   Wallet signs order

   Trader signs: Long 25,000 XRP-PERP, 5x leverage, max slippage 0.30%.

2. 02
   Order Router validates intent

   Checks wallet, market status, order type, leverage limit, reduce-only flag, post-only flag, and slippage tolerance.

3. 03
   ATLAX Match Engine matches order

   The matching engine matches against the best available asks using price-time priority.

4. 04
   Fill message generated

   ATLAX Core creates a fill event: market, trader, side, size, execution price, timestamp, nonce, match ID.

5. 05
   Settlement layer verifies fill

   PerpSettlement.sol checks oracle bounds, margin requirements, exposure limits, signature validity, and account state.

6. 06
   Collateral is locked

   CollateralVault.sol locks initial margin and updates available balance.

7. 07
   Position is created

   MarginEngine.sol records notional size, entry price, leverage, liquidation price, and funding index.

8. 08
   Intelligence Engine updates

   Open interest, funding bias, liquidation map, market stress score, and whale/news impact panels update.

9. 09
   Event logs published

   The system emits transparent events for indexers, dashboards, analytics, APIs, and Technical Audit Mode.

ATLAX Trade Receipt
Market: XRP-PERP
Side: Long
Size: 25,000 XRP
Execution Price: 2.1842
Leverage: 5x
Initial Margin: 10,921 USDC
Estimated Liquidation: 1.7462
Funding: +0.0125% / 8h
Match ID: ATLX-MATCH-93481
Settlement Status: Simulated
On-chain Broadcast: Disabled in prototype
Risk Checks: Passed