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

# What is Cede Arena

## Welcome to Cede Arena

**Cede Arena is a competitive trading platform. You enter a competition, you trade, and the best performance takes the prize pool.**

No portfolio to build. No months of waiting to find out whether you were right. A competition can be over in five minutes.

### Paper trading competitions on perps markets

Every competition on Cede Arena runs on a **paper trading engine connected to live perpetual futures markets**.

This is worth understanding properly, because it is the single thing that shapes how the product feels:

* **The prices are real.** Positions are marked against live market data from perpetual futures venues. When BTC moves, your position moves — at the same time, by the same amount, as it would on a live exchange.
* **The positions are simulated.** You are not placing orders on an external order book. Your fills, your margin, and your liquidations are computed by Cede Arena's own engine.
* **The money is real.** Your buy-in is real, and so is the prize pool.

So: real market, simulated execution, real stakes.