> For the complete documentation index, see [llms.txt](https://docs.fwx.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.fwx.finance/tutorials/leverage-trading-permissionless.md).
# Leverage Trading (Permissionless)
You can select 'Permissionless Trading' from the navbar or choose a permissionless token on the market page to trade assets in Permissionless.
Permissionless Trading allows you to trade any assets listed on FWX as permissionless, contributed by members of the FWX community. The collateral is not shared across tokens; FWX uses a side-collateral contract to keep each user's collateral separate for each trading pair, ensuring the collateral does not cross between pairs.
Most tokens use a native token paired with their asset, such as ETH on Base and AVAX on Avalanche C-Chain. Users must deposit collateral based on the quote-pair (suffix-ticker) and trade on FWX Permissionless Trading.
The protocol supports AMM DEXs like Uniswap V2, as well as concentrated liquidity like Uniswap V3. FWX also has its own DEX called FWX DEX (with lower gas fees). In the FWX Smart Router, the protocol will route to the destination DEX with the highest liquidity (Best Route).
Indeed, the protocol swaps the underlying assets on a DEX. Users can adjust the slippage if they wish.
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