> For the complete documentation index, see [llms.txt](https://sushi-labs.gitbook.io/kubo-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://sushi-labs.gitbook.io/kubo-documentation/introduction/what-is-kubo.md).

# What is Kubo?

Kubo is a derivatives Automated Market Maker (AMM) that enables traders to go long on any cryptocurrency—from ETH to altcoins—with up to **100x leverage**. 

**There are three ways to generate value with Kubo:**

* **Leveraged long trades:** Up to 100x leverage and no funding rate
* **Repo trades:** Receive a guaranteed fixed return on your capital after 24 hours
* **Liquidity provision:** Deposit tokens into Kubo's liquidity pools to earn pro-rata yields

### No Order Books 

Unlike many other derivatives, such as decentralized exchanges (DEXs), which use order books, Kubo is an AMM. Kubo's AMM design allows for an entirely on-chain exchange that cannot be manipulated and does not *require a funding rate*. All operations use the underlying assets on-chain, with verifiable USD-denominated spot pricing from Chainlink oracles.