# 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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://sushi-labs.gitbook.io/kubo-documentation/introduction/what-is-kubo.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.