> For the complete documentation index, see [llms.txt](https://contango-2.gitbook.io/exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://contango-2.gitbook.io/exchange/protocol.md).

# PROTOCOL

- [Theoretical pricing](https://contango-2.gitbook.io/exchange/protocol/theoretical-pricing.md)
- [How it works](https://contango-2.gitbook.io/exchange/protocol/how-it-works.md)
- [Protocol pricing](https://contango-2.gitbook.io/exchange/protocol/protocol-pricing.md)
- [Position opening](https://contango-2.gitbook.io/exchange/protocol/protocol-pricing/position-opening.md)
- [Position closing](https://contango-2.gitbook.io/exchange/protocol/protocol-pricing/position-closing.md)
- [Price improvement](https://contango-2.gitbook.io/exchange/protocol/protocol-pricing/price-improvement.md)
- [Borrowing and lending](https://contango-2.gitbook.io/exchange/protocol/borrowing-and-lending.md)
- [Yield protocol](https://contango-2.gitbook.io/exchange/protocol/borrowing-and-lending/yield-protocol.md)
- [Notional](https://contango-2.gitbook.io/exchange/protocol/borrowing-and-lending/notional.md)
- [Equity management](https://contango-2.gitbook.io/exchange/protocol/equity-management.md)
- [Types of contracts](https://contango-2.gitbook.io/exchange/protocol/types-of-contracts.md)
- [Delivery](https://contango-2.gitbook.io/exchange/protocol/delivery.md)
- [Tokenomics](https://contango-2.gitbook.io/exchange/protocol/tokenomics.md)
- [Risks](https://contango-2.gitbook.io/exchange/protocol/risks.md)
- [Tutorials](https://contango-2.gitbook.io/exchange/protocol/tutorials.md)