# VAMM Our trading model is very different from other exchanges (including AMM-based exchanges). The focus is on: .The perpetual agreement does not use liquidity / does not require a liquidity provider. .The perpetual agreement is 100% based on AMM; no order book mechanism is required. The price on the chain reflects the transaction on the perpetual agreement-the price only causes slippage when opening or closing a position. Traders use collateral (USDT) to open long or short positions under a given asset. Every time a transaction is made, vAMM will calculate the buying or selling price in the same way as the price calculation in CoinOneSwap or other exchanges that use AMM. --- # 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://coinone-1.gitbook.io/coinone/italian/products/perpetual-contract/untitled-5.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.