> For the complete documentation index, see [llms.txt](https://docs.punch.win/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.punch.win/market-structure.md).

# Market Structure

- [CLP](https://docs.punch.win/market-structure/clp.md)
- [System Design](https://docs.punch.win/market-structure/market-structure.md)
- [Settlement](https://docs.punch.win/market-structure/market-structure/settlement.md)
- [Orderbook](https://docs.punch.win/market-structure/market-structure/orderbook.md)
- [Fees](https://docs.punch.win/market-structure/market-structure/fees.md): Learn how PUNCH.WIN calculates taker fees, which actions are fee-exempt, and how 50% of fees are redistributed to makers.
- [Maker Rebate](https://docs.punch.win/market-structure/market-structure/maker-rebate.md): 50% of Taker fees are automatically redistributed to Makers to strengthen Orderbook liquidity.