> 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/market-structure.md).

# System Design

How PUNCH.WIN's trading infrastructure works.

***

{% columns %}
{% column %}
{% content-ref url="/pages/J44SRrcTBTgnVJpG8cZp" %}
[Settlement](/market-structure/market-structure/settlement.md)
{% endcontent-ref %}
{% endcolumn %}

{% column %}
{% content-ref url="/pages/pGJ8gp29aLZr7q3H6gUu" %}
[Orderbook](/market-structure/market-structure/orderbook.md)
{% endcontent-ref %}
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
{% content-ref url="/pages/D6LEXBMmTC0K6IbKtMiB" %}
[Fees](/market-structure/market-structure/fees.md)
{% endcontent-ref %}
{% endcolumn %}

{% column %}
{% content-ref url="/pages/0Zdvtb0R8bdX6Q3wAd2Q" %}
[Maker Rebate](/market-structure/market-structure/maker-rebate.md)
{% endcontent-ref %}
{% endcolumn %}
{% endcolumns %}