> ## Documentation Index
> Fetch the complete documentation index at: https://docs.legend.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# Mechanics

> How Arena matches work

Arena matches use on-chain smart contracts to register matches, process payments, settle wagers, and sync balances in real-time.

## Entering a match

You commit your entry fee and tradable Arena Balance (margin) prior to match start. Once all parties have accepted, the match begins and trading is enabled.

## During a match

You trade perps on Legend using your Arena Balance as starting capital. Every position you open and close updates your PnL in real-time -- and your opponent can see it. The goal is simple: end the match with a higher ROI % than the person across from you. Account balances sync on-chain throughout.

## Settlement

When time runs out, the match is over. Final PnL is captured, the winner is determined, and the prize is deposited into the contract. You withdraw your winnings directly -- no waiting, no middleman.