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

# What is LISTED

LISTED is a front end and routing layer for trading on Robinhood Chain. It doesn't hold liquidity or custody funds — it reads every venue on the chain, decides where a trade should go, builds the transaction, and hands it to your wallet to sign.

## The problem it solves

Robinhood Chain has liquidity spread across several places: the three Uniswap versions, Rialto's market-maker inventory, and a couple of other DEXs — all reached through the chain's swap aggregators (KyberSwap, Rialto, xPath, Nordstern, De1, Ekubo). For any given trade, the best price is on a different one depending on the pair, the size, and the moment. Checking each by hand is impractical, and a naive "highest quote wins" is wrong because gas costs differ per venue — a route that quotes more can net you less once the transaction fee is counted.

LISTED prices all of them on every quote and ranks by **output after gas**. See [Routing](/listed/how-it-works/how-routing-works.md) for the full method.

## What you can do

### Swap

Any token pair on the chain. Enter an amount, LISTED shows the best route and every alternative it considered, you confirm, you sign. Instant swaps on the web app are **free** on most venues — Rialto-routed swaps carry a 5 bps LISTED fee.

→ [Swap](/listed/products/swap.md)

### Trade tokenized stocks

Equities issued on Robinhood Chain (NVDA, AAPL, HOOD, and more) trade as ERC-20s against USDG. Where there's an on-chain pool, LISTED charts the live pool price; where a stock is backed by Rialto's market-maker inventory instead, the swap routes through Rialto and the chart shows the listing-exchange reference.

→ [Tokenized stocks](/listed/products/tokenized-stocks.md)

### Place limit orders

Sign a price off-chain and it rests in KyberSwap's shared orderbook until a taker fills it. Gasless to place, gasless to cancel, no funds locked in a contract.

→ [Limit orders](/listed/products/limit-orders.md)

## What LISTED is not

* **Not a custodian.** It never holds your tokens. Every action is a transaction you sign.
* **Not a liquidity pool.** It has no AMM of its own; it routes to existing venues.
* **Not an issuer.** Tokenized stocks are issued by third parties on Robinhood Chain; LISTED only trades them.
* **Not investment advice.** Nothing in the app or these docs is a recommendation to buy or sell anything.