Pika has its liquidity concentrated acround the current oracle price, making it possible to achieve the same level of liquidity as top perpetual exchanges. This enables capital efficiency and minimum trade slippage without requiring too much exchange liquidity. Specicially, Pika has zero slippage for major pairs like ETH and BTC.

Pika uses a hybrid price feed of Chainlink oracle and a fast oracle from top exchanges to decide the mark price. Whenever an order is submitted, the fast oracle will fetch the median price from leading volume exchanges and update the mark price before executing the order. This prevents the oracle frontrunning, as the mark price is determined only after the order sumission. To safeguard the accuracy of fast oracle, Chainlink oracle is used with a bid/ask spread whennever the fast oracle is not updating or its price deviates too much(2%) from Chainlink. In addition, traders can set an allowed slippage for each order sumission, to make sure the order is executed only if the mark price is within the allowed slippage range.

Pika Protocol empowers users to trade both crypto and non-crypto assets with leverage. It can support any asset as long as there's a reliable price feed. 

Unlike many other deriavatives exchanges, Pika allows traders to swap directly from wallet without any depositing steps.