> For the complete documentation index, see [llms.txt](https://docs.pearlswap.ai/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.pearlswap.ai/introduction/pearl-swap.md). # What Pearl Swap is A way in to PRL, a way to trade it, and an escrow no single party controls. ### The problem If you want PRL today, you need somewhere to buy it and a way to get it onto Pearl. If you hold PRL, you need somewhere with real buyers and sellers to trade it. Neither is much good without the other: a market with no easy way in stays thin, and an easy way in with no market has nothing to price against. The usual answer is to ask an exchange for a listing and wait. The other usual answer is a custodial bridge: one operator, one key, and a promise. Bridges built that way are where this industry has lost the most money. ### What we built instead **A way in.** One screen: pay with whatever you already hold, on whatever network, and native PRL arrives at your own Pearl address. No account, no sign-up, and nothing of yours held except for the minute it takes to buy your PRL. **A market.** PRL also exists on Hyperliquid, as a spot asset with an order book against USDC, where the traders and the depth already are. No listing to negotiate. **An escrow that keeps the two honest.** Every PRL on Hyperliquid is matched by a PRL held on Pearl. The holding is controlled by three independent guardians, of whom **any two must agree before anything moves, and no single one can move it, including us**. That rule is not enforced by our software: it is enforced by both chains, by the script the coins sit in on Pearl and by the account's own signing rules on Hyperliquid. So PRL on Hyperliquid is always exchangeable for the coin itself, one for one, by anyone. That is what keeps the two in line, because a gap is something anyone can close. ### What it is not * **Not a custodian.** We hold no reserve. During a swap we hold what you paid, briefly and under a cap, and the screen says so. * **Not an exchange.** We do not match orders or set a price; Hyperliquid's book does. * **Not trustless.** Two colluding guardians could move the funds. That is the trust assumption, and it is why who the guardians are matters more than anything in our code. [Who can do what](/how-it-works/trust.md) sets it out in full. ### Where it stands Everything described here works end to end on test networks. Nothing runs on real networks yet, and all three guardians are ours today, which proves the protocol but not the trust model. [Where the project stands](/reference/status.md) is the honest scorecard. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.pearlswap.ai/introduction/pearl-swap.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.