> For the complete documentation index, see [llms.txt](https://docs.clipper.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.clipper.exchange/introduction.md).

# Introduction

- [What is Clipper?](https://docs.clipper.exchange/introduction/what-is-clipper.md): Clipper is the blue-chip DEX with no impermanent loss.
- [How Clipper Makes Money for LPs](https://docs.clipper.exchange/introduction/how-clipper-makes-money-for-lps.md)
- [How LPs Earn from Arbitrage](https://docs.clipper.exchange/introduction/how-lps-earn-from-arbitrage.md)
- [Clipper's Benchmark: No Impermanent Loss](https://docs.clipper.exchange/introduction/clippers-benchmark-no-impermanent-loss.md)
- [Clipper vs. CPMMs vs. HODLing](https://docs.clipper.exchange/introduction/clippers-benchmark-no-impermanent-loss/clipper-vs.-cpmms-vs.-hodling.md)
- [Appendix: Math](https://docs.clipper.exchange/introduction/clippers-benchmark-no-impermanent-loss/appendix-math.md)
- [Why Clipper Has Better Trading Prices](https://docs.clipper.exchange/introduction/why-clipper-has-better-trading-prices.md)
- [DAO Protocol Fees](https://docs.clipper.exchange/introduction/dao-protocol-fees.md)
- [DAO Governance](https://docs.clipper.exchange/introduction/dao-governance.md): Clipper is governed by AdmiralDAO.