Marginal is a decentralized spot and perpetual exchange that facilitates leverage trading on any asset using an Uniswap V3 Oracle. Its core mechanism resembles overcollateralized short-selling, allowing traders to borrow from pooled liquidity to take derivative positions and swap tokens for leverage. With a focus on permissionless trading, Marginal aims to enable users to access leveraged trading opportunities while contributing to the development of DeFi hyperstructures.