What you can trade
- Majors — BTC, ETH, and the large-caps with the deepest books
- Altcoins — HYPE and a rotating set of high-volume markets
- New perp markets list as venue liquidity supports them
How perps work
A perp tracks the underlying asset’s price. No expiry dates, no lock-ups, no settlement periods. Open or close in seconds — nights, weekends, and holidays included, when traditional exchanges are dark. Every perp trade is three choices:- Direction. Price rises? Long. Falls? Short.
- Size. How much collateral backs the trade.
- Multiplier. Leverage up to the market’s maximum — 40x on majors. $100 at 10x controls $1,000. Multipliers magnify losses exactly like gains.
The three mechanics to understand
Margin — what backs your position
Margin — what backs your position
Your collateral (margin) backs the position. The market moves against you and your margin can’t cover the loss? The position is liquidated. Add margin anytime to push the liquidation price further away. See Leverage, funding, and liquidations.
Funding — the anchor to spot price
Funding — the anchor to spot price
Perps never expire, so periodic funding payments between longs and shorts keep the perp price anchored to the underlying market. Funding positive: longs pay shorts. Negative: shorts pay longs. The current rate is on every market page.
Liquidation — the hard stop
Liquidation — the hard stop
Losses eat through your margin, the position gets liquidated, the margin is gone. Your estimated liquidation price is on the ticket before you confirm — never a surprise.
Tools on every ticket
- Market and limit orders — see Order types
- Take profit / stop loss attached from the start
- Estimated liquidation price and itemized fees before you confirm
- Plain-English risk disclosure at the bottom of every ticket