> ## Documentation Index
> Fetch the complete documentation index at: https://docs.monofin.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Perpetual futures

> Long or short crypto perpetuals with leverage on Monofin — 24/7, no expiry, instant settlement.

Perpetual futures ("perps") let you trade an asset's price — up or down — without owning it. Monofin's perps run on Hyperliquid's deep on-chain liquidity: tight spreads, instant settlement, 24/7/365.

## 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:

1. **Direction.** Price rises? Long. Falls? Short.
2. **Size.** How much collateral backs the trade.
3. **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**
>
> 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](/trading/leverage-funding-liquidations.md).

> **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**
>
> 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](/trading/order-types.md)
* **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

> [!WARNING]
>
> Leveraged perps are high-risk instruments. Liquidation happens fast in volatile markets, and you can lose the entire margin on a position. Never trade with funds you can't afford to lose.


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