Basics
Start with the core mechanics: market tracking, long and short positions, margin, funding, mark prices and liquidation.
Learn the basicsLearn How Perpetual Futures Work
Understand how perpetual futures track markets, how positions are priced and funded, how margin and liquidation work, and how traders evaluate execution, risk and performance.
Pricing
Understand index, oracle, last and mark prices, basis, premiums and the systems used to keep perpetual contracts connected to their reference markets.
Guide in developmentFunding
Learn how funding rates are calculated, who pays whom, why rates turn positive or negative and how funding affects the cost of holding a position.
Guide in developmentMargin
Explore initial and maintenance margin, isolated and cross margin, collateral valuation and the equity requirements that support an open position.
Guide in developmentLeverage
See how leverage changes market exposure, return on margin, capital efficiency and liquidation risk without changing the underlying price move.
Guide in developmentLiquidation
Learn what triggers liquidation, why mark price matters, how maintenance tiers work and why liquidation prices differ between platforms.
Guide in developmentProfit and Loss
Calculate gross and net PnL for long and short positions, including fees, funding, spread, slippage and different contract structures.
Guide in developmentOrders
Understand market, limit, stop, reduce-only and conditional orders, and how liquidity and execution affect entry, exit and slippage.
Guide in developmentComparisons
Compare perpetual futures with spot trading, dated futures, CFDs, margin trading and options by mechanics, costs, risks and use cases.
Guide in developmentContract Types
Learn the differences between linear, inverse, quanto, coin-margined, stablecoin-margined and other perpetual contract structures.
Guide in developmentContract Specifications
Read quantity rules, multipliers, settlement assets, funding intervals, fee schedules, margin tiers and other terms before trading a contract.
Guide in developmentMarket Data
Understand open interest, volume, funding, basis, liquidations, order-book depth and other data used to evaluate perpetual markets.
Guide in developmentMarket Abuse
Learn how manipulation, spoofing, wash trading, oracle attacks and thin liquidity can distort perpetual markets and harm traders.
Guide in developmentRisks
Review leverage, liquidation, counterparty, custody, collateral, liquidity, oracle, smart-contract and operational risks.
Guide in developmentTrading Psychology
Understand overtrading, revenge trading, leverage escalation, loss chasing and the behavioral mistakes that can undermine risk controls.
Guide in development