Perpetual Futures Trading Guide
Perpetual futures (perps) are derivatives with no expiry — leverage, funding rates, and liquidation explained.
Перевод пока недоступен — показан английский вариант.
What perpetual futures are
A perpetual future is a derivative contract that tracks an asset's price without an expiry date. Unlike dated futures, perps never settle — instead, a funding-rate mechanism tethers the contract price to spot. You post margin as collateral and can go long or short with leverage, meaning a small price move translates into a larger gain or loss relative to your margin.
Crypto perps are the deepest derivative market in the industry, and venues like dYdX (an app-chain order-book DEX) and Hyperliquid (a high-throughput L1 with on-chain order books) now rival centralized exchanges on liquidity for majors like BTC and ETH.
Funding rates keep perps pegged
Every few minutes to hours, traders on the heavier side of the market pay the other side. When perpetuals trade above spot, longs pay shorts; when below, shorts pay longs. This payment — the funding rate — is why perps track spot without ever expiring.
Funding is a real cost of holding a position: a persistently positive rate bleeds a long position day after day. Before opening a perp, always check the current funding rate and open interest alongside the price chart.
Leverage, margin, and liquidation
Leverage multiplies both profit and loss. At 10x leverage, a 10% adverse move wipes out the position's margin and triggers liquidation — the venue forcibly closes the position. Cross-margin shares collateral across positions; isolated margin caps the loss to one position's allocation.
Both dYdX v4 and Hyperliquid document margin tiers, maintenance requirements, and liquidation mechanics per market. Higher leverage tiers demand higher maintenance margin, so position size — not just direction — determines survival.
dYdX vs Hyperliquid at a glance
dYdX v4 runs as its own Cosmos app-chain with off-chain matching and on-chain settlement, offering BTC/ETH/SOL and long-tail markets with volume-tiered maker/taker fees. Hyperliquid runs a purpose-built L1 where the full order book lives on-chain, with perpetual-majors liquidity and a fee schedule based on rolling 14-day volume (base tier 0.045% taker / 0.015% maker).
In JW3.ai both venues trade from one terminal: dYdX v4 and Hyperliquid perps sit next to CEX spot, with per-agent risk limits (max position size, leverage caps, daily loss limits) enforced before any order reaches a venue.
Risk rules before your first perp
Size positions so a liquidation would cost a fixed fraction of the portfolio (1–2% is the professional norm), use isolated margin while learning, set stop-losses as venue orders rather than mental notes, and avoid maximum leverage — funding and volatility decay punish overleveraged holders even when direction is right.
Frequently asked questions
Do perpetual futures expire?
No. Perps have no expiry date — funding-rate payments between longs and shorts keep the contract price anchored to spot indefinitely.
What is the funding rate?
A periodic payment between long and short traders that tethers the perp price to spot. Longs pay shorts when the perp trades above spot, and vice versa.
How much can I lose trading perps?
Up to your full margin per position if liquidated — and your full account if you use cross-margin recklessly. Isolated margin and fixed-fraction position sizing cap the damage.
Can AI agents trade perps on JW3.ai?
Yes — JW3.ai strategy agents can operate across dYdX and Hyperliquid perp markets under per-agent risk guards: position caps, leverage limits, and daily loss limits.