> ## 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 the price of an asset — up or down — without owning it. Monofin's perps run on Hyperliquid's deep on-chain liquidity, so you get tight spreads and instant settlement, 24/7/365.

## What you can trade

* **Majors** — BTC, ETH, and other large-caps with the deepest books
* **Altcoins** — HYPE and a rotating set of high-volume altcoin markets
* New perp markets are listed as venue liquidity supports them

## How perps work

A perp tracks the price of the underlying asset. There are **no expiry dates, no lock-ups, and no settlement periods** — open or close in seconds, including nights, weekends, and holidays when traditional exchanges are closed.

Every perp trade is three choices:

1. **Direction.** Think the price rises? Go long. Think it falls? Go short.
2. **Size.** How much collateral to put behind the trade.
3. **Multiplier.** Leverage up to the market's maximum — up to **40x** on major markets. $100 at 10x controls a $1,000 position. Multipliers magnify losses as well as gains.

## The three mechanics to understand

> **Margin — what backs your position**
>
> Your collateral (margin) backs the position. If the market moves against you and your margin can't cover the loss, the position is liquidated. You can add margin to a position to move your liquidation price further away. See [Leverage, funding, and liquidations](/trading/leverage-funding-liquidations).

> **Funding — the anchor to spot price**
>
> Perps have no expiry, so periodic funding payments between longs and shorts keep the perp price anchored to the underlying market. When funding is positive, longs pay shorts; when negative, shorts pay longs. The current funding rate is shown on every market page.

> **Liquidation — the hard stop**
>
> If your position's losses eat through your margin, it's liquidated automatically and you lose the margin on that position. Your estimated liquidation price is always shown on the trade ticket **before** you confirm — never a surprise.

## Tools on every ticket

* **Market and limit orders** — see [Order types](/trading/order-types)
* **Take profit / stop loss** attached to the position from the start
* **Estimated liquidation price and itemized fees** before you confirm
* **Plain-English risk disclosure** at the bottom of every ticket

> [!WARNING]
>
> Perps with leverage are high-risk instruments. Liquidation can happen 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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