What are perpetual futures?
Perpetual futures, or perps, are contracts that let you go long or short on an asset's price with leverage and no expiry date. You post margin, choose your leverage, and the position stays open for as long as your margin supports it. On Dexari, perps trade on Hyperliquid from a mobile app with full self custody.
How perps work
A perp tracks the price of an underlying asset. Going long means your position gains when the price rises. Going short means it gains when the price falls. You never hold the underlying asset itself, which is why one contract design works the same way for Bitcoin, a stock like Apple, or an index like the S&P 500.
The money you commit to a position is margin. Leverage multiplies your exposure relative to that margin. With $100 of margin at 10x leverage you control a $1,000 position, so each 1% move in the price changes your margin by roughly 10%.
What keeps the price near spot
Because perps never expire, an hourly payment called funding keeps the perp price anchored to the spot price. When the perp trades above spot, longs pay shorts, which pushes the price back down. When it trades below, shorts pay longs. The full mechanics are covered in our funding rates guide.
Leverage and liquidation
Leverage cuts both ways. If the market moves against your position and your margin falls below the maintenance requirement, the position is liquidated. Lower leverage, wider stops, and position sizing you can afford are the standard defenses.
Frequently asked questions
Do perpetual futures expire?
What is margin?
What is liquidation?
Can I trade perps without owning crypto infrastructure?
Trade on Hyperliquid, anywhere
Deep liquidity and pro grade tools, in an app that fits in your pocket.