A perpetual futures contract (or “perp”) lets you bet on the price of an asset — like a US stock — without ever owning the asset. Unlike traditional futures, perps don’t expire: you can hold them as long as you meet the margin requirements.
How is trading a perp different from buying a stock?
What stocks can I trade?
Perps on major US stocks. The full list is available in the app under Markets.
Is the perp price the same as the real stock price?
The perp price tracks the underlying stock closely but can deviate slightly because it’s set by supply and demand on the exchange. The funding rate helps keep it aligned.
What is a funding rate?
A small periodic payment between long and short traders that keeps the perp price close to the actual stock price.
- Positive funding: longs pay shorts
- Negative funding: shorts pay longs
Funding is paid on a regular interval (typically every 8 hours). The current rate is shown on each market in the app.
Why trade perps instead of stocks?
- Leverage: amplify gains (and losses) with a smaller capital outlay
- Easy shorting: no share borrowing, no borrow fees
- No expiry: hold positions as long as you maintain margin
- Extended hours: trade outside traditional US market hours
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