> For the complete documentation index, see [llms.txt](https://docs.definitive.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.definitive.fi/platform/perpetual-futures.md).

# Perpetual Futures

Perpetual futures, or Perps, let you take a long or short position on an asset without owning the underlying asset. Unlike traditional futures contracts, Perps do not have an expiration date. Instead, funding payments help keep the Perps price aligned with the price of the underlying asset. Depending on the current funding rate and the direction of your position, you may either pay or receive funding.

Perps also support leverage, allowing you to open a position larger than the collateral deposited in your Perps account. Leverage increases both potential gains and potential losses. If your account no longer meets the required maintenance margin, your position may be liquidated.

## **Infrastructure**

Hyperliquid is the trading infrastructure behind Definitive Perps. It operates an on-chain order book where perpetual futures orders are placed, matched, and settled.

The order book works similarly to an order book on a centralized exchange: buyers and sellers submit orders, and orders are matched using price-time priority. The main difference is that the order book and trading state are maintained on Hyperliquid’s blockchain.

Definitive provides the interface and all-in-one account funding experience, while Hyperliquid provides the underlying Perps markets, order execution, margin system, position accounting, funding, and liquidation infrastructure.

For more information on Hyperliquid, see <https://hyperliquid.gitbook.io/hyperliquid-docs>

## **Get Started**

1. Switch to Definitive Perps mode

<figure><img src="/files/VtvQ0i2xwXN37wWNRUgY" alt=""><figcaption></figcaption></figure>

2. Fund your perps vault from your spot vault.

<figure><img src="/files/wPFYsmxYJIb28RVtknPW" alt=""><figcaption></figcaption></figure>

3. Click the currently selected asset in the top-left corner, which defaults to BTC, to open the Market Select window. Search for the asset you want to trade to view its market details, including the maximum available leverage. You can also add assets to your watchlist for quick access and easier monitoring.

<figure><img src="/files/y8JR6DvO7okDhQlZaYYt" alt=""><figcaption></figcaption></figure>

## **Placing an order**

<div><figure><img src="/files/Ql2zfM183rQluTWkj96L" alt=""><figcaption></figcaption></figure> <figure><img src="/files/0vZVZkury0fllNzdS94U" alt=""><figcaption></figcaption></figure> <figure><img src="/files/DCGB88fMxgrdkbyGykOw" alt=""><figcaption></figcaption></figure></div>

**Isolated:** Perps market that does not share collateral with your other positions.\
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**Leverage:** Choose your leverage by selecting the leverage field, then use the slider. Each market has a different maximum leverage, and that information is available in the Market Select window. Leverage determines how large your position is relative to your collateral. For example, with 20× leverage, $100 of collateral can be used to open a $2000 position. The trade panel will show the initial margin required before you place the order.\
\
**Long/Short:** Choose the side of the market you want to take. Select Long if you expect the asset’s price to rise, or Short if you expect it to fall. A long position gains value when the price increases, while a short position gains value when the price decreases.

***Order Types:***\
\
**Market:** A Market Order is the fastest way to buy or sell any token, executing instantly at the best available on-chain price.\
\
**Limit:** Limit Orders let you buy or sell any token at a specific target price, giving you full control over execution instead of taking the current market price.\
\
**TWAP:** A TWAP (Time-Weighted Average Price) Order is an advanced algorithmic order type that automatically breaks a large trade into smaller, evenly distributed fills executed over a defined time period. This approach helps reduce price impact and slippage, allowing traders to enter or exit large positions without disrupting market prices.\
\
***Order Type Options:***\
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**Reduce-Only:** Ensures the order can only reduce or close an existing position. It will never increase the position or open a new one.

**Take Profit / Stop Loss:** Adds orders that automatically close all or part of your position when the specified profit or loss price is reached.\
\
**Running Time:** Control how long the order remains active between 5 minutes to 24 hours.

**Randomize:** TWAP executes linearly by default. This option allows randomization of timing between suborders.

#### **Fees**

<details>

<summary>What are the fees for perps?</summary>

There is a 0.05% fee on all orders

</details>

#### **Deposit**

<details>

<summary>How do I fund my Perps account?</summary>

You must first have funds in a Definitive Spot vault. You can then transfer them from Spot to Perps.

</details>

<details>

<summary>Can I transfer directly from an external wallet to Perps?</summary>

No. Funds can only be transferred into Perps from a Definitive Spot vault.

</details>

<details>

<summary>What assets and chains can I use to fund Perps?</summary>

You can transfer any supported asset from any supported chain. The funds will be converted and land in your Perps account as USDC.

</details>

<details>

<summary>Are there fees for transferring from Spot to Perps?</summary>

Yes. We use Relay (link to this) for Spot → Perps transfers, so Relay fees apply.

</details>

#### **Withdraw**

<details>

<summary>How do I withdraw funds from Perps?|</summary>

You must first transfer the funds from Perps back to Spot, then withdraw them from your Definitive Spot vault.

</details>

<details>

<summary>Where do funds land when transferring from Perps to Spot?</summary>

They land as USDC in your Arbitrum Spot vault.

</details>

<details>

<summary>Are there fees for transferring from Perps to Spot?</summary>

Yes. Perps → Spot uses the Hyperliquid bridge and costs 1 USDC.

</details>