Trading & leverage

Perpetuals are derivative contracts with no expiry that track an underlying index price. A funding mechanism keeps the contract price close to the index.

Leverage sets how much collateral you post relative to position size. At 10x, a $10,000 position requires $1,000 of initial margin. Each market has a maximum leverage and initial margin requirement.

If your account equity falls below the maintenance margin for your positions, positions may be liquidated at or near the mark price. Liquidation can result in losing all margin posted for the position, plus fees.

Market orders execute at the best available price. Limit orders rest at your chosen price. Reduce-only orders can only decrease an existing position. Time-in-force options include GTC, IOC and FOK.

Unrealized PnL and liquidations use the mark price, derived from the index price, to resist manipulation.