Perpetuals

Perpetual futures (“perps”) let you take leveraged long or short positions with no expiry date. They’re margined in USDC and settle on Hyperliquid.

Going long or short

Pick a market (e.g. HYPE, BTC, ETH, SOL), choose Long or Short, set your size, and submit. You can size by typing an amount or dragging the percentage slider against your available margin.

Leverage & margin mode

Set leverage per market, from 1× up to the market’s maximum. Choose between:

• Cross margin — positions share your account collateral.
• Isolated margin — margin is dedicated to a single position, capping its risk.

Your leverage choice persists across sessions. See Margin & leverage for how margin tiers and liquidation work.

Managing positions

From the order panel and your Portfolio you can:

• Close a position at market (or partially close).
• Flip a position — reverse from long to short (or vice-versa) in one action.
• Attach a TP/SL bracket — set take-profit and stop-loss levels tied to the live position; the bracket auto-sizes as your position changes.
• Add or reduce size with reduce-only orders.

Live position data

Each position shows:

• Size, direction, and position value
• Entry price and mark price
• Unrealized PnL (in USDC and as ROE %)
• Liquidation price
• Margin used
• Current funding

The chart overlays your entry, liquidation level, and resting orders so you can see your risk at a glance.

Funding

Perps use funding payments to keep their price tethered to the underlying. The order panel shows the current funding rate and a countdown to the next funding window; funding you pay or receive is tracked in your Portfolio under Funding.

Order types

Perps support market, limit, scale (ladder), stop-loss, take-profit, and TWAP orders. See Order types for the full list and when to use each.