{"slug":"perpetual-futures","title":"Perpetual Futures","description":"Wiki for perpetual futures — how perps work: funding rates, mark/oracle price, margin & leverage, liquidation & ADL, basis/contango, order types, and how crypto perp venues implement them.","tags":["perpetuals","trading","derivatives"],"category":"trading","scope":{"covers":"Perpetual futures as a concept: what perps are vs dated futures/spot, funding rates, mark/oracle pricing, margin & leverage (IMF/MMF), liquidations/insurance fund/ADL, cross vs isolated margin, basis/contango/backwardation, open interest, order types & execution, long/short/hedging; dYdX used as a worked venue example.","notCovered":"Live prices, funding rates, or open-interest data; a single venue's exact current parameters (verify on the venue); trading advice. Hyperliquid-specific perps are in the hyperliquid wiki.","currentAs":"2026-06-19"},"lastUpdated":"2026-06-19","documentCount":18,"raw_base":"/raw/perpetual-futures/","html_base":"/wiki/perpetual-futures/","documents":[{"path":"README.md","title":"LLM Wiki","type":null,"updated":null},{"path":"wiki/index.md","title":"Knowledge Base Index","type":"index","updated":"2026-06-19"},{"path":"wiki/concepts/basis-contango-backwardation.md","title":"Basis, Contango & Backwardation","type":"concept","updated":"2026-06-19"},{"path":"wiki/concepts/cross-vs-isolated-margin.md","title":"Cross vs Isolated Margin","type":"concept","updated":"2026-06-19"},{"path":"wiki/concepts/funding-rates.md","title":"Funding Rates","type":"concept","updated":"2026-06-19"},{"path":"wiki/concepts/liquidations-and-deleveraging.md","title":"Liquidations, Insurance Fund & Deleveraging","type":"concept","updated":"2026-06-19"},{"path":"wiki/concepts/margin-and-leverage.md","title":"Margin & Leverage","type":"concept","updated":"2026-06-19"},{"path":"wiki/concepts/mark-and-oracle-price.md","title":"Mark Price & Oracle/Index Price","type":"concept","updated":"2026-06-19"},{"path":"wiki/concepts/open-interest.md","title":"Open Interest","type":"concept","updated":"2026-06-19"},{"path":"wiki/concepts/order-types-and-execution.md","title":"Order Types, Time-in-Force & Execution","type":"concept","updated":"2026-06-19"},{"path":"wiki/concepts/perps-vs-dated-futures-vs-spot.md","title":"Perps vs Dated Futures vs Spot","type":"concept","updated":"2026-06-19"},{"path":"wiki/concepts/positions-long-short-hedging.md","title":"Positions: Long, Short, Hedging & Speculation","type":"concept","updated":"2026-06-19"},{"path":"wiki/concepts/what-are-perpetual-futures.md","title":"What Are Perpetual Futures","type":"concept","updated":"2026-06-19"},{"path":"wiki/entities/dydx-reference-venue.md","title":"dYdX (Reference Venue)","type":"entity","updated":"2026-06-19"},{"path":"wiki/log.md","title":"Activity Log","type":"log","updated":null},{"path":"wiki/summaries/concept-map.md","title":"Concept Map & Source Catalog","type":"summary","updated":"2026-06-19"},{"path":"wiki/summaries/venue-api-catalog.md","title":"Venue API Catalog (dYdX)","type":"summary","updated":"2026-06-19"},{"path":"wiki/syntheses/risk-and-blowups-casebook.md","title":"Risk & Blow-ups Casebook","type":"synthesis","updated":"2026-06-19"}]}