# Perpetual Futures

> 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.
> 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.
> Not covered: 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.
> Current as of: 2026-06-19

- [LLM Wiki](/raw/perpetual-futures/README.md)
- [Knowledge Base Index](/raw/perpetual-futures/wiki/index.md)
- [Basis, Contango & Backwardation](/raw/perpetual-futures/wiki/concepts/basis-contango-backwardation.md)
- [Cross vs Isolated Margin](/raw/perpetual-futures/wiki/concepts/cross-vs-isolated-margin.md)
- [Funding Rates](/raw/perpetual-futures/wiki/concepts/funding-rates.md)
- [Liquidations, Insurance Fund & Deleveraging](/raw/perpetual-futures/wiki/concepts/liquidations-and-deleveraging.md)
- [Margin & Leverage](/raw/perpetual-futures/wiki/concepts/margin-and-leverage.md)
- [Mark Price & Oracle/Index Price](/raw/perpetual-futures/wiki/concepts/mark-and-oracle-price.md)
- [Open Interest](/raw/perpetual-futures/wiki/concepts/open-interest.md)
- [Order Types, Time-in-Force & Execution](/raw/perpetual-futures/wiki/concepts/order-types-and-execution.md)
- [Perps vs Dated Futures vs Spot](/raw/perpetual-futures/wiki/concepts/perps-vs-dated-futures-vs-spot.md)
- [Positions: Long, Short, Hedging & Speculation](/raw/perpetual-futures/wiki/concepts/positions-long-short-hedging.md)
- [What Are Perpetual Futures](/raw/perpetual-futures/wiki/concepts/what-are-perpetual-futures.md)
- [dYdX (Reference Venue)](/raw/perpetual-futures/wiki/entities/dydx-reference-venue.md)
- [Activity Log](/raw/perpetual-futures/wiki/log.md)
- [Concept Map & Source Catalog](/raw/perpetual-futures/wiki/summaries/concept-map.md)
- [Venue API Catalog (dYdX)](/raw/perpetual-futures/wiki/summaries/venue-api-catalog.md)
- [Risk & Blow-ups Casebook](/raw/perpetual-futures/wiki/syntheses/risk-and-blowups-casebook.md)