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

# Perpetual Futures

## 1. No Expiry

Unlike regular futures, perpetual contracts **don’t expire**. Traders can hold their positions as long as they maintain the required margin.

## 2. Funding Rates

To keep the contract price close to the spot price of the underlying asset, funding payments occur between traders (long and short).

• If the perpetual price is higher than the spot price, long traders pay short traders (positive funding rate).

• If the perpetual price is lower than the spot price, short traders pay long traders (negative funding rate).

## 3. Leverage

Traders can use leverage (e.g., 10x, 20x, 30x), allowing them to open positions larger than their account balance. However, leverage increases both potential profits and risks.

## 4. Mark Price

Exchanges use a mark price (calculated from the spot market price) to determine liquidation levels and reduce the risk of market manipulation.

## 5. Margin Requirements

Traders must maintain a margin balance to keep their positions open. If the account balance falls below the maintenance margin level, the position may be liquidated.

## Markets

| Ticker | Name         | Leverage |
| ------ | ------------ | -------- |
| BTC    | Bitcoin      | 40x      |
| ETH    | Ethereum     | 35x      |
| SOL    | Solana       | 20x      |
| ARB    | Arbitrum     | 20x      |
| OP     | Optimism     | 20x      |
| AVAX   | Avalanche    | 20x      |
| LINK   | Chainlink    | 25x      |
| AAVE   | AAVE         | 25x      |
| CRV    | Curve        | 25x      |
| UNI    | Uniswap      | 20x      |
| SUI    | Sui          | 15x      |
| TIA    | Celestia     | 5x       |
| SEI    | Sei          | 15x      |
| ZRO    | LayerZero    | 5x       |
| XRP    | Ripple       | 30x      |
| WIF    | dogwifhat    | 10x      |
| kPEPE  | PEPE         | 10x      |
| DOGE   | Dogecoin     | 15x      |
| kSHIB  | Shiba Inu    | 10x      |
| kBONK  | Bonk Inu     | 10x      |
| APT    | Aptos        | 20x      |
| BNB    | Binance Coin | 30x      |
| JTO    | JTO          | 15x      |
| ADA    | Cardano      | 20x      |
| LDO    | Lido         | 20x      |
| POL    | Polygon      | 25x      |