What are perpetual futures?
A perpetual future, or perp, is a contract that follows the price of an asset and never expires. You can go long if you expect the price to rise or short if you expect it to fall, and you can use leverage. On Hyperverve you trade Hyperliquid perps from your own wallet.
Updated 2026-11-08
The short definition
A perp is a derivative: you do not own the asset, you hold a position whose profit or loss follows the asset's price. A long position gains when the price rises and loses when it falls. A short position does the opposite.
Traditional futures contracts have an expiry date and settle on it. A perp has none, so you can hold a position for as long as you keep enough margin behind it.
Perps compared with spot
| Aspect | Spot | Perp |
|---|---|---|
| What you hold | The asset itself. | A position that follows its price. |
| Direction | Profit when the price rises. | Long profits when it rises, short profits when it falls. |
| Leverage | None. | Yes, up to each market's maximum. |
| Expiry | None. | None, but funding is paid every hour. |
| Largest loss | What you paid. | The margin on the position, which can be all of it. |
How a perp stays close to the asset price
Without an expiry date, something has to keep the perp's price near the price of the asset. That is the job of the funding rate: traders on one side pay traders on the other at regular intervals, which makes it costly to hold a position that pushes the perp away from the asset price. See funding rates explained.
Terms you will meet
- Margin: the collateral you put behind a position.
- Leverage: the size of the position divided by the margin. 5x leverage means a $500 position needs $100 of margin.
- Mark price: the reference price used to value your position and to decide liquidation.
- Liquidation price: the price at which the exchange closes your position because the margin is no longer enough.
- Open interest: the total size of positions that are currently open in a market.
Perps on Verve
Hyperverve is Verve's terminal for Hyperliquid perps and spot, powered by Hyperliquid. You trade with hUSDC, the USDC in your own Hyperliquid account. Verve takes 0%; Hyperliquid's own exchange fee applies. See the Hyperverve docs for the markets, order types and fees.
Leveraged trading involves substantial risk, including the loss of all the margin on a position. Nothing here is financial advice.
Do perpetual futures expire?
No. A perp has no expiry date. You can hold a position as long as you keep enough margin, and you pay or receive funding every hour.
Is a perp the same as owning the asset?
No. A perp follows the price of an asset, but you do not own the asset. You hold a position whose profit or loss depends on the price.
Can I lose more than I put in on a perp?
On an isolated position the most you can lose is the margin on it. Losses can still reach all of that margin, and fast markets can move through your liquidation price.