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Perpetra offers perpetual futures (perps)—derivatives without expiry. You speculate on price direction with leverage, without owning the underlying asset.

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Perps vs Spot

SpotPerpetual Futures
DirectionLong onlyLong or short
LeverageNone (1x)Up to 100x on majors
CapitalFull notionalMargin only
ExpiryN/ANone (perpetual)
With 10x leverage on ETH at 3,000,youcontrol3,000, you control 30,000 notional with $3,000 margin. Profit (and loss) are amplified.

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How Perpetra Works

We use a central limit order book (CLOB). Orders sit in a book at specified prices; trades match when buy and sell orders cross. Same model as Binance or Bybit—just decentralized and on MegaETH. The stack:
  • Matching engine — Off-chain for speed, with sub-second fills
  • Settlement — On-chain, so every trade is transparent and verifiable
  • Liquidity — Shared with the broader ecosystem for deeper books and tighter spreads
Perpetra leverages the Orderly infrastructure for orderbook and liquidity. That means access to institutional-grade depth without bootstrapping from scratch. You get the best of both: MegaETH’s speed and a mature liquidity layer.

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Markets

All markets are USDC-denominated. Collateral is USDC; PnL is in USDC. Major pairs (BTC, ETH, SOL) support up to 100x leverage; alts typically cap at 10–20x. See Markets for the full list and parameters.

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Order Flow

  1. Place — Choose market, order type, size, and price (for limits)
  2. Match — Engine matches against the book
  3. Settle — Fill is recorded on-chain
  4. Position — Open positions show in your dashboard with live PnL
You can add to positions, reduce them, or close entirely. Partial closes are supported.

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Funding

Perpetual contracts don’t expire, but they need to track spot price. Funding rates handle that. Periodically (every 4–8 hours depending on the market), longs pay shorts or vice versa based on whether the perp trades above or below spot.
  • Perp premium → longs pay shorts
  • Perp discount → shorts pay longs
Funding shows in the UI. It’s factored into your cost basis when you close.