> For the complete documentation index, see [llms.txt](https://docs.boba.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.boba.xyz/perpetuals/overview.md).

# Overview

## What Are Perpetuals?

Perpetual contracts (perps) are derivative products that let you:

* **Go Long** — Profit when price goes up
* **Go Short** — Profit when price goes down
* **Use Leverage** — Control a larger position with less capital

Unlike traditional futures, perps don’t have an expiration date, so you can hold your position indefinitely as long as you have enough margin to cover the funding rate.

***

## What is Hyperliquid?

Hyperliquid is a blockchain we support (HyperEVM) and the perpetuals DEX we route through. Its a permissionless, decentralized protocol that does Billions in volume each day. Lear more on their website [here](https://hyperfoundation.org/).

***

## Key Concepts

<table><thead><tr><th width="210.12890625">Concept</th><th>Description</th></tr></thead><tbody><tr><td>Leverage</td><td>Multiply your buying power. 10x leverage means $100 controls $1,000 of exposure.</td></tr><tr><td>Margin</td><td>The collateral you put up to open a position.</td></tr><tr><td>Liquidation</td><td>If losses approach your margin, the position is automatically closed.</td></tr><tr><td>Funding Rate</td><td>Periodic payments between longs and shorts to keep perp price aligned with spot.</td></tr></tbody></table>


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