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

# Perpetual Futures Trading

Trade global assets (crypto, equities, commodities, FX, and indices) as on-chain perpetual futures on Blackboard.

## Overview

Perpetual futures are derivatives with no expiry date. They use a **funding rate** mechanism to keep prices aligned with the spot market.

* **Long position**: Bet on price going up
* **Short position**: Bet on price going down
* **Leverage**: a larger position against your collateral. Maximum leverage varies by asset and is shown in the trading interface

For an overview of every product, read [What You Can Trade](/blackboard-docs/getting-started/what-you-can-trade.md) first.

### How It Differs from Traditional Margin Trading

|                   | Brokerage Margin Trading     | On-chain Perpetual Futures |
| ----------------- | ---------------------------- | -------------------------- |
| **Expiry**        | Yes (margin call deadline)   | None                       |
| **Trading Hours** | Market hours only            | 24/7/365                   |
| **Shorting**      | Restricted (stock borrowing) | Freely available           |
| **Settlement**    | T+2                          | Instant                    |
| **Asset Custody** | Brokerage custody            | Self-custody               |
| **Onboarding**    | Brokerage account opening    | Social login               |

## The Three Markets

* [Crypto Perpetuals](/blackboard-docs/trade/perpetual-trading/crypto-perpetuals.md) — crypto perpetuals on Aster, margined in USDT
* [TradFi Perpetuals](/blackboard-docs/trade/perpetual-trading/tradfi-perpetuals.md) — equities, indices, FX, and commodities on HIP-3, collateralized in USDC
* [1000X Market](/blackboard-docs/trade/perpetual-trading/1000x.md) — a high-leverage market powered by AARK (coming soon)

## How to Trade

1. **Select an asset**: Search and select an asset from the top bar
2. **Choose direction**: Long (buy) or Short (sell)
3. **Set order parameters**: Order type, leverage, and size
4. **Execute**: Confirm and execute

Details: [Order Types](/blackboard-docs/trade/order-types.md) | [Margin & Leverage](/blackboard-docs/trade/margin-and-leverage.md)

## Fees

Blackboard fees apply on both crypto and TradFi markets, discounted by your volume tier. The schedule that applies to a TradFi market is shown on the trading screen.

Details: [Fees](/blackboard-docs/resources/fees.md)

{% hint style="danger" %}
Perpetual futures are leveraged derivatives where total loss of principal is possible. Market movements can result in losses exceeding your deposited margin. Only trade with amounts you can afford to lose.
{% endhint %}

## Next Steps

* [Order Types](/blackboard-docs/trade/order-types.md) — Market, Limit, Stop orders
* [Margin & Leverage](/blackboard-docs/trade/margin-and-leverage.md) — Understanding margin modes
* [Funding Rates](/blackboard-docs/trade/funding-rates.md) — Funding rate mechanics
* [Liquidations](/blackboard-docs/trade/liquidations.md) — How to avoid liquidation