> 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/crypto-perpetuals.md).

# Crypto Perpetuals

Trade crypto as on-chain perpetual futures. Perpetuals are derivatives with no expiry date, held open indefinitely and kept aligned with the spot market by a **funding rate**.

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

## Market Details

Crypto perpetuals on Blackboard run on **Aster**.

* **Markets**: 400+ crypto assets (as of September 2026). The full list is on the trading screen
* **Margin**: USDT
* **Leverage**: varies by asset, shown in the trading interface
* **Funding**: 8-hour intervals by default; some markets settle more frequently, shown on each market screen
* **Fees**: Blackboard fees apply, discounted by your rolling 30-day volume tier

If Blackboard is ever unavailable, connect the same wallet at [asterdex.com](https://asterdex.com) to manage your positions directly.

## How to Trade

1. **Select an asset**: search and select 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

{% 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

* [TradFi Perpetuals](/blackboard-docs/trade/perpetual-trading/tradfi-perpetuals.md) — equities, indices, FX, commodities
* [Order Types](/blackboard-docs/trade/order-types.md) — market, limit, stop orders
* [Margin & Leverage](/blackboard-docs/trade/margin-and-leverage.md) — margin modes
* [Funding Rates](/blackboard-docs/trade/funding-rates.md) — funding mechanics
* [Fees](/blackboard-docs/resources/fees.md) — fee schedule