> 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/tradfi-perpetuals.md).

# TradFi Perpetuals

Trade equities, indices, FX, and commodities as on-chain perpetual futures, built on Hyperliquid's HIP-3 framework.

These markets track the **price** of the underlying through on-chain oracles. They are perpetual positions linked to a reference price, not ownership of the underlying asset and not a tokenized version of it.

## Markets

Maximum leverage is set per market. The figure for any market is shown next to its name on the Markets screen and in the order panel.

* **Markets**: 100+ (as of September 2026). Exact lineup and leverage are shown on the trading screen
* **Collateral**: USDC
* **Funding**: settled every 8 hours (00:00, 08:00, 16:00 UTC)
* **Fees**: Blackboard fees apply, discounted by your volume tier. The applicable schedule is set per market and shown on the trading screen

| Asset Type          | Examples                           | Max Leverage |
| ------------------- | ---------------------------------- | ------------ |
| **Indices**         | SP500, XYZ100                      | up to 50x    |
| **FX**              | USD/JPY, EUR/USD, USD/KRW, GBP/USD | up to 50x    |
| **Global Equities** | NVIDIA, Apple, Costco, and more    | up to 20x    |
| **Commodities**     | Gold, Silver, Crude Oil            | up to 25x    |

Trading runs around the clock, including when the underlying stock market is closed, with fractional sizing and leverage. If Blackboard is ever unavailable, connect the same wallet at [app.hyperliquid.xyz](https://app.hyperliquid.xyz).

## Oracle and Pricing

* **Mark Price**: used for liquidation. Derived from the reference index price
* **Index Price**: the oracle-supplied reference price of the underlying
* **Last Price**: the most recent execution price

## 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

* [Crypto Perpetuals](/blackboard-docs/trade/perpetual-trading/crypto-perpetuals.md) — crypto perpetual markets on Aster
* [Order Types](/blackboard-docs/trade/order-types.md) — market, limit, stop orders
* [Margin & Leverage](/blackboard-docs/trade/margin-and-leverage.md) — margin modes
* [Liquidations](/blackboard-docs/trade/liquidations.md) — how to avoid liquidation
* [Fees](/blackboard-docs/resources/fees.md) — fee schedule