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

# Perpetuals

Perpetual contracts let you go long or short on crypto, tokenized stocks, indices and commodities with leverage. A perpetual has no expiry date: you hold the position until you close it or it is liquidated.

### In short <a href="#in-short" id="in-short"></a>

* **87 assets, four stablecoins.** Every asset trades against USDT, USDC, USDCx and USDG.
* **Leverage from 2x up to 30x.** The maximum depends on the market and is shown in the order form.
* **Two kinds of collateral.** You post margin in the pair's stablecoin or in CC (Canton Coin). See Collateral and CC.
* **Market and limit orders, with Take Profit and Stop Loss.** You can change TP/SL and close part of a position at any time.
* **Each position is separate.** It has its own margin and its own liquidation price, so a loss on one position never touches another.
* **Markets are open 24/7**, tokenized stocks included.

### Markets <a href="#markets" id="markets"></a>

| Group                 | Examples                                                                                                                                                                       | Max leverage |
| --------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------ |
| Indices               | S\&P 500, XYZ100, iShares MSCI South Korea (EWY)                                                                                                                               | up to 30x    |
| Crypto majors         | BTC, ETH                                                                                                                                                                       | up to 25x    |
| US stocks             | Nvidia, Tesla, Apple, Google, Meta, Amazon, Microsoft, SpaceX, Micron, Intel, SanDisk, Marvell, AMD, Coinbase, Palantir, Robinhood, Circle, Oracle, Strategy, Nebius, Cerebras | 10x–20x      |
| Asian tech and memory | SK Hynix, Samsung, DRAM index, TSMC, Alibaba, ChangXin Memory                                                                                                                  | 5x–20x       |
| Commodities           | Gold, Silver, Brent oil, WTI oil                                                                                                                                               | up to 20x    |
| Other crypto          | SOL, XRP, BNB, DOGE, HYPE, ZEC, CC and about 50 more                                                                                                                           | 3x–20x       |

The full list of pairs is in the pair selector on the trading screen.

### How to open a position <a href="#how-to-open-a-position" id="how-to-open-a-position"></a>

1. Open **Trade** and pick a pair, for example BTC/USDT.
2. Choose **Long** if you expect the price to rise or **Short** if you expect it to fall.
3. Choose **Market** to open at the current price or **Limit** to set your own price.
4. Choose the collateral: the pair's stablecoin or CC.
5. Enter the margin and set the leverage. Position size = margin × leverage.
6. Optionally set **Take Profit** and **Stop Loss**.
7. Check the fee and the liquidation price in the order form and confirm.

### Managing an open position <a href="#managing-an-open-position" id="managing-an-open-position"></a>

* **Take Profit and Stop Loss.** Use Edit TP / SL to set, change or remove them. They trigger on the mark price.
* **Close part or all of it.** Pick 25, 50, 75 or 100%, or enter an amount.
* **Edit Margin.** Adds to or reduces the position at the same leverage.
* **Leverage** cannot be changed on an open position. Close it and open a new one instead.
* **One position per pair and collateral.** Opening the same pair with the same collateral again adds to the existing position.
* While a position on a pair is open, you cannot place a new limit order on that pair.

### Order size limits <a href="#order-size-limits" id="order-size-limits"></a>

Each pair has a minimum and a maximum order size and a total limit per account. They apply to the position size, not the margin. For most pairs the minimum order is $15. The order form shows the limits for your pair.

### Mark price <a href="#mark-price" id="mark-price"></a>

Positions are valued at the price you could close them at right now: the bid for a long, the ask for a short. The trading screen calls it Mark Price. PnL, Take Profit, Stop Loss and liquidation all use it.

### Liquidation <a href="#liquidation" id="liquidation"></a>

A position is liquidated when the mark price reaches its liquidation price. That happens when the loss, together with the funding the position has paid, uses up its margin.

* The liquidation price is shown in the order form before you open and in the positions table after.
* Higher leverage puts the liquidation price closer to your entry price.
* The liquidation fee is 0.5% of the position size and never more than what is left of the margin.
* With CC as collateral, the liquidation price also moves with the price of CC. See Collateral and CC.

### P\&L after closing <a href="#pl-after-closing" id="pl-after-closing"></a>

A closed trade's PnL already includes trading fees and funding. You can review every closed trade, including liquidations, Take Profit and Stop Loss closes, in P\&L Analysis.

> **Warning:** Leverage multiplies losses as well as gains. You can lose the whole margin of a position.