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

# Perpetuals

The Perps page on Trojan Terminal, powered by Hyperliquid, lets you trade perpetual futures, monitor markets, view funding rates, and manage your orders.

### Fund Your Perp Wallet

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Before you can trade, you'll need to move funds into your **Perps Wallet**.

* Click the <img src="https://929272793-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F7NS5fH98vYksfOLmRuJn%2Fuploads%2FHQNKuopymETDI9f6e863%2Fperps%20transfer%20button%204k.png?alt=media&amp;token=7f65c625-fd45-457a-8459-c04c8509f45e" alt="Transfer Button " data-size="line"> button
* Select the **source wallet**.
* Choose the **amount** to transfer,
* Click the **green button** to proceed.

Your Perp Wallet balance will update when the transfer completes.

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You'll need at least the minimum deposit shown to start trading.
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<figure><img src="https://929272793-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F7NS5fH98vYksfOLmRuJn%2Fuploads%2FCrfjntTiBPtXxxDdHVfZ%2FPerps%20transfer.png?alt=media&amp;token=5955581f-35b8-48d7-865a-b3e68023fee2" alt="Transfer funds panel in Perps used to quickly convert SOL to USDC to be used for Perps collateral."><figcaption></figcaption></figure>
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### Pick Your Play

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<figure><img src="https://929272793-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F7NS5fH98vYksfOLmRuJn%2Fuploads%2FP1sTcrgpe3DrWm2an9WX%2Fperps%20assets%204k.png?alt=media&amp;token=0f8b92c5-b00c-4d71-ac59-851e675e1ce0" alt="a slice of the Assets list. Accessed via the dropdown menu in the upper left of the Perps page." width="375"><figcaption><p>Blood in the water? Perps let you ride the waves. Are you Long or Short? Your call. </p></figcaption></figure>
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Once your wallet is funded you can choose what to trade

* Use **USDC** from your Perp Wallet as **collateral** to long or short coins or tokens.
* Click the **asset dropdown menu** <img src="https://929272793-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F7NS5fH98vYksfOLmRuJn%2Fuploads%2FpMzVFNGk5LWwcfTDmSDJ%2Fperps%20dropdown%20arrow%204k.png?alt=media&amp;token=514e2413-a9c2-499d-866a-df273afd409b" alt="Button showing the currently selected asset, and dropdown arrow to access the list of tradable assets. " data-size="line"> to see the full list of markets available for perpetual trading.&#x20;
* Review live market data before entering a trade.
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### Place Your Order

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**Ready to enter a position? Here's how:**

First **Choose a direction**:

* **Long**: Profit when price increases.
* **Short**: Profit when price decreases.

Next, **set your leverage**:

* Use the **leverage slider** or enter a multiplier manually.
* Note that different assets may have different **maximum leverage limits**.

**Enter order details**:&#x20;

* Choose **Market** or **Limit** order type.
* Select your **Margin Mode**. **Cross** shares margin across trades, while **Isolated** keeps each position separate.
* Enter your position size in **USDC** Either as Buy Amount (collateral) or Order Value (total leveraged exposure).  The asset equivalent on the right updates accordingly.
* To switch between these modes, tap the small circle icon next to the input field.
* (Optional) Set **Take Profit (TP)** or **Stop Loss (SL)** parameters for risk management.
* Click **Long (Asset)** or **Short (Asset)** to confirm your trade.

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Your position size equals your collateral × selected leverage.
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<figure><img src="https://929272793-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F7NS5fH98vYksfOLmRuJn%2Fuploads%2FUB0TBUTX5piOyxnvNHHs%2FPerps%20Long%20Sol.png?alt=media&amp;token=387c2cbc-798c-40cd-a392-ddc678bc0677" alt="The actual trade panel for Perps"><figcaption></figcaption></figure>

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Switch margin modes to control risk per position or across your entire account.
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<figure><img src="https://929272793-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F7NS5fH98vYksfOLmRuJn%2Fuploads%2F9EO4eFu0iNZfEvVJqCV9%2Fmargin%20mode%204k.png?alt=media&amp;token=59583af0-46cf-43d2-9179-63366334d9e4" alt="Margin mode panel"><figcaption></figcaption></figure>
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### Manage Positions & Orders

<figure><img src="https://929272793-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F7NS5fH98vYksfOLmRuJn%2Fuploads%2FsEdDuNOVM8RfSSsdXRPU%2FPerps%20position%20table%204k.png?alt=media&amp;token=c9b5ac46-5160-4a63-bce9-8dd04d69d6a4" alt="View your perps orders in the tables on the bottom of the page. "><figcaption><p>After placing an order, your live and historical trades are tracked in a table directly below the chart.</p></figcaption></figure>

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**Positions Tab:**

* Shows all **open perpetual positions**, with key metrics like size, entry price, mark price, unrealized PnL, funding, and liquidation price.

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Tip: Watch your liquidation price closely—if the market moves against your position, consider reducing leverage or adding margin.
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**Active Orders Tab:**

* Lists all **pending limit or stop orders**. You can edit or cancel them directly from this view.

**Trade History Tab:**

* Provides a complete record of **executed trades**, **entry/exit prices**, and **PnL**.
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### Additional Features

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The **Perps Page** includes several advanced tools and insights.

<figure><img src="https://929272793-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F7NS5fH98vYksfOLmRuJn%2Fuploads%2FFAibRqVyQxNjtHl4MjcG%2Ffunding%20rate.png?alt=media&amp;token=98d073ad-bae6-40e3-980a-649fb9db009a" alt="Funding countdown. " width="278"><figcaption><p>Shows the current funding rate and time until the next payment between longs and shorts.</p></figcaption></figure>
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<figure><img src="https://929272793-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F7NS5fH98vYksfOLmRuJn%2Fuploads%2Fy5KpmEZa3yHrlEUtSMzj%2Fperps%20market%20metrics%204k.png?alt=media&amp;token=98c5f6c8-6f38-466b-993c-45d424c7875f" alt="Market metrics"><figcaption><p><strong>Market Metrics:</strong> View <strong>24h volume</strong>, <strong>open interest</strong>, and <strong>funding rate</strong> above the chart for quick market context.</p></figcaption></figure>

<figure><img src="https://929272793-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F7NS5fH98vYksfOLmRuJn%2Fuploads%2Fl2RTDxsGPqAABtPbdQVW%2Fperpetuals%20watchlist.png?alt=media&amp;token=c451a536-18eb-45a3-8f17-d35113890eee" alt="Small slice depicting the star beside an asset used to add that asset to your perps watchlist." width="148"><figcaption><p>Tap the star to add an asset<br>to your perps watchlist</p></figcaption></figure>
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