> For the complete documentation index, see [llms.txt](https://help.rails.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://help.rails.xyz/trading/perpetuals.md). # Perpetuals {% columns %} {% column width="83.33333333333334%" %} Perpetual futures (commonly called "Perps") are derivative contracts that let you speculate on the price of a digital asset without owning it, and without an expiration date. You can go long if you expect the price to rise, or short if you expect it to fall, with the option to use leverage to amplify your position. {% endcolumn %} {% column width="16.666666666666657%" valign="middle" %}
{% endcolumn %} {% endcolumns %} Find out more about Perps on Rails in the sections below:
Pricing & FeesPricing & Fees
Orders & ExecutionOrders & Execution
Perpetuals UI GuidePerpetuals User Interface Guide
Funding MechanismFunding Mechanism
Margin ModesMargin, Leverage & Liquidation
LiquidationMargin, Leverage & Liquidation
Perps Metrics GuidePerps Metrics Guide
Chart Settings GuideChart Settings Guide