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# Perpetuals
### What are perpetuals?
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.
On Rails, all perpetuals are traded with on-chain custody, meaning you stay in control of your funds throughout — combining the execution speed of a centralized exchange with the security and transparency of the blockchain.
Find out more about perps on Rails in the sections below:
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