> 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

### 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.

Find out more about perps on Rails in the sections below:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Perpetuals Page Guide</strong><br>Learn the main parts of the perpetuals trading page.</td><td><a href="/pages/sV7VgdhaO08dtoinNlNJ">/pages/sV7VgdhaO08dtoinNlNJ</a></td></tr><tr><td align="center"><strong>Placing Orders</strong><br>Learn how to place orders on perpetuals.</td><td><a href="/pages/iKE1bFUmwuqiDoWTZ2mb">/pages/iKE1bFUmwuqiDoWTZ2mb</a></td></tr><tr><td align="center"><strong>Funding Mechanism</strong><br>Understand how funding payments work on perpetuals.</td><td><a href="/pages/Pax0Kc9HJbgr25Tj3p2b">/pages/Pax0Kc9HJbgr25Tj3p2b</a></td></tr><tr><td align="center"><strong>Margin Modes</strong><br>Learn how to manage risk in different margin modes.</td><td><a href="/pages/bpVACfsSe89fISPZHPsw">/pages/bpVACfsSe89fISPZHPsw</a></td></tr><tr><td align="center"><strong>Liquidation</strong><br>Learn what triggers liquidation and how to manage risk.</td><td><a href="/pages/6gsaeh5xe1xgf3xAwgrk">/pages/6gsaeh5xe1xgf3xAwgrk</a></td></tr><tr><td align="center"><strong>Perps Metrics Guide</strong><br>Understand the metrics shown on perpetuals.</td><td><a href="/pages/mrhZMXf6H54XlRMJrXhY">/pages/mrhZMXf6H54XlRMJrXhY</a></td></tr><tr><td align="center"><strong>Chart Settings Guide</strong><br>Customize TradingView charts to match your workflow.</td><td><a href="/pages/4EhQMurLKV3XlrltgNjG">/pages/4EhQMurLKV3XlrltgNjG</a></td></tr><tr><td align="center"><strong>Pricing &#x26; Fees</strong><br>Review trading fees and pricing details for perpetuals.</td><td><a href="/pages/suImvZrqlmoTyiYGyx93">/pages/suImvZrqlmoTyiYGyx93</a></td></tr></tbody></table>