MAINNEAT

What are perpetual futures?

Understand perpetual exposure, leverage and the difference between a buy and a new long.

By Mainneat / Reviewed / Independent documentation

What is a perpetual futures contract?

A derivative that gives price exposure without a scheduled expiry. Holding a perpetual position is different from holding the underlying spot token. Funding payments help connect perpetual prices to the reference market.

Does BUY mean someone opened a long?

No. BUY identifies the aggressive side of an execution. A buyer may open a long, increase one, reduce a short or close it. The account fill and its prior signed position are needed to distinguish these cases.

Can one fill close a short and open a long?

Yes. An illustrative account starting short 2 units that buys 3 ends long 1 unit. The same execution crosses zero. Looking only at the green BUY label hides that change.

How does leverage affect exposure?

Leverage describes exposure relative to supporting margin. In a simplified example, 1,000 units of collateral supporting 5,000 units of exposure is 5× leverage. Fees, funding, maintenance margin and other positions affect the actual account.

Where can I check the position effect?

On a perpetual tape, open the trade size to inspect the matching fill and account position context. When a fill cannot be matched, the terminal leaves the position effect unconfirmed. A current position is not a historical snapshot.

Sources and methodology

Protocol details refer to the official sources below. Terminal behavior describes this site's implementation and its stated coverage limits. Examples are illustrative.

Open the related terminal view

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