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Documentation Index

Fetch the complete documentation index at: https://docs.raydium.io/llms.txt

Use this file to discover all available pages before exploring further.

Perpetual futures are higher-risk products than spot swaps. Read this page before opening your first Raydium Perps position.
This page explains product mechanics only. It is not financial, legal, tax, or investment advice. Perps can liquidate your collateral quickly when markets move against your position.

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What a perpetual future is

A perpetual future is a derivative contract that tracks an asset price without an expiry date. You do not hold the underlying asset. You hold a position whose profit and loss changes with the market price. You can:
  • Go long: profit if price rises.
  • Go short: profit if price falls.

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Leverage

Leverage lets you open more notional exposure than your collateral alone would support. It multiplies both gains and losses. Example:
  • With 1x exposure, a 1% adverse move is a 1% loss on the position.
  • With 10x exposure, a 1% adverse move is roughly a 10% loss on the collateral backing that position.
  • With 50x exposure, small price moves can quickly approach liquidation.
Use lower leverage while learning the product.

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Margin and liquidation

Your collateral backs open positions. If losses reduce your margin below the venue’s maintenance requirement, the position can be liquidated. Before opening a position, check:
  • Your available margin.
  • Your estimated liquidation price.
  • Whether other open positions share the same collateral.
  • Whether funding or fees will reduce your margin over time.

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Funding

Perpetuals use funding payments to keep perp prices aligned with spot markets. Depending on market conditions, longs may pay shorts or shorts may pay longs. Funding can help or hurt your position even if price does not move. Check the current funding rate before entering a trade.

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Order execution

Market orders prioritize immediate execution. They can fill at a worse price in thin or volatile markets. Limit orders let you choose a maximum buy price or minimum sell price. They may not fill if the market does not reach your price. For full order behavior, see products/perps/order-types.

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Risk checklist

  • Is the market correct?
  • Is the order direction correct?
  • Is the leverage appropriate?
  • Is the liquidation price far enough from current price?
  • Is the order type appropriate for current liquidity?
  • Do you understand the funding rate?

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Where to go next