A perpetual contract lets you bet on a coin's price going up (long) or down (short) without owning the coin. You put in some money as margin, and your profit or loss follows the price move.

Leverage multiplies your position. With $20 at 5× you control a $100 position. A 1% price move then changes your money by 5% — gains and losses. Start at 1–2× while you learn.

If the price moves against you far enough that your margin can't cover the loss, the exchange closes the position automatically and the margin is gone. Higher leverage = liquidation is closer. We show the estimated liquidation price before every trade.

A stop-loss closes your position automatically at a price you choose, so a bad move only costs what you decided in advance. A take-profit locks in gains the same way. Both run on the exchange 24/7 — even when the app is closed.

Your positions share one pool of margin: your whole perps balance. That makes liquidation less likely, but a big loss on one position can eat into the balance backing the others. Keep only what you're trading in the perps account.