> ## Documentation Index > Fetch the complete documentation index at: https://docs.dyxy.io/llms.txt > Use this file to discover all available pages before exploring further. # Perps overview > Trade perpetual futures with up to 100x leverage, or up to 1000x on BTC and ETH in Degen mode. Perpetual futures, or **perps**, let you trade the price of an asset without owning it. You go **long** if you think the price will rise and **short** if you think it will fall. Unlike traditional futures, perps have no expiry date: a position stays open until you close it or it is liquidated. DYXY Perps gives you two interfaces and a high-leverage mode in one place. > **[V1](https://docs.dyxy.io/trade/perps/v1.md)** > > A simple interface. Pick a direction, size and leverage, and trade. > **[V2](https://docs.dyxy.io/trade/perps/v2.md)** > > A full terminal with an order book, advanced orders and margin modes. > **[Degen mode](https://docs.dyxy.io/trade/perps/degen-mode.md)** > > BTC and ETH with up to 1000x leverage. Available in V1. ## At a glance | | V1 | V2 | Degen mode (in V1) | | - | - | - | - | | Interface | Simplified | Professional terminal | Simplified | | Markets | All listed markets | All listed markets | BTC and ETH | | Max leverage | 100x | 100x | 1000x | | Order types | Market, with optional TP/SL | Market, limit, stop market, stop limit, TP/SL | Market, with optional TP/SL | | Trading engine | Aster | Aster | Hyperliquid (HyperEVM) | | Balance | Perps balance | Perps balance | Degen balance | > [!NOTE] > > V1 and V2 share the same engine, the same balance and the same positions. A position you open in V1 also appears in V2, and you can switch interfaces at any time without affecting it. Degen mode runs on a separate engine with its own balance and positions. ## Deposits and balances To trade perps, you first deposit funds from your wallet into a trading balance. DYXY keeps a separate balance for each of these products: | Balance | Used by | Engine | | - | - | - | | **Perps balance** | Perps V1 and V2 | Aster | | **Degen balance** | Degen mode | Hyperliquid (HyperEVM) | | **Bots balance** | Trading bots | Hyperliquid (HyperEVM) | **1. Deposit** Click **Deposit**, choose the amount and confirm in your wallet. The funds arrive in your perps balance and become available as margin. **2. Trade** Open and close positions from that balance. Profits are added to it and losses are deducted from it. **3. Withdraw** Click **Withdraw** to move free funds back to your wallet. Funds used as margin for open positions cannot be withdrawn until those positions are closed or the margin is released. ## How a perp position works 1. **You post margin.** Margin is the collateral that backs your position. 2. **You choose leverage.** Leverage multiplies your exposure. With $100 of margin at 20x, you control a $2,000 position. 3. **Your profit and loss follows the price.** A 1% move in the asset's price changes your position value by 1% of its full size. With 20x leverage, that is 20% of your margin. 4. **You pay or receive funding.** Small periodic payments between longs and shorts keep the perp price close to the spot price. See [Funding](https://docs.dyxy.io/trade/perps/funding.md). 5. **You close, or get liquidated.** You can close any time. If losses use up too much of your margin, the position is closed automatically. See [Liquidations](https://docs.dyxy.io/trade/perps/liquidations.md). ## Long and short, by example You have $500 of margin and BTC trades at $100,000. | | Long, 10x | Short, 10x | | - | - | - | | Position size | \$5,000 | \$5,000 | | BTC rises 4% to \$104,000 | +\$200, or +40% on margin | −\$200, or −40% on margin | | BTC falls 4% to \$96,000 | −\$200, or −40% on margin | +\$200, or +40% on margin | Fees and funding are left out of this example for clarity. ## Key prices | Price | What it is used for | | - | - | | **Last price** | The most recent trade. Used for your realized profit and loss when you close. | | **Mark price** | A fair price built from several spot exchanges and funding data. Used for unrealized PnL and for liquidations, so a single unusual trade cannot liquidate you. | | **Entry price** | Your average opening price. | | **Liquidation price** | The mark price at which your position would be liquidated. | > [!WARNING] > > Leverage multiplies losses exactly as much as gains. At 100x, a 1% move against you can wipe out your entire margin. Start with low leverage until you are comfortable with how positions behave. ## Fees You pay a DYXY trading fee on the notional size of the position when you open and when you close. Funding payments are separate and flow between traders. With a referral code, all your trading fees are 10% lower. See [Fees](https://docs.dyxy.io/getting-started/fees.md). This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.