how perply works

Every account holds one collateral balance that backs all open positions (cross margin). Opening a position reserves initial margin equal to its notional divided by the leverage you choose. Maintenance margin is the smaller balance you must keep to avoid liquidation; each market publishes its own maintenance margin fraction.

Funding is exchanged directly between long and short holders on a fixed interval shown on each market. A positive rate means longs pay shorts; a negative rate means the reverse. Funding is the mechanism that ties a perpetual to its index — it is not a fee paid to Perply.

The index price is an aggregate reference for the underlying asset, sourced from the oracle listed on each market page. The mark price is used for margin, unrealised PnL and liquidation, and is derived from the index plus venue activity. If the oracle stops updating, order placement pauses until a fresh price arrives — Perply will show a stale price warning rather than trade on unknown data.

Market orders execute immediately against available liquidity within your slippage tolerance. Limit orders rest until price reaches your level. Stop and stop-limit orders activate once the trigger price prints. Reduce-only orders can never increase a position, which makes them safe for exits and for markets in reduce-only mode.

If account equity falls below maintenance margin, positions are liquidated to protect the protocol and remaining traders. The estimated liquidation price shown in the order ticket assumes no further deposits and no funding drift; real liquidation depends on your whole account at that moment.

Each market publishes maker and taker fees in basis points. Taker fees apply to market orders and to limit orders that cross the book. Fees are charged on notional, not on margin.

Crypto and Pons ecosystem markets trade continuously. Equity, commodity and real-world asset markets follow the reference session published on the market page; outside those hours a market may move to reduce-only or closed.

Perply is self-custodial. Collateral sits in the clearinghouse contract and every order, transfer and claim is a transaction you sign from your own wallet. There is no Perply account, password or withdrawal approval.