> For the complete documentation index, see [llms.txt](https://docs.trade.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.trade.xyz/perpetuals.md).

# Perpetuals

Perpetuals deployed by trade\[XYZ] through Hyperliquid HIP-3.

Perpetual contracts, or perps, are derivative products that provide price exposure without a fixed expiry. A funding rate mechanism helps keep a perpetual market’s price aligned with its reference price, while margin requirements, liquidations, and auto-deleveraging manage leveraged positions.

Perpetuals by trade\[XYZ] are listed on the `xyz` HIP-3 deployment. They are linear contracts margined and settled in USDC. Because the oracle is denominated in USD and no USDC/USD conversion is applied, economic exposure is *quanto*: USD profit and loss is cash-settled in USDC.

Matching, order types, funding transfers, liquidations, and auto-deleveraging are handled by HyperCore. The `xyz` deployment supplies market-specific pricing data (including the *oracle price,* the *mark price,* and the *external price* which are bespoke components*)* and parameters for assets such as stocks, equity indices, commodities, foreign exchange, and pre-IPO markets.

<table data-view="cards"><thead><tr><th></th><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td>🏗️</td><td><strong>Architecture</strong></td><td>Architecture and verified metadata for the xyz HIP-3 perpetual deployment.</td><td><a href="/architecture.md">Perpetuals Architecture</a></td></tr><tr><td>⚙️</td><td><strong>Mechanics</strong></td><td>Oracle, mark, external price, discovery bounds, and fees.</td><td><a href="/perpetuals/mechanics.md">Mechanics</a></td></tr><tr><td>📊</td><td><strong>Markets</strong></td><td>Asset classes and market-specific methodology.</td><td><a href="/perpetuals/markets.md">Markets</a></td></tr><tr><td>📋</td><td><strong>Specifications &#x26; Schedules</strong></td><td>Contract parameters, closures, and roll schedules.</td><td><a href="/perpetuals/specifications-and-schedules.md">Specifications &amp; Schedules</a></td></tr><tr><td>🛡️</td><td><strong>Risk &#x26; Margining</strong></td><td>Margin modes, liquidations, and auto-deleveraging.</td><td><a href="/perpetuals/risk-and-margining.md">Risk &amp; Margining</a></td></tr><tr><td>🕒</td><td><strong>Changelog</strong></td><td>Material updates to market mechanics and parameters.</td><td><a href="/perpetuals/changelog.md">Changelog</a></td></tr></tbody></table>