# Hyperliquid Perps You can access hundreds of Hyperliquid perpetual markets using trade\[XYZ]. When you trade these markets on trade\[XYZ], you are trading directly on Hypercore markets. Hyperliquid perpetuals are derivatives products without an expiry and instead rely on funding payments to ensure convergence to the underlying spot price over time. Hyperliquid has one main style of margining for perpetual contracts: USDC margining, USDT denominated linear contracts. This means the oracle price is denominated in USDT, but the collateral is USDC. Note that no conversions with the USDC/USDT exchange rate are applied, so these contracts are technically *quanto* contracts where USDT PnL is denominated in USDC. You can read more about Hyperliquid perps, their mechanics including funding rates, contract specifications, and general market dynamics around Hyperliquid perps in the [Trading](https://hyperliquid.gitbook.io/hyperliquid-docs/trading) section of the Hyperliquid documentation. Please check their documents frequently if you are trading Hyperliquid perps markets, as things are subject to change from time to time. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.trade.xyz/trading/hyperliquid-perps.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.