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

# Perpetual Futures

Perpetual futures enable leveraged long and short positions on crypto assets without requiring direct token ownership or dealing with expiration dates. Unlike spot trading where you purchase the underlying asset, perpetuals provide continuous market exposure through derivative contracts that track the underlying price movements.

Trades execute on a high-performance order book engine, while margin, funding, and P\&L settle on Ethereal.

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[Margining](/trading/perpetual-futures/margining.md)
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[Order Types](/trading/perpetual-futures/order-types.md)
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[Positions](/trading/perpetual-futures/positions.md)
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[Funding Rates](/trading/perpetual-futures/funding-rates.md)
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[Market Specifications](/trading/perpetual-futures/market-specifications.md)
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[Liquidations](/trading/perpetual-futures/liquidations.md)
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[Auto Deleveraging](/trading/perpetual-futures/auto-deleveraging.md)
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[Subaccounts](/trading/perpetual-futures/subaccounts.md)
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[Price Oracles](/trading/perpetual-futures/price-oracles.md)
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