Perps guides

What Are Perps? Perpetual Futures Explained

Perps are futures contracts with no expiry date. Learn how perpetual futures work, why funding payments keep them near spot, and what can go wrong.

4 min read

Perpetual Futures vs Futures: 9 Differences That Matter

Perpetual futures vs traditional futures: expiry, funding vs roll costs, leverage, hours, regulation and which one prop firms use. Side-by-side table.

3 min read

Funding Rates Explained: How Perp Funding Works (With Formula)

What the funding rate is, who pays whom, how it's calculated (premium + interest, clamped), hourly vs 8-hour funding, and how prop firms handle it.

3 min read

Mark Price vs Index Price vs Last Price in Crypto Perps

Why your perp was liquidated when the chart never touched your price: the difference between last price, index (oracle) price and mark price, explained.

2 min read

Open Interest Explained: What OI Tells You in Crypto Perps

Open interest is the total size of open perp positions. How to read OI with price and funding, and what rising or falling OI means.

2 min read

Perp Trading Fees: Maker, Taker, Funding and Swap Costs

How perp trading fees work: maker vs taker, why fees are charged on notional, funding and swap costs, and what crypto prop firms charge.

2 min read

Basis Trading and Funding Rate Arbitrage, Explained

How the cash-and-carry basis trade and perp funding arbitrage work, the math behind them, and the risks that make them less 'risk-free' than they look.

2 min read

Liquidation Price Explained: How to Calculate It on Perps

What a liquidation price is, the formula, maintenance margin, why cross-margin liquidation doesn't depend on leverage, and how to avoid getting liquidated.

2 min read

Cross Margin vs Isolated Margin: Which Should You Use?

Cross margin shares collateral across positions; isolated margin caps risk per position. How each affects liquidation, with examples and when to use which.

2 min read

Leverage in Crypto Perps: How It Works and How Much to Use

How leverage works on perpetual futures, initial vs maintenance margin, why 100x is rarely what it seems, and the leverage caps prop firms set.

2 min read

Auto-Deleveraging (ADL) Explained: Why a Winning Trade Gets Closed

Auto-deleveraging closes profitable positions when a liquidation leaves bad debt. How ADL ranking works, when it happens and how to reduce your exposure to it.

2 min read

Hyperliquid Explained: How the Biggest On-Chain Perp Exchange Works

What Hyperliquid is, how its on-chain order book, HLP vault, fees and funding work, and why most crypto prop firms now build on it.

3 min read

HIP-3 Explained: How Stocks, Gold and Indices Trade as Perps on Hyperliquid

HIP-3 lets builders deploy their own perp markets on Hyperliquid, which is how stocks, indices and commodities became 24/7 perps. How it works and the risks.

2 min read

Can You Trade Perpetual Futures in the US? (2026 Update)

US perpetual futures in 2026: Coinbase's CFTC-regulated perpetual-style futures, how they differ from offshore perps, stock perps filings, and what prop firms allow.

2 min read

Perp DEX vs CEX: On-Chain vs Centralized Perpetual Exchanges

How perp DEXs like Hyperliquid compare with centralized exchanges like Binance and Bybit on custody, transparency, fees, liquidations and risk.

2 min read

How Crypto Prop Firms Work: Evaluations, Funded Accounts and Payouts

How crypto perps prop firms work in 2026: evaluation fees, profit targets, drawdown rules, simulated funded accounts, profit splits and how you actually get paid.

3 min read

Simulated vs Real Capital: Are Crypto Prop Firm Accounts Real?

Most crypto prop firm funded accounts are simulated. What that means for fills, slippage and payouts, which firms A-book traders, and how to tell from the terms.

2 min read

Crypto Prop Firm Payouts: Speed, Minimums, Chains and Hidden Rules

How crypto prop firm payouts work in 2026: on-demand vs weekly, minimums, USDC/USDT rails, KYC, and how each payout changes your drawdown floor. Firm-by-firm table.

2 min read

Hyperliquid Prop Firms in 2026: Who Is Behind Them and What's Actually On-Chain

Every prop firm built on Hyperliquid (Propr, Hypernova, Carrot Funding, HyperPNL, Hyperscaled): the teams, backers, rules and what is really on-chain.

2 min read

How to Pass a Crypto Prop Firm Challenge: A Risk-First Playbook

A practical plan to pass a crypto perps prop firm evaluation: position sizing from the daily loss limit, fee math, drawdown traps, and rules that fail most traders.

3 min read

Crypto Prop Firm FAQ: 25 Questions Traders Ask (Answered With Real Firm Rules)

Answers to the most common crypto prop firm questions, from real money and KYC to drawdowns, payouts and taxes, drawn from 20 perps firms' own FAQs.

3 min read

Static vs Trailing Drawdown: How Prop Firm Max Loss Really Works

Static, trailing, end-of-day and 'smart' drawdown explained with examples, plus how each crypto prop firm calculates max loss and what payouts do to it.

2 min read

Daily Loss Limit Explained: Reset Times and Calculations by Firm

How crypto prop firm daily loss limits are calculated (balance vs equity), when they reset (00:00, 00:05, 00:30 UTC or New York midnight), with a firm-by-firm table.

2 min read

Prop Firm Consistency Rules: Best-Day Limits Explained

What prop firm consistency rules are, how best-day percentages (30%–50%) are calculated, which crypto firms use them, and how to fix a violation.

2 min read

Banned Strategies at Crypto Prop Firms (and the Rules Nobody Reads)

What crypto prop firms ban: cross-account hedging, HFT, latency arbitrage, copy trading, bots, 50-second holds, low-cap coin caps, and profit caps. Firm-by-firm.

2 min read

Who Owns Your Crypto Prop Firm? Companies, Founders and Backers (2026)

The companies, jurisdictions, founders and investors behind every major crypto perps prop firm: Kraken's Breakout, Propr, Hypernova, Vanta, MyFundedPerps and more.

2 min read

The History of Perpetual Futures: From Shiller to BitMEX's 2026 Shutdown

How perpetual futures went from Robert Shiller's 1992 idea to BitMEX's XBTUSD in 2016, Hyperliquid, US-regulated perps in 2025, and BitMEX's closure in 2026.

2 min read

Futures Prop Firms vs Perps Prop Firms: What's Different

CME futures prop firms (Topstep, Apex, MyFundedFutures) vs crypto perps prop firms: platforms, hours, drawdown styles, payouts, and the firms bridging both.

2 min read