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

# Perpetual Trading

`perps.` supports perpetual trading for available creator markets.

Perpetuals let traders take long or short exposure without buying or selling the underlying creator token directly.

{% hint style="warning" %}
Perpetual trading uses leverage and liquidation mechanics. Even on testnet, use the trading interface carefully and start small.
{% endhint %}

## Long and Short

* Long: you benefit if the market moves up.
* Short: you benefit if the market moves down.

## Margin and Leverage

Margin is collateral posted to support a position. Leverage increases exposure relative to margin.

Higher leverage means a smaller price move can create a larger gain or loss. It also moves the position closer to liquidation.

## Market Availability

A creator token must be in the correct lifecycle and market-readiness state before its perpetual market can be traded.

A market may be unavailable if:

* It has not graduated.
* The perpetual market is not active.
* The oracle path is not ready.
* New positions are paused.
* Risk limits are reached.

## Funding

Funding helps keep perpetual-market pricing aligned with the reference market. Depending on market conditions, longs may pay shorts or shorts may pay longs.

## Position Review

Before opening a position, review:

* Side: long or short.
* Margin.
* Leverage.
* Entry price.
* Estimated liquidation price.
* Fees and funding.
* Slippage or execution warning.