Top perps DEXs in 2026
Hyperliquid, Aster, Lighter, and more: learn how the leading decentralized perpetual futures trading platforms compare on volume, fees, and design.
Metamask Learn
Metamask Learn
Perps
Understand perpetual futures: leverage, funding rates, liquidation, and how to trade them.
Perpetual futures liquidation mechanics
Learn about perps liquidation—what triggers it, how the price is calculated, and the impact of margin, leverage, and volatility.
What is Hyperliquid?
Hyperliquid handles ~$195 billion in 30-day perpetual futures volume across 350+ markets. built on a custom blockchain. Learn how Hyperliquid works, how to trade on it, and how it ranks versus competitors.
Spot or perps: How to pick the right crypto instrument
Spot trades cap losses at the amount invested. Perps offer up to 40x leverage and shorting but risk liquidation. Side-by-side comparison with examples using ETH.
A guide to perpetual futures funding mechanics and timing
Learn how often funding is paid in perpetual futures, how funding rates are calculated, and which trading strategies are most affected by these mechanics.
Perps trading for beginners
Learn what perpetual futures are, how they work, and what every new trader needs to understand before opening a position.
Understanding leverage and margin in perpetual futures trading
Learn how leverage, maintenance margin, and cross vs isolated margin work in perpetual futures trading.
Essential perpetual futures concepts for every trader
Learn about perps topics like funding rates, leverage, and liquidation.
Understanding perpetual futures' no-expiry mechanism
Explore how perpetual futures allow indefinite trading without expiry, and the ways funding payments keep contract prices in line with the underlying asset.
What is open interest in perps and why does it matter?
Learn how open interest works, key differences from volume, common misinterpretation risks, and steps for using OI data responsibly.
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