Glossary
Perpetual futures
Also called perps, perpetual swap
A futures contract with no expiry date. Instead of settling on a date, a funding payment between longs and shorts keeps its price tethered to the underlying asset.
Checked against the Hyperliquid documentation 8 Sept 2026 · how we check
Related terms
- Funding rate A periodic payment between long and short holders of a perpetual contract. On Hyperliquid it is charged every hour and the exchange takes none of it.
- Mark price The reference price used to value open positions and trigger liquidations. It is derived from the order book and the oracle rather than the last trade, so a single print cannot liquidate you.
- Notional value The full value of a position, as opposed to the collateral backing it. Fees and funding are charged on notional, which is why leverage does not change your fee rate.