Master the fundamentals of on-chain perpetual futures. Learn how perps work, how they differ from spot, and why traders choose Dexly.
Perpetual futures (or "perps") are a type of derivative that allows you to speculate on the future price of an asset without owning the underlying asset itself. They are unique because they have no expiration date—you can hold a position for as long as you want.
In spot trading, you buy and own the actual crypto. In perps trading, you are entering a contract based on the price.
Trading perps involves three main concepts: Margin, Leverage, and Funding Rates. Understanding these is essential for any professional trader.
Open your first perp on Dexly
In traditional markets, you usually profit only when prices go up. In perps, you can profit in any market condition.
Buying with the expectation that the price will rise. You profit if the exit price is higher than the entry price.
Selling with the expectation that the price will fall. You profit if the exit price is lower than the entry price.
Follow these four simple steps to execute your first on-chain perpetual trade on Dexly:
Connect your MetaMask or Coinbase wallet and bridge USDC to Hyperliquid L1.
Select an asset from the Market tab. We recommend starting with BTC or ETH.
Choose your leverage (keep it low!) and decide on your position size.
Click Buy (Long) or Sell (Short) and monitor your trade in the dashboard.
Dexly provides a high-performance, wallet-first interface to the Hyperliquid blockchain. Enjoy CEX-like speed with DEX-level security.
Perps, spot, copy & prediction markets in one fast, non-custodial app. Get Dexly on iOS & Android and start in seconds.
Risk Warning: Trading perpetual futures involves significant risk of loss. Only trade with capital you can afford to lose. Dexly is a non-custodial interface; you are responsible for your own funds and trading decisions.
Open your first perp on Dexly
