Hyperliquid perpetual markets explained
A perpetual contract tracks an underlying asset without a fixed expiry. On Hyperliquid, prices, collateral requirements and funding can change while a position remains open. Perpex provides an interface to explore these markets and place orders on Hyperliquid; it is not a separate exchange.
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Price and collateral are different questions
The mark price is used for margining, liquidations and unrealized PnL. The oracle price is an input to funding and can differ from the mark or the price at which an order fills. Before opening a position, inspect the order book, size, leverage, margin mode and available collateral in the live trading screen.
Funding and total cost
Funding transfers between long and short positions at the venue interval; its direction and rate can change. Trading fees, any approved builder fee and other applicable costs are separate. A projected funding payment is not a guaranteed return, and a market order can fill away from the displayed mark.
Use each market page as a starting point
The BTC, ETH and HYPE pages below show selected public market context with its fetch time. They do not replace a live quote or an account-specific risk check. Copy trading adds allocation and execution considerations beyond a direct trade, and copied orders carry the same Perpex builder fee as your own orders.
Frequently asked questions
Does a perpetual contract expire?
No. Hyperliquid perpetuals have no scheduled expiry, but a position can be closed or liquidated and funding can accrue while it remains open.
Is the mark price my execution price?
No. Orders execute against available liquidity and order conditions. The mark is a reference used for risk and PnL calculations.