Perpetual contracts (perps) are a type of derivative that allows you to speculate on the price of an asset without owning it directly. Unlike traditional futures, perpetual contracts have no expiry date — you can hold a position for as long as you maintain sufficient margin. They are settled in USDC and use a funding rate mechanism to keep the contract price aligned with the underlying asset.

How It Works

Bond Perpetuals is powered by a high-performance matching engine with on-chain settlement on the 0G Network. When you place an order, it is matched against other traders in the order book. Your profit and loss (PnL) is calculated in real-time based on the mark price, which is derived from oracle price feeds.

Getting Started

Deposit Margin

Deposit USDC into your trading account. This is an on-chain transaction that transfers funds from your wallet into the exchange contract. You can withdraw at any time.

Select a Market

Choose from available markets including BTC, ETH, and other supported assets. Each market displays the current price, 24h change, volume, open interest, and funding rate.

Place Your Order

Choose your direction (long or short), order type (market or limit), size, and leverage. Review the estimated liquidation price before confirming.

Manage Your Position

Monitor your open positions, unrealised PnL, and margin levels in the Portfolio tab. You can close positions, set leverage, or cancel open orders at any time.

Order Types

Market Order

Executes immediately at the best available price in the order book. Use when you want to enter or exit a position quickly.

Limit Order

Executes only at your specified price or better. Your order rests in the order book until it is filled or you cancel it. Supports GTC (Good Till Cancel), IOC (Immediate Or Cancel), FOK (Fill Or Kill), and GTX (Post Only) time-in-force options.

Leverage

Leverage allows you to open positions larger than your deposited margin. For example, with 3x leverage and $1,000 in margin, you can open a $3,000 position. While leverage amplifies potential profits, it equally amplifies potential losses. The maximum leverage varies by market and is enforced by the protocol.

Leverage Risk

Higher leverage increases both potential gains and potential losses. With 3x leverage, a 33% adverse price move would result in complete loss of your margin. Always consider your risk tolerance and start with lower leverage if you are new to derivatives trading.

Funding Rate

The funding rate is a periodic payment between long and short traders that keeps the perpetual contract price aligned with the underlying spot price. When the contract trades above the spot price (indicating bullish sentiment), long positions pay short positions. When it trades below, short positions pay long positions. Funding is applied automatically and reflected in your PnL.

Mark Price and Liquidation

Your position's PnL and liquidation price are calculated using the mark price — an oracle-derived price that prevents manipulation from thin order books. If the mark price moves against your position such that your margin is insufficient, your position will be liquidated to prevent further losses.

Key Concepts

Margin

The collateral you deposit to open and maintain a leveraged position. Your margin covers potential losses.

Unrealised PnL

Your current profit or loss based on the mark price. This becomes realised when you close the position.

Liquidation Price

The price at which your position will be automatically closed to prevent further losses. Shown before you confirm any trade.

Open Interest

The total value of all outstanding positions in a market. High open interest indicates an active, liquid market.

Reduce Only

An order that can only reduce your existing position size, not increase it. Useful for closing positions without accidentally opening a new one in the opposite direction.

Session Authentication

When you first connect your wallet to the perpetuals trading engine, Bond creates a session key. This session allows subsequent trades to be placed without requiring you to approve each transaction individually in your wallet — providing a seamless trading experience similar to centralised exchanges, while your funds remain on-chain.

Smart Contract Security

The perpetuals exchange contracts are deployed on the 0G Network with on-chain settlement. Deposit and withdrawal operations are handled by auditable smart contracts.