Perpetuals

Perpetual futures (perps) are derivative contracts that track the price of an underlying asset without an expiration date. All perp trading on Bullpen executes on Hyperliquid.

How Perps Work

A perpetual future lets you speculate on price movements with leverage. Unlike traditional futures, perps never expire. You can hold a position indefinitely as long as you maintain sufficient margin.

Long position: You profit when the price goes up. Short position: You profit when the price goes down.

Key Concepts

Funding Rate

Funding keeps the perp price aligned with the spot (index) price. Every hour, traders exchange payments:

• If perp price > index price → longs pay shorts
• If perp price < index price → shorts pay longs

The funding rate displayed in the interface shows the expected payment as a percentage. Positive means longs pay; negative means shorts pay.

Oracle Price

The oracle price is the reference price derived from external spot markets. It's used to calculate funding rates and determine liquidation thresholds.

For detailed oracle methodology, see Hyperliquid Docs: Oracle.

Mark Price

The mark price is used for:

• Calculating unrealized PnL
• Margin requirements
• Triggering TP/SL orders
• Liquidations

It's designed to be manipulation-resistant by incorporating multiple price inputs.

For details, see Hyperliquid Docs: Robust Price Indices.

Margin

Bullpen uses USDC as collateral for perps. You can choose between:

Cross Margin: Your entire perps balance serves as collateral across all positions. Gains from one position can offset losses from another.

Isolated Margin: Collateral is allocated to each position individually. A liquidation in one position won't affect others.

Leverage

Maximum leverage varies by asset. Major pairs like BTC and ETH support up to 50x. Smaller assets may have lower limits.

Higher leverage = higher risk. A 50x position gets liquidated with just a 2% adverse move.

Liquidations

If your position's margin ratio falls below the maintenance requirement, you get liquidated. The liquidation engine closes your position at the current mark price.

To avoid liquidation:

• Use lower leverage
• Set stop losses
• Monitor your margin ratio
• Add margin to at-risk positions

For liquidation mechanics, see Hyperliquid Docs: Liquidations.

Available Markets

Bullpen supports all perpetual markets listed on Hyperliquid. This includes major assets (BTC, ETH, SOL) as well as a wide range of altcoins and memecoins.

View the full list in the app or check Hyperliquid's perpetual assets.