Key Capabilities
- No expiry, with funding. Positions are held indefinitely; periodic funding payments keep the contract price aligned with the underlying. See Funding.
- Leverage and margin modes. Trade with up to 5x leverage in either cross or isolated margin, configured per market. See Risk Management.
- A single order book per market. Each market (e.g.
BTC-USDT) has one order book you can stream and maintain locally. See Order Book. - REST and WebSocket. Place and manage orders and stream live market data over both interfaces. See the WebSocket overview.
Core Concepts
| Concept | Description |
|---|---|
| Market | A perpetual market, identified by a symbol such as BTC-USDT. |
| Index price | The reference price of the underlying, aggregated from external sources. |
| Mark price | The price used for margin, PnL, and liquidation calculations. |
| Funding | Periodic payments exchanged between longs and shorts to anchor the price to the index. |
| Margin mode | C (cross) or I (isolated), set per market. |
| Leverage | A multiplier from 1 to 5, set per market. |
| Liquidation | Closing of a position when its margin falls below the maintenance requirement. |
How to Get Started
Set up your account
Complete Get Set Up with Rails — registering,
funding, and creating API keys.
Connect
Authorize your requests with an access token (see
API Authorization) and open a
WebSocket connection.
Explore market data
Read Market Data and maintain a local
Order Book from snapshots and delta updates.
Trade
Place, modify, and cancel orders via the
Order Creation Stream,
then track positions and balances from your account streams.