> For the complete documentation index, see [llms.txt](https://docs.oku.trade/home/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.oku.trade/home/perps.md).

# Perps

Oku Perps brings perpetual futures trading to the Oku interface, powered by Hyperliquid, the leading onchain perpetuals exchange. Trade 100+ crypto perpetual markets plus HIP-3 markets, including tokenized stock perpetuals, with deep liquidity, a fully onchain order book, and up to 40x leverage depending on the asset.

Like everything on Oku, Perps is non-custodial. You trade directly from your own wallet, and your funds remain under your control at all times.

## **Why trade perps on Oku?**

* **Launch fees starting at 1bp (0.01%) for a limited time.** Oku is launching Perps with a promotional fee of just one basis point, among the lowest anywhere in DeFi.
* **Seamless funding via Oku Bridge.** Oku's bridge aggregator automatically finds the most efficient route to move your funds from any of 30+ supported networks onto the Hyperliquid network, so you can go from any chain to trading in a single flow.
* **Full Hyperliquid market coverage.** Trade every market on Hyperliquid, including all HIP-3 builder-deployed markets such as tokenized stock perpetuals.
* **Professional trading tools.** Advanced order types, TWAP execution, TP/SL management, cross and isolated margin, and a full-featured TradingView charting suite.

## Getting Started

#### 1. Connect your wallet

Navigate to the **Perps** tab on [oku.trade](https://oku.trade) and connect your wallet. Oku Perps works with any EVM-compatible wallet.

#### 2. Deposit funds

Perpetual trading on Oku is collateralized in USDC on the Hyperliquid network. Click **Deposit** in the Account Health panel to fund your trading account.

You do not need to already hold funds on Hyperliquid. Oku's bridge routing handles this for you:

* If you hold USDC (or other assets) on any supported network, Oku's bridge aggregator quotes routes from the [best bridges](/home/bridge.md) in DeFi and selects the most efficient path to get your funds onto the Hyperliquid network.
* Deposits typically arrive within minutes depending on the source chain and route.
* Once your deposit settles, your balance appears under **Available to Trade** and you're ready to open a position.

#### 3. Withdraw funds

Click **Withdraw** in the Account Health panel to move funds off your perps account. Withdrawals can be routed back to your preferred network using the same bridge aggregation.

{% hint style="warning" %}
Margin currently backing open positions cannot be withdrawn. Unrealized profit can only be withdrawn if your remaining margin stays above both your initial margin requirement and 10% of the total notional value of your open positions.
{% endhint %}

## The Trading Interface

<div align="center"><figure><img src="/files/BCJaN5sT1mafQxx9t2sC" alt=""><figcaption></figcaption></figure></div>

#### Order panel

* **Long / Buy and Short / Sell tabs** - Choose your direction
* **Order Type** - Select Market, Limit, or advanced order types
* **Order Size** - Enter size in USDC or the base asset, or use the percentage slider to size the order against your available balance
* **Reduce Only** - Restricts the order to reducing an existing position rather than opening a new one in the opposite direction
* **Leverage** - Set leverage from 1x up to the market's maximum with the slider. Toggle between cross and isolated margin
* **Slippage** - Configure your maximum acceptable slippage for market orders
* **Trade preview** - Estimated liquidation price, trade value, and fees are shown before confirming the trade
* **Auto-close Positions** - Enable to attach take profit and stop loss levels to your order at entry

#### Account Health panel

A quick view of your account state: total account balance, margin in positions, unrealized PnL, and a health indicator. Keep an eye on this when trading with leverage; as health deteriorates, your positions approach liquidation.

#### Portfolio panel

<figure><img src="/files/sltsE3ZRim9tNQwjgKc5" alt=""><figcaption></figcaption></figure>

* **Balances** - Your account balances
* **Positions** - All open positions with value, size, PnL, entry price, liquidation price, margin, funding paid or received, and TP/SL settings. **Close All** flattens everything with one click
* **Open Orders** - Resting limit and trigger orders
* **TWAPS** - Active TWAP executions and their progress
* **Trade History** - All filled orders
* **Funding History** - Funding payments made or received on your positions
* **Order History** - All placed, filled, and cancelled orders

### Placing A Trade

1. Select a market from the market selector.
2. Choose **Long / Buy** or **Short / Sell**.
3. Pick an order type. Market orders execute immediately at the best available price; limit orders rest on the book at your chosen price.
4. Enter your order size in USDC or the base asset.
5. Set your leverage and margin mode (cross or isolated).
6. Review the estimated liquidation price, trade value, and fees.
7. Optionally enable **Auto-close Positions** to set take profit and stop loss levels.
8. Click the confirm button (e.g. **Long BTC 20x**) and approve in your wallet.

Your position appears in the **Positions** tab, where you can monitor PnL, adjust TP/SL, add or remove margin (isolated positions), or close at any time.

### Order Types

<figure><img src="/files/hWZBspYqDl7iaYJx2AH8" alt=""><figcaption></figcaption></figure>

Oku Perps supports the full set of Hyperliquid order types:

* **Market.** Executes immediately at the current market price, subject to your slippage setting.
* **Limit.** Executes at your selected price or better. Rests on the order book until filled or cancelled.
* **Stop Limit.** A limit order activated at your trigger price, giving you control over the fill price after triggering.
* **Stop Market.** A market order triggered when price reaches your trigger level. Used to enter breakouts or exit losing positions.
* **Take Limit.** The limit-order version of a take market order.
* **Take Market.** A market order triggered when price moves favorably to your trigger level.
* **TWAP.** Splits a large order into smaller suborders executed at 30 second intervals to reduce market impact. Each suborder has a maximum slippage of 3%. If suborders don't fully fill due to market conditions, later suborders grow (up to 3x normal suborder size) to catch up to the execution target.
* **Scale.** Places multiple limit orders across a defined price range, useful for laddering into or out of a position.
  * **Good Til Cancelled (GTC).** Rests on the book until filled or cancelled.
  * **Post Only (ALO).** Only added to the book as a resting order; never executes immediately. Guarantees maker execution.
  * **Immediate or Cancel (IOC).** Cancels any portion not filled immediately.

### Leverage and Margin

#### Margin modes

* **Cross margin (default):** All cross positions share the same cross margin as collateral. In the event of liquidation, your cross margin balance and any remaining open positions under assets in this mode may be forfeited.
* **Isolated margin:** Manage your risk on inddividual positions by restricting the amount of margin allocated to each. If the margin ration of an isolates postions reaches 100%, the position will be liquidated. Margin can be added or removed to individual positions in this mode.

#### Leverage

Leverage can be set to any integer from 1x up to the market's maximum. Maximum leverage varies by asset, from 1x to 40x on Hyperliquid-native markets. The margin required to open a position is:

```
initial margin = position size × mark price / leverage
```

Leverage is only checked when opening a position. After that, you are responsible for monitoring your margin usage. If a position moves against you, you can partially or fully close it, add margin (**isolated**), or deposit more USDC (**cross**).

Unrealized PnL on cross positions automatically becomes available as margin for new positions. On isolated positions, unrealized PnL is applied as additional margin for that position.

## Liquidations

**How liquidations work:**

1. When equity drops below maintenance margin, the position is sent to the order book as a market order. If enough of the position closes to restore the margin requirement, any remaining collateral stays with you.
2. If equity falls below two thirds of the maintenance margin before the book liquidation succeeds, a backstop liquidation transfers the position and its margin to Hyperliquid's liquidator vault. In a cross-margin backstop liquidation, all cross positions and cross margin are transferred.
3. For positions larger than $100k notional, liquidations are partial: only 20% of the position is sent to the book at a time, with a 30 second cooldown.

There is no clearance fee on liquidations, and liquidation flow is open to the whole market rather than internalized by the exchange.

**Liquidation price.** An estimated liquidation price is displayed before you trade and a live one is shown on open positions. For cross positions, the actual liquidation price does not depend on your leverage setting (lower leverage simply commits more collateral); for isolated positions it does, since leverage determines how much margin is allocated. Funding payments and PnL on other cross positions can shift your liquidation price over time.

Liquidations are triggered on the mark price, which blends external exchange prices with Hyperliquid's book state. During high volatility, mark price can differ meaningfully from the last traded price.

The best protection against liquidation is conservative leverage and active use of stop loss orders. If a position is backstop liquidated, the maintenance margin is not returned.

## Markets

#### Crypto perpetuals

Perps gives you access to all of Hyperliquid's native perpetual markets, covering 100+ crypto assets with maximum leverage ranging from 1x to 40x depending on the asset.

#### HIP-3 markets, including stocks

Oku supports Hyperliquid's HIP-3 builder-deployed markets. HIP-3 allows approved deployers to permissionlessly launch new perpetual markets on Hyperliquid, dramatically expanding what you can trade onchain.

This includes **all tokenized stock perpetual markets available on Hyperliquid**, letting you take long or short exposure to equities with leverage, 24/7, directly from your wallet. HIP-3 markets settle in the deployer's chosen collateral and follow the same trading mechanics as native markets, with a few differences:

* Fees on HIP-3 markets can include a deployer-configured fee share on top of base fees.
* Some HIP-3 markets use different margin mode options, and funding uses a more responsive premium formula configured by the deployer.
* Market hours don't apply. Stock perps trade around the clock, with prices anchored to the underlying via oracle feeds and funding.

## Account Management

#### Balances

The Balances tab shows your USDC collateral on the Hyperliquid network. **Available to Trade** reflects collateral not currently committed to open positions or resting orders.

#### Account Health

The Account Health panel summarizes your risk at a glance:

* **Account Balance.** Total collateral value.
* **In Positions.** Margin currently backing open positions.
* **Unrealized P\&L.** Open profit or loss across positions.

The health bar moves from healthy toward at-risk as your equity approaches maintenance margin. If your account shows deteriorating health, consider reducing position size, adding collateral, or setting protective stops.

#### Histories

Trade History, Funding History, and Order History give you a complete record of your activity for tracking performance and for tax or accounting purposes.

## Fees

{% hint style="success" %}
**For a limited time, Oku Perps fees start at just 1 basis point (0.01%) per trade**, among the lowest of any perps interface in DeFi.
{% endhint %}

Underlying Hyperliquid maker/taker fees apply per Hyperliquid's fee schedule, which is based on rolling 14 day volume. Hyperliquid directs its trading fees entirely to its community (HLP and the assistance fund) rather than to insiders.

There are no deposit fees from Oku, and funding payments are exchanged peer to peer between traders with no fee taken.

Exact fees for any order are displayed in the order panel before you confirm an order.

## Location Restrictions

Trading Hyperliquid perps on Oku is restricted in the following locations: Cuba, Iran, North Korea, Syria, Crimea, Russia.\
\
Hyperliquid perps on Oku are available in all other geographical regions.

## Risk Disclosure

{% hint style="danger" %}
Perpetual futures are leveraged instruments and carry a high level of risk. Losses can exceed your initial margin on a position, and liquidations can occur quickly in volatile markets. Leverage amplifies both gains and losses. Only trade with funds you can afford to lose, use conservative leverage while learning, and make active use of stop loss orders. Nothing in this documentation constitutes financial advice.
{% endhint %}