The short answer
Like a CFD, a perpetual lets you go long or short with leverage without owning the asset. The differences sit in the plumbing: prices come from a live order book, the market runs 24/7, and a small hourly funding payment takes the place of the overnight swap.
Coming from CFDs?
On a Markets (CFD) account | On a perpetuals account |
Prices come from a broker feed | Prices and depth come from Hyperliquid's public order book |
Swap charged once a day at rollover | Funding settled every hour, as a cost or an income |
Most markets close for the weekend | Every market trades 24/7, weekends included |
Size measured in lots | Size measured in units of the asset (0.5 BTC) or in dollar value |
1:100 leverage | Set per market, from 2x to 25x depending on the market, with 10x on BTC, ETH and SOL |
Cost comes through the spread and any commission | Cost is a maker or taker fee, a small percentage of the value traded |
Minimum size is a fraction of a lot | Minimum order value of $10 on every market |
MetaTrader 5 or TradeLocker | The Trust terminal at trust.uzo.com |
Up to $1M per account | Up to $400K per account |
What stays the same
You still trade on margin, and balance, equity and floating profit or loss mean exactly what they meant before. Stop loss and take profit work as you expect.
More importantly, the rulebook does not change. One Step, Two Step and Instant Pro carry the same targets and the same drawdown limits on perpetuals as on Markets, the same Best Day Rule gates a reward request, and your daily drawdown still resets at 00:00 UTC.
Execution is simulated on both
This is not a difference. Your Markets account is simulated and so is your perpetuals account: a simulated balance traded against real, live prices, with real rewards. What changes is the source of those prices. See Hyperliquid and the prices you see.
The three habits to update
The market never closes. There is no Friday decision about holding over the weekend, but your risk also runs whilst you sleep. Size positions and set stops accordingly. See Markets that never close: trading perpetuals 24/7.
Funding takes the place of swap. It is usually small, but it settles every hour and changes direction with sentiment. Check the current rate before holding for days. See Funding rates, explained.
Leverage is lower, and it is a choice. 2x to 25x by market, rather than 1:100. Lower leverage puts any liquidation level further away. See Leverage and margin on perpetuals.
Where to go next
Read Hyperliquid and the prices you see for where prices come from, Funding rates, explained for the one new mechanic, and Perpetuals accounts: the complete rules for the limits your account runs on.
Need help?
Message us through live chat, or write to [email protected].