Perpetual Futures Overview

Perpetual futures on Bicoince, settled in USDT or USDC, with leverage set per market and a real-time liquidation price on every position.

What is a perpetual futures contract?

A perpetual future is a derivative that tracks an asset’s price and has no expiry date, so a position can be held for as long as it stays margined. Instead of settling on a date, it is held near the reference price by the funding rate. On Bicoince a perpetual is named like BTC/USDT-PERP: the first half is what it tracks, the second is what your margin and your profit or loss are denominated in.

What is the funding rate, and is it a fee?

It is not a fee. Funding is a periodic payment exchanged directly between the long and short holders of a perpetual: while the contract trades above its reference price longs pay shorts, and while it trades below shorts pay longs. It is the mechanism that pulls a contract with no expiry back towards the underlying price, and it is a cost or a credit on an open position rather than something the exchange charges.

How much leverage can I use on a Bicoince perpetual?

Leverage is set per market, up to 40x on the Bicoince futures wallet — our own custodial engine, which is the limit this page describes. Trading the same pair from your own wallet on a connected venue uses that venue’s bracket instead, which can be higher, and the ticket always shows the cap for the wallet you are on. Where a jurisdictional limit applies to your region it is applied on top of both.

What happens when a position is liquidated?

A leveraged position is closed automatically once its margin can no longer cover its loss. Every open position shows a live liquidation price, so the level is visible before it is reached rather than after. Adding margin moves that level further away; increasing leverage moves it closer.

What do I need before I can open a perpetual position?

A verified account. Identity verification (KYC), two-factor authentication and an anti-phishing code are each required before any order, and a device you have not used before has to be confirmed before it can trade. Browsing markets, prices and charts requires none of them.

Perpetual futures markets

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