BTC$67,420 +1.24%ETH$3,512 -0.48%SOL$142.30 +3.82%AVAX$28.45 +2.11%ARB$0.62 -1.33%OP$1.74 +0.88%SUI$1.26 +4.40%FUNDING BTC+0.008% 8hNOVEX TVL$4.82M +2.1%SENSEI 24H14W / 4L 78% WRBTC$67,420 +1.24%ETH$3,512 -0.48%SOL$142.30 +3.82%AVAX$28.45 +2.11%ARB$0.62 -1.33%OP$1.74 +0.88%SUI$1.26 +4.40%FUNDING BTC+0.008% 8hNOVEX TVL$4.82M +2.1%SENSEI 24H14W / 4L 78% WR
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Lesson 1 · Perp Fundamentals

What Are Perpetual Futures?

Module 01 — Foundations

A perpetual futures contract lets you take leveraged exposure to an asset without an expiration date. Unlike traditional futures, perps don't settle — they track spot via a funding rate paid between longs and shorts.

Why perps matter

  • Capital efficiency — 10x-50x leverage means 5% of your bankroll controls 100% of position size
  • Both directions — long or short any asset with one click
  • 24/7 liquid markets — no market close, no gaps, no weekends off
On Novex, all perps are settled in USDC and cleared through Orderly Network's shared orderbook.