Trade Perps

Perpetual futures, or perps, are derivative contracts that let you trade on an asset’s price without owning it. Go long if you think the price will rise, or short if you think it will fall. Unlike traditional futures, perps have no expiry date. They use leverage, which multiplies both gains and losses. New to perps? Start with perps trading for beginners.

1. Open MetaMask Mobile or MetaMask Extension (latest version) and tap Perps.

2. Fund a perps account, or trade with existing tokens in your wallet. Deposits are converted to USDC on Hyperliquid.

3. Choose a market.

4. Tap Long or Short.

5. Set your position size and leverage. Optional: set a take-profit or stop-loss order.

6. Review and tap Confirm.

For a full walkthrough, see the Perps guide on MetaMask Support.

You can trade perps on MetaMask Mobile and MetaMask Extension. Download MetaMask or update to the latest version to start trading.

Choose a market, tap Long, set your size and leverage, then confirm. A long position profits if the asset’s price rises: close it at a higher price and keep the difference, minus fees. Perps don’t expire, so you decide when to exit.

Choose a market, tap Short, set your size and leverage, then confirm. A short position profits if the asset’s price falls: close it at a lower price and keep the difference, minus fees. Perps don’t expire, so you decide when to exit.

MetaMask Perps is powered by Hyperliquid and offers 270+ markets:

• Crypto: BTC, ETH, SOL, HYPE and more

• US stocks: Nvidia (NVDA), Tesla (TSLA), Apple (AAPL), Microsoft (MSFT), Palantir (PLTR), Robinhood (HOOD), Circle (CRCL), Meta (META), Amazon (AMZN), Alphabet (GOOGL), AMD (AMD), Coinbase (COIN) and Netflix (NFLX)

• Indices: S&P 500

• Pre-IPO perps: such as Anthropic and Oura

Use of Hyperliquid is subject to Hyperliquid’s terms and conditions.

Yes, MetaMask Perps via Hyperliquid offers trading on BTCUSDT perpetual contracts and over 150 tokens, including Bitcoin, ETH, and SOL.

MetaMask Perps is available worldwide except in the US, the UK, Ontario (Canada), Belgium and countries on the US sanctions list.

MetaMask Perps powered by Hyperliquid does not require KYC for eligible jurisdictions. Users should check local availability and regional guidance about crypto futures trading on MetaMask Support.

You can fund perps trades in three ways:

• Use tokens from your MetaMask wallet or MetaMask Money account

• Pay with Apple Pay or Google Pay

• Deposit funds into a separate perps account

MetaMask doesn’t charge fees on funding transactions, but network or bridge fees may apply.

1. Open MetaMask and tap Perps.

2. Tap Add funds.

3. Deposit any EVM token from any supported network. The minimum is $10.

4. Your token is swapped to USDC on Hyperliquid automatically. The deposit may take a few minutes to appear.

Not directly. Perps accounts accept EVM tokens only. To fund your account, first swap your Solana tokens for a supported token in MetaMask.

Before opening a position, you can select your preferred leverage multiplier directly in the MetaMask Perps interface. Leverage is calculated as the ratio between your trade size and your margin—for example, 10x leverage means your trade size is ten times your margin deposit.

Crypto liquidation refers to the automatic closure of a position when your margin balance becomes too low to support your leveraged trade. This process ensures you cannot lose more than your deposited margin.

Yes, please see our fee table here.

Use MetaMask Swaps to buy and own the actual asset. Use MetaMask Perps to trade on its price with leverage, either long or short, without owning it. Perps carry liquidation risk. See spot vs perps to decide which suits you.

Futures contracts are agreements to buy or sell an asset at a specific, fixed price in the future. Perpetual futures, also known as perps, have no expiry date. Options give you the right, but not the obligation, to buy or sell at a set price before the contract’s end date.

MetaMask Perps is a decentralised platform that allows users to trade perpetual futures without KYC (where permitted), supporting cross-chain tokens and removing the need to custody funds via a centralised exchange (CEX).

Yes, MetaMask Perps trading via Hyperliquid is designed for users of all experience levels, including those new to crypto or derivatives. Beginners can easily get started by following our steps for opening, funding, and placing your first trade. All interface prompts are beginner-friendly, guiding new traders from setup through to position management.

Our MetaMask Support Perps guide includes a glossary explaining key trading concepts such as [margin], [leverage], [long/short], [position], and [funding rates]. Start there if you’re new or want to clarify specific terms. We also have a leverage and liquidation calculator tool for you to explore.

To trade perps, make sure you're using the latest version of MetaMask Mobile or the MetaMask Extension.