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 offers BTC perpetual contracts, along with ETH, SOL and 270+ other markets.

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

No. MetaMask Perps doesn’t require KYC (identity verification) in eligible regions. Check MetaMask Support for local availability and guidance.

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.

Choose your leverage before you open a position, up to 50x on supported assets. The limit for each market depends on its liquidity. For example, at 10x, $1,000 of margin opens a $10,000 position. You can’t lower the leverage on an open position, but you can choose any leverage for new positions. Learn how leverage and margin work.

If the price reaches your liquidation price, your position closes automatically. With MetaMask Perps powered by Hyperliquid, you can’t lose more than you put in. Higher leverage moves your liquidation price closer to the current price. Learn what triggers liquidation.

Trading fees apply to each perps trade. See the MetaMask Perps fee breakdown here. Deposits may also include network and bridge fees. MetaMask doesn’t charge a fee on funding transactions.

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.

Traditional futures and perps are leveraged contracts that let you trade on an asset’s price without owning it. Options give you the right, but not the obligation, to buy or sell an asset at a set price before a set date.

Yes. MetaMask Perps, powered by Hyperliquid, is a decentralized way to trade perpetual futures, unlike centralized exchanges such as Binance. A centralized exchange never holds your funds, and no KYC is needed where perps are permitted. See how the top perps DEXs compare.

MetaMask Perps, powered by Hyperliquid, guides you step by step through funding, opening and managing a position. Perps are high risk because of leverage and liquidation. If you’re new, start with small amounts and low leverage.

Essential perpetual futures concepts explains margin, leverage, long, short, position and funding rate. For more, explore the Perps hub on MetaMask Learn.

You’re probably using an older version of MetaMask. Update MetaMask Mobile or MetaMask Extension to the latest version, then scan the code again.