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A perpetual future — or "perpetual" — tracks the price of an asset, like Bitcoin or gold, without you needing to own it. Like other futures, you can trade with leverage, which increases both potential gains and losses. Unlike traditional futures, perpetuals have no expiry date, so you can hold your position as long as margin and funding are kept up.

Perpetuals don't expire, so you decide when to close your position instead of working around a set date. They use a funding rate to keep the price aligned with the market, rather than relying on expiry to do that job. Leverage caps vary by market, and perpetuals trade 24/7 instead of set hours.

We compare the perpetual future's price to the market price every eight hours for crypto, and once a day for metals and indices. If it's trading above, longs pay shorts — if it's below, shorts pay longs. It's a payment between traders, not a fee we charge, capped at ±2% either way.

Funding payments happen on schedule whether or not the price changes, and if funding runs against your position for long enough, it can reduce your available margin — even in a flat market. Since perpetuals share the same margin account as your other investments, this can affect your overall buying power, not just your perpetuals position.

Yes. Perpetuals use the same margin account as your other investments, so your buying power is shared across your whole account. Your stock and futures holdings can help fund a perpetuals trade, but a loss on a perpetuals position can affect your overall account too, including triggering a margin call that could require selling other holdings.

It's the same account you may already use to buy stocks and ETFs. A margin account works like a regular investing account, with the option to borrow. Perpetuals is a feature inside this account, not a separate one, which is why it shares buying power with everything else you hold.

It depends on the market. Crypto perpetuals are capped at 2x under Canadian regulation, while other markets like metals can go up to 15x. More volatile markets have lower caps to help manage risk.

At launch, we support market buys. Limit orders, stop-loss, and take-profit orders aren't available yet, but they're planned for a later release.

At launch, you'll be able to trade metals like gold and silver, plus oil, crypto and index perpetuals, with more markets on the way.