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Perpetual futures glossary
The terms you meet trading perpetuals on SilkDEX — each answered in one sentence, then explained with the exact rule Orderly Network applies and the real numbers on SilkDEX.
All 8 terms
What are perpetual futures?
Futures contracts with no expiry date that track an asset's price; a funding payment between longs and shorts keeps them close to the index.
What is a funding rate?
The periodic payment between longs and shorts that keeps a perp's price close to its index; when positive, longs pay shorts.
What is the mark price?
Orderly's estimate of a perp's fair value, used for unrealized PnL and liquidations instead of the last traded price.
How do margin and leverage work on SilkDEX?
Leverage is position size divided by margin; each market's maximum is 1 ÷ its initial margin ratio, and it falls as a position grows.
What is liquidation on SilkDEX?
When an account's margin ratio falls below its maintenance margin ratio, liquidators take over its positions for a fee.
What is a community-listed market?
A perpetual market created by a builder through Orderly's Perp Anything program; the builder runs its price feed, market-making and insurance fund.
When do stock and gold perps trade?
They trade 24/7, but prices follow the underlying market's session; while it is closed the index is frozen and liquidity is thinner.
What is a pre-TGE market?
A perp on a token that hasn't launched yet, priced from its own order book, with at most 5x leverage and funding that isn't collected.