How to start trading on Perpl

1. Create an account

1. Perpl runs on Monad, so you need an EVM wallet such as Rabby, Phantom, MetaMask or Uniswap Wallet. A browser-extension wallet makes connecting easiest. source ↗
2. On Perpl, click Connect, choose your wallet and approve the connection. Then click Enable Trading and sign the gasless message. source ↗
3. You need MON to create an account and AUSD as trading margin. Perpl currently uses AUSD for all transactions. source ↗

2. Deposit collateral

1. To get AUSD onto Monad, use the official Monad Bridge from Ethereum, Base, Arbitrum or Optimism, then approve and confirm the transfer in your wallet. It should take 1-5 minutes. source ↗
2. If you bridge an asset other than AUSD, such as ETH or USDC, you have to swap it for AUSD on a Monad exchange before you can use it on Perpl. You also need a gas token on the source chain to pay for the bridge. source ↗
3. With AUSD on Monad, click Deposit in the app and confirm in your wallet. The collateral should show up in your account almost instantly. source ↗
4. Your first deposit to open a trading account must be at least $10 on mainnet. This is a one-time check, not a per-order limit. source ↗

3. Open your first position

1. Pick a market with the token selector, choose Long or Short, set the size with the slider or by typing it, then click Place Order and confirm. Position size equals leverage times collateral, so 10x on $100 is a $1,000 position. source ↗
2. Order types are Market, Limit, Stop Market, Stop Limit and Take Profit, with GTC, IOC, FOK, Reduce Only and Post Only options. TWAP is marked as coming soon. source ↗
3. There is no dollar minimum per order. The only floor is one size unit of the market, for example 0.00001 BTC. source ↗
4. The docs say Perpl is restricted to isolated margin to begin with, so each position has its own margin. source ↗
5. Tier 1 fees (under $5M 14-day volume) are 0.0345% taker and 0.0045% maker. source ↗

4. Know how liquidation works

1. Maintenance margin is fixed per market: 4% on BTC (15x max leverage), 5% on ETH, SOL, MON and HYPE, and about 6.7% on ZEC. In the docs' example, a 10x BTC long is liquidated after about a 6% drop, not 10%. source ↗
2. Liquidated positions are closed on the order book. Of the margin left at that point, 80% is returned to you and 10% each goes to the insurance fund and the protocol. source ↗
3. Unrealized PnL, stop triggers and liquidation use the mark price, which is kept within 0.25% of the Chainlink spot index. Your actual fill comes from the order book and can differ. source ↗
4. Your exact liquidation distance is shown in the Adjust Leverage dialog. You can add collateral to an open position at any time to move it further away. source ↗

5. Withdraw

1. If the main app is down, Rescue Mode at recovery.perpl.xyz lets you connect the same wallet, close positions, cancel orders and withdraw funds. It is reduce-only and talks directly to the chain. source ↗
2. Withdrawals from the exchange are rate-limited globally, by default to 10% of TVL per hour with a $1,000,000 hourly floor, to slow mass withdrawals during an incident. source ↗
3. Removing excess margin from an open position is only allowed if what remains still meets initial margin, and it is blocked when that market's open interest is above 85% of capacity. source ↗

6. Common mistakes

1. A market order, including a one-click Close, is sent as an Immediate-or-Cancel limit at your maximum slippage. On a thin or fast book it can fill only partly or not at all; widening slippage in trade Settings raises the chance of a full fill. source ↗
2. A stop with a limit price may never execute if the book does not reach it. A stop without a limit price executes as a market order, with possible slippage. source ↗
3. The PnL shown for a liquidated position is what you would have made closing at the exit price. Your real balance change is larger because you keep only 80% of the remaining margin, so check your balance history. source ↗
4. Maximum leverage is a base figure. Initial margin is dynamic and can rise for larger positions or in volatile conditions, lowering the effective maximum. source ↗

Before you trade

Perpetual futures use leverage: a small price move against you can liquidate your collateral. Start with a small amount and low leverage, and read the venue’s current fee and margin pages, which can change after this guide was checked.