> For the complete documentation index, see [llms.txt](https://doc.rocky.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.rocky.exchange/perpetuals/overview.md).

# Overview

Rocky offers **perpetual futures** — leveraged contracts with no expiry — on crypto and tokenized real-world assets.

## Key concepts

* **Long / Short** — profit when the price rises (long) or falls (short).
* **Leverage** — control a larger position with less margin. Amplifies both gains and losses.
* **Margin modes** — **cross** (positions share collateral) or **isolated** (margin capped per position).
* **Mark price** — a manipulation-resistant reference price used for PnL and liquidations.
* **Funding rate** — periodic payments between longs and shorts that keep the perpetual near the underlying price.

## In this section

* [Fees](/perpetuals/fees.md) — what you pay per trade.
* [Order Types](/perpetuals/order-types.md) — market, limit, stop, take-profit, TWAP.
* [Margin & Liquidations](/perpetuals/margin-and-liquidations.md) — how margin works and when positions are liquidated.
* [Funding & Mark Price](/perpetuals/funding-and-mark-price.md) — pricing and funding mechanics.
* [Contract Specifications](/perpetuals/contract-specifications.md) — per-market parameters.


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