> 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/trading/first-perpetual-trade.md).

# Your First Perpetual Trade

Perpetual futures are leveraged contracts without an expiry date. They allow traders to take long or short exposure without exchanging the underlying asset directly.

## Open a position

1. Connect Rocky Wallet, Loop Wallet, Console Wallet, or Send Wallet.
2. Open the funding or deposit section in Rocky.
3. Select a supported deposit asset and enter the amount you want to transfer to the platform.
4. Review and approve the deposit through the connected wallet.
5. Wait until the deposit is credited to your Rocky trading account and appears as available balance.
6. Select a perpetual market from the market selector.
7. Choose **Long** if you expect the market price to rise, or **Short** if you expect it to fall.
8. Select a **Market** or **Limit** order.
9. Enter the order size and review the required margin.
10. Set leverage within the market's permitted range.
11. Review the estimated entry price, fees, liquidation price, and other order details.
12. Submit the order.
13. Monitor the order or position from the relevant account panel.

The margin required to open and maintain a perpetual position is deducted from the available balance in your Rocky trading account, not directly from the remaining balance in your connected wallet.

## Manage or close a position

After a position is open, monitor:

* Position size
* Entry price
* Mark price
* Unrealized profit and loss
* Margin usage
* Liquidation price
* Funding rate

To exit, submit a closing order for all or part of the position. A position is not closed until the closing order is filled and the application reflects the updated position.

Rocky also provides **Close All** for users who want to submit closing instructions for all open perpetual positions. Review the resulting orders carefully, particularly during volatile or illiquid market conditions.

## Perpetual trading functions

Rocky's perpetual interface includes:

* **Market orders** - seek immediate execution at the best available prices.
* **Limit orders** - execute only at the specified price or better.
* **Long and short positions** - take directional exposure to rising or falling prices.
* **Per-market leverage** - select leverage within the maximum allowed for the chosen market.
* **Cross-margin account view** - available collateral supports the account's perpetual positions under the active cross-margin configuration.
* **Reduce-Only** - restrict an order so that it can only reduce an existing position rather than increase exposure.
* **Positions** - view size, entry price, mark price, liquidation price, unrealized profit or loss, funding, and margin information.
* **Open Orders** - review and cancel unfilled orders.
* **Order History** - review submitted and completed orders.
* **Trade History** - review individual fills and execution records.
* **Close / Close All** - close an individual position or submit closing instructions for all open positions.

{% hint style="danger" %}
**Risk warning**

Leverage amplifies both gains and losses. A relatively small adverse price move can result in liquidation and the loss of the margin allocated to a position.
{% endhint %}