How Perpetual Futures Work on Swapmos

On spot you buy a token and it lands in your wallet. A perpetual gives you none of that. You post USDC, hold a contract that tracks the price, and settle the difference when you close. Three prices exist at once, and mark price is the one that decides your unrealised PnL and your liquidation. Funding is the payment that keeps the contract tethered to spot.

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Getting Started on Swapmos Margin and Leverage on Swapmos Placing an Order on Swapmos Liquidation and Risk on Swapmos Deposits and Withdrawals on Swapmos Using the Swapmos Trading Terminal Keys and Security on Swapmos The Rest of Swapmos: Swap, Bridge, CMX

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Leverage works in both directions. At 100x, a 1% move against a position takes out all of the margin behind it.