What is a perp?
A bet on the price, with no coin to hold.
A contract, not a coin. A perpetual future (perp) is a contract that tracks a coin's price. You never hold the coin. You hold a position that gains or loses as the price moves.
No expiry. Normal futures expire on a date. Perps never do. You can keep a position open for a minute or a month, as long as you keep enough margin.
Why traders use them. Three reasons: you can bet on a fall (short), you can use leverage, and you can trade big coins like BTC with one account. All three are also the fast ways to lose money.
Mark price. Perps have a mark price: a fair price built from the real market. Liquidations and TP/SL use the mark, so one bad print cannot wipe you out.
In MemeSim. The Perps tab uses live Hyperliquid prices, funding and order books, with fake USDC. Every fee, every funding payment and every liquidation is simulated for real.
Academy · Lesson 15
What is a perp?
A contract, not a coin
A perpetual future (perp) is a contract that tracks a coin's price. You never hold the coin. You hold a position that gains or loses as the price moves.