> For the complete documentation index, see [llms.txt](https://docs.h4.world/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.h4.world/getting-started/perpetual-futures.md).

# Perpetual Futures

Perpetual futures are leveraged products without expiry. Unlike dated futures, they do not settle on a fixed expiration date and can remain open as long as the account has sufficient margin.

In H4, opening a perpetual position automatically creates a liquidation price. If the market reaches that price, the position is force-closed. Liquidation risk increases as leverage increases.

Funding is exchanged every hour and is based on the displayed 8-hour funding rate. Depending on market conditions, traders either pay or receive funding. Positive funding generally means longs pay shorts. Negative funding generally means shorts pay longs.

{% hint style="warning" %}
Higher leverage increases risk and moves the liquidation price closer to the entry price.
{% endhint %}

Perpetual orders must have a minimum notional value of $10.

<figure><img src="/files/CereN9dyATkWJPZlN1U3" alt="" width="188"><figcaption></figcaption></figure>

| Convention          | Meaning                                                                                |
| ------------------- | -------------------------------------------------------------------------------------- |
| Cash                | The H4 abstraction for the native margin asset, USDC.                                  |
| USD display         | Volume, open interest, balances, orders, positions, and PnL are shown in U.S. dollars. |
| Minimum order value | Perpetual orders must be at least $10 in notional value.                               |


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.h4.world/getting-started/perpetual-futures.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.