Understand the position before you open it.
Clear mechanics, worked examples, and interactive tools for perpetual futures - from the first long to multi-venue execution.
Resume paths, review quiz results, and revisit completed mechanics.
Contract intelligenceDecode a marketRead the systems behind BTC, ETH, gold, index, and oil tickers.
Decision rehearsalRun a risk drillChoose a response when liquidity, collateral, or reference data deteriorates.
Perpetual futures fundamentals
Five lessons, in order. About 33 minutes.
What are perpetual futures?
Learn how perpetual futures work, why they have no expiry date, and how funding, leverage, margin, and liquidation affect a position.
Read guidePerpetual futures vs spot trading
Compare perpetual futures and spot markets across ownership, leverage, short selling, funding, liquidation, and holding costs.
Read guideHow funding rates work
Understand positive and negative perpetual funding, who pays whom, and how to estimate the funding cost of a position.
Read guideLeverage and margin explained
Learn how collateral, leverage, initial margin, maintenance margin, and position size interact in perpetual futures.
Read guideLiquidation price explained
Understand why leveraged perpetual positions are liquidated, what mark price does, and why estimates differ from venue calculations.
Read guideUse the trading terminal deliberately
Orders, execution, account mechanics, and position management.
Build trading systems with Novrinex
Learn how to design, test, and operate bots, agents, and trading systems through the stable Novrinex API without depending on underlying execution infrastructure.
Read guideLong vs short positions
Learn how long and short perpetual positions respond to price changes, funding, and liquidation risk.
Read guideMarket orders vs limit orders
Compare immediate market execution with price-controlled limit orders, including slippage, queueing, and fill risk.
Read guideStop-loss and take-profit orders
Understand trigger orders, planned exits, execution gaps, and why a stop price is not a guaranteed fill price.
Read guideReduce-only and post-only orders
Learn how reduce-only protects position direction and how post-only prevents an order from taking liquidity.
Read guideMaker vs taker fees
Understand when an order adds or removes liquidity and how maker and taker fees affect break-even price.
Read guideHow to read an order book
Learn bids, asks, spread, cumulative depth, and how a market order moves through price levels.
Read guideSpread, depth, and slippage
Understand three measures of execution quality and why a large order can receive a worse average price.
Read guideMark price vs index price
Learn the difference between reference indexes, venue mark prices, and the last traded price.
Read guideRealized vs unrealized P&L
Understand open-position estimates, closed-position results, average entry price, fees, and funding.
Read guideOpen interest and trading volume
Learn what volume and open interest measure, how they differ, and what they cannot tell you alone.
Read guideHow to close a perpetual position
Learn full and partial closes, opposite-side orders, reduce-only protection, and the difference between closing and liquidation.
Read guideChange the inputs. See what changes.
Educational estimates - not venue quotes or trading signals.
Perpetual position simulator
Model hypothetical P&L, funding, return on collateral, and approximate liquidation distance before trading.
Open toolLeverage visualizer
Compare how one market move affects the same collateral at different leverage levels.
Open toolFunding calculator
Estimate a funding payment for a long or short position across multiple settlement intervals.
Open toolLiquidation distance meter
Explore how leverage and maintenance margin affect a rough liquidation-price estimate.
Open toolPosition size calculator
Translate a maximum account risk and stop distance into position size.
Open toolStop-loss calculator
Estimate a stop price from quantity and a maximum loss budget.
Open toolFee and break-even calculator
Combine entry, exit, and funding costs into the move required to break even.
Open toolRisk and reward planner
Compare a trade thesis target with its invalidation point before entry.
Open toolOrder book slippage sandbox
Walk an illustrative order through multiple price levels and see its average fill.
Open toolSpot hedge calculator
Estimate the short perpetual position needed to offset part of a spot holding.
Open toolFunding annualization lab
Convert a periodic funding rate into daily, monthly, and simple annualized scenarios.
Open toolKnow the contract behind the ticker.
Search-focused briefings with the market drivers, sessions, and risks that differ by asset.
How bitcoin moves, how BTC perpetuals follow the spot market, and how funding, leverage, liquidity, and liquidation alter the trade.
Open field guide ETH-PERP / CryptoEthereum perpetual futuresHow ETH moves, how network activity and staking affect the market, and how an ETH perpetual differs from owning or staking ether.
Open field guide XAU-USD / CommodityGold perpetual futuresHow gold moves through real yields, the dollar, risk, and physical demand, with worked examples for trading a synthetic gold perpetual.
Open field guide NDX-USD / Equity indexNasdaq-100 perpetual futuresHow the Nasdaq-100 moves through rates, earnings, index concentration, and risk appetite, with worked perpetual-trading examples.
Open field guide WTI-USD / CommodityOil perpetual futuresHow WTI moves through supply, demand, inventories, geopolitics, and the futures curve, with worked examples for a synthetic oil perpetual.
Open field guideBeyond crypto
Understand the contracts behind global-market exposure.
How gold perpetuals work
Learn how gold perpetual contracts provide price exposure, what drives the market, and which funding, hours, and oracle risks to check.
Read guideStock and index perpetuals
Understand equity and index perpetuals, including market hours, dividends, corporate actions, oracle pricing, and gap risk.
Read guideOracle-priced vs order-book markets
Compare oracle-based perpetual execution with central limit order books, including pricing, slippage, liquidity, and collateral models.
Read guidePlatform and market risk
Understand the systems that can fail around a position.
Isolated vs cross margin
Compare position-specific collateral with account-wide shared margin and understand how risk can spread.
Read guideBankruptcy price vs liquidation price
Understand why liquidation normally begins before account equity reaches zero and how bankruptcy price differs.
Read guideInsurance funds and auto-deleveraging
Learn what can happen when a liquidation closes worse than its bankruptcy boundary and venue loss resources are strained.
Read guideOracle failure and stale prices
Understand stale updates, source divergence, confidence limits, and why an oracle price is not the same as executable liquidity.
Read guideStablecoin and collateral depegs
See how collateral value can fall at the same time as a leveraged position and accelerate account stress.
Read guideSmart-contract, bridge, and sequencer risk
Map the technical systems between a wallet and a trade, including contracts, bridges, networks, and sequencers.
Read guideWallet signatures, approvals, and phishing
Recognize what a wallet prompt can authorize and reduce the risk of signing an unintended message or transaction.
Read guideExecution infrastructure and counterparty risk
Map the execution, custody, settlement, and infrastructure risks around a leveraged trade.
Read guideHow an order moves through Novrinex.
Follow an order from your wallet through preparation and execution, then see how verified activity returns to your portfolio.
How Novrinex works
Understand the Novrinex exchange experience, from one account and execution gateway to the infrastructure being built for the future.
Read guideWhat non-custodial trading means
Learn what non-custodial trading does and does not protect against, including wallet signing, delegated keys, smart contracts, and venue risk.
Read guideFilter every lesson, tool, market guide, incident, and definition.
Clear assumptions. Visible standards.
Study the moments when liquidity failed.
How a large automated futures sale met thinning liquidity and transmitted stress across linked equity markets.
March 2020 / Forced liquidity demandMarch 2020: the dash for cashWhy even deep markets became strained when investors raised cash and leveraged positions faced margin pressure.
19 May 2021 / Liquidation feedback loopThe May 2021 crypto liquidation waveHow falling collateral values, leverage, and automated closures reinforced a rapid crypto market selloff.
20 April 2020 / Expiry and physical constraintWhen WTI crude oil traded below zeroHow collapsing demand, scarce storage, contract expiry, and thinning liquidity pushed a major oil futures contract below zero.
March 2021 / Concentrated leveraged unwindThe Archegos forced unwindHow concentrated synthetic exposure, leverage, and fragmented counterparty visibility produced a disorderly liquidation.
May 2022 / Reflexive collateral failureThe Terra and UST collapseHow a confidence-dependent conversion mechanism turned a stablecoin depeg into a reflexive collapse.
March 2023 / Reserve uncertainty and depegThe March 2023 USDC depegHow uncertainty around bank-held reserves moved a fiat-backed stablecoin and transmitted stress through onchain collateral.
15 January 2015 / Policy discontinuity and price gapThe 2015 Swiss franc shockHow the removal of a central-bank exchange-rate floor produced a discontinuous repricing and losses beyond ordinary stop assumptions.
March 2022 / Short squeeze and market suspensionThe 2022 LME nickel disruptionHow concentrated short exposure, geopolitical stress, margin pressure, and fragmented visibility contributed to a disorderly nickel market.
November 2022 / Counterparty and custody failureThe collapse of FTXHow commingled customer assets, affiliated-party exposure, illiquid collateral, and a withdrawal run became an exchange failure.