GLaDOS
79 lines
3.0 KiB
Markdown
79 lines
3.0 KiB
Markdown
> ## Documentation Index
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> Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
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> Use this file to discover all available pages before exploring further.
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# Overview
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> Start here for Polymarket perpetual markets
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Polymarket Perps are perpetual contracts that track an underlying asset such as
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an index, commodity, crypto asset, or equity. Perps trade continuously and do not
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expire, so traders can open, manage, and close leveraged positions without
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waiting for a market resolution event.
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<Note>
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Polymarket Perps is in early access. Access requires a valid [Perps referral
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link or code](/perps/referral-program).
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</Note>
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## How Perps Work
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A Perps trade starts as an order in the order book. When it fills, it becomes a
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position whose value changes as the tracked market moves, until the trader closes
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it or the system closes it because the account can no longer support the risk.
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<CardGroup cols={2}>
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<Card title="Prices" icon="chart-line">
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A Perps market has a traded price from the order book and reference prices
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used by the system. The index price tracks the underlying asset, while the
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mark price is used for account equity, margin checks, and liquidation risk.
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</Card>
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<Card title="Trading Positions" icon="arrow-right-arrow-left">
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Trading a Perps market creates or changes a position. A long position benefits
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when the tracked asset rises, and a short position benefits when it falls.
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Orders trade through the order book; fills update the account's position,
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balance, and history.
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</Card>
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<Card title="Margin And Liquidation" icon="shield">
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Perps require collateral to support open positions. That collateral is the
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account's margin: the buffer that covers losses while a position is open. If
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account equity falls too far relative to the required margin, the position can
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be liquidated to close exposure.
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</Card>
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<Card title="Funding Payments" icon="repeat">
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Funding payments keep the contract price close to the index price. When a
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market trades above its index price, long positions generally pay short
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positions. When it trades below its index price, shorts generally pay longs.
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</Card>
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</CardGroup>
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## Building on Perps
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If you are here to see what you can build on top of Polymarket Perps, common use
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cases include:
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* Trading bots that react to market signals
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* Market making systems that quote Perps markets
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* Portfolio dashboards that track balances and positions
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* Risk monitors that track margin and liquidation risk
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* Market data products that analyze books, trades, and funding payments
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## Next Steps
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<CardGroup cols={3}>
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<Card title="Concepts" icon="book" href="/perps/concepts">
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Learn the shared terms used across Perps docs.
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</Card>
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<Card title="Learn About Trading" icon="book-open" href="/perps/learn-about-trading/overview">
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Understand the market mechanics behind Perps.
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</Card>
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<Card title="Place Your First Trade" icon="bolt" href="/perps/place-your-first-trade">
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Build a first end-to-end Perps trading flow.
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</Card>
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</CardGroup>
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