Who can use Perps
- Country: Perps isn’t available in the United States, Cuba, Iran, North Korea, or Syria. Your location is checked from your internet connection, and checked again while you use the app.
- Device: Perps is in the iOS and Android apps only. It isn’t on the web.
- Account: Perps is rolling out gradually. If you don’t see Perps when you tap Trade, it isn’t on your account yet.
In a restricted country
You’ll see Trading unavailable here at the top of the Perps screen. In OnlyBulls this means:- You can view markets, your positions, and your account.
- You can withdraw your available balance, and change Perps settings.
- You can’t deposit, open trades, close positions, cancel orders, or add or change take-profit and stop-loss. The same applies to Protect.
Get set up
1. Fund your Perps account
You need at least 11 USDC to start.1
Tap Trade → Perps, then Deposit
2
Enter an amount and tap Deposit
2. Enable trading
The first time on each device, tap Enable trading and approve two signatures:- One approves a trading key stored on this device. It can place trades for you, but it can never withdraw your money.
- One approves the OnlyBulls fee per trade.
Place a trade
1
On the Perps screen, open the Markets tab and choose a coin
2
Tap Buy to go long, or Sell to go short
3
Choose an Order type
- Market: fills now at the best available price.
- Limit: fills only at your price or better, and stays open until it fills or you cancel it.
- Scale: spreads your order across 2 to 5 prices.
4
Set your leverage
It defaults to 2x, and each market shows its maximum (Up to Nx).
5
Enter an amount, or tap 25%, 50%, or Max
Check the estimated liquidation price (Liq. ≈).
6
Review and confirm
Tap Review order, check the details, and tap Confirm buy or Confirm sell.
If you already have a position or an open order in a coin, new orders use that position’s leverage. To change it, tap Change leverage first. Changing leverage on an open position also moves its liquidation price.
Flipping a position
If you sell more than your long position (or buy more than your short), the order closes your position and opens one in the other direction. The review screen warns you, for example This order closes your long and opens a … short., and any existing take-profit or stop-loss is cancelled.Take profit and stop loss
Open a position and find Position protection:- Add take profit: close part or all of the position when the price reaches a target. You can set up to 3 levels, for example selling 25% at +5% and the rest at +10%.
- Add stop loss: close the position if the price moves against you. It must sit before your liquidation price.
- Move stop to breakeven: once the price has moved in your favour, move your stop to your entry price.
Close a position
Open the position and tap Close position, then confirm. This closes the whole position at the market price. To close only part of it, use a take-profit level or place an opposite order for a smaller amount. If you have open limit orders in the same coin, choose Close position only or Cancel orders and close. Orders left open can open a new position later.Cancel orders
Open the Orders tab, tap an order’s menu, and choose Cancel. Cancel all cancels every order at once. Cancelling an order doesn’t affect your positions.Withdraw
1
On the Perps screen, tap Withdraw
2
Enter an amount and confirm
Fees and funding
- OnlyBulls fee: 0.05% of each trade.
- Exchange fees: Hyperliquid’s own trading fees. Limit orders that rest on the book may earn a rebate instead.
- Funding: while a position is open, you pay or receive funding every hour. The market page shows the current Funding (1h) rate.
Protect a crypto holding
If you hold at least $25 of a coin that has a Perps market, you can Protect it. This opens a 1x short sized at part of your holding, so gains on the short offset losses if the price falls. Tap Protect on the token’s page.- The short uses USDC from your Perps account. Your coins aren’t sold or used as collateral.
- If the price jumps, the short can be liquidated, and you lose its margin.
- Funding and trading fees apply while it’s open.
- It stays open until you close it, even if you sell the coin.