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Trade → Perps opens perpetual futures on Phoenix from your margin account. Your margin account is its own Phoenix trader: Vanna’s program signs every order for it and checks the account’s health after each one.
ETHUSDC perps page on Phoenix with index price, 24h volume, open interest, funding, market status, margin account strip, price chart, order book and a Long order panel at 3x

Perps: market header, your margin and Phoenix strip, chart, order book and the order panel. Click the image to zoom.

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Markets

Each market has its own maximum leverage set by Phoenix (shown as Max 5× under the market name). Stock markets follow their market hours; Market status shows whether the market is open and its price feed is fresh.

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The page

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How collateral works

Perps collateral is USDC from your margin account. When you open a position, that USDC is moved into your margin account’s Phoenix trader account and the market order is placed, all in one transaction. When you close and no position is left, the USDC comes back to the margin account. Need more USDC? + Borrow next to the collateral field takes you to borrowing. Your Phoenix collateral and open P&L count toward your margin account’s health factor.

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Orders

Market orders only for now (Limit is coming). A market order fills immediately against Phoenix’s order book inside the transaction, or not at all: there’s no pending order and no keeper. Slippage (1% by default) sets the worst price you accept.

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Funding

Perps pay or charge funding every hour. When funding is positive, longs pay shorts; when negative, shorts pay longs. The rate is shown in the header.
Leverage can get your account liquidated. Prices, borrow interest, swap slippage, perp funding and vault share prices all move your health factor, which must stay above 1.10. Only use what you can afford to lose.
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