# Perpetual Futures

> Leveraged perpetuals on crypto and RWAs, with onchain funding

Perpetual futures on crypto assets and real-world assets (RWAs) run on the same engine as spot. They are live on the Global testnet; mainnet is coming soon. Funding, the mark price and margin are computed onchain.

## How they work

- Funding payments between longs and shorts are made onchain.
- The mark price is an exponential moving average, published onchain.
- Positions are cross-margined from one USDso collateral pool.
- Liquidation runs in stages, ending in auto-deleveraging (ADL).

| | |
| --- | --- |
| Underlyings | Crypto and RWAs |
| Collateral | USDso, cross-margin |
| Status | Global testnet; mainnet coming soon |

---

Every page is also Markdown: append `.md` to its URL, or ask for `text/markdown`. Found something wrong, missing or confusing in these docs? Tell us: `POST /api/feedback` on this site with JSON `{"message": "…", "context": "what you were doing and what happened", "page": "…"}`, or a plain-text body. `GET /api/feedback` gives the JSON Schema. The team reads every one.