BTC-PERPCrypto · Layer 1Trade Bitcoin (BTC) Perpetual Futures
Go long or short on Bitcoin with up to 100x leverage. No KYC, no sign-up: connect your wallet and trade 24/7.
- No KYC
- No sign-up
- Self-custody
- Up to 100x leverage
- Mark price
- 77,973.1
- 24h high
- 78,192.6
- 24h low
- 77,294.9
- 24h volume
- 13.3M USDT
Bitcoin is the first decentralized cryptocurrency, introduced in a 2008 white paper by the pseudonymous Satoshi Nakamoto and launched as a working network in January 2009. It lets people send value directly to one another over the internet without a bank or payment processor in the middle, with every transaction recorded on a public ledger called the blockchain.
The network is secured by proof of work. Miners compete to bundle transactions into blocks by expending computing power, and the winner of each block receives newly issued bitcoin plus transaction fees. The protocol caps total supply at 21 million coins, and the block reward is cut in half roughly every four years in an event known as the halving, which steadily slows the rate of new issuance. Anyone can run a node to verify the rules independently, which is a large part of why changes to Bitcoin are slow and conservative.
Bitcoin is mostly used as a store of value and a settlement asset rather than for everyday purchases, and supporters often compare it to digital gold. It is the largest and most liquid crypto asset, so its price tends to set the tone for the wider market, and many traders watch it as a gauge of overall risk appetite in crypto.
Bitcoin's price responds to the supply schedule set by its halvings, which reduce the flow of new coins reaching the market, and to demand from large buyers. Flows into and out of spot bitcoin exchange-traded funds, purchases by companies that hold bitcoin on their balance sheets, and the behavior of long-term holders and miners who sell to cover costs all shape that demand.
Macroeconomic conditions matter a great deal. Interest-rate expectations, the strength of the US dollar and broad risk sentiment in equity markets often move bitcoin alongside other risk assets. Regulatory decisions, large exchange failures or hacks, and leverage in the derivatives market, where cascades of liquidations can amplify moves in either direction, round out the main forces.
The BTC perpetual is a futures contract on the price of Bitcoin with no expiry date. You never own Bitcoin itself: you go long if you expect the price to rise or short if you expect it to fall, and settle profit and loss in USDT.
You choose your leverage, up to 100x. Margin is cross: your whole perpetual balance backs every open position. Positions are valued at a mark price taken from market data, which can differ from the last trade, and an order more than 20% away from the mark price is rejected.
- 1Connect a wallet. Connect MetaMask, or log in with email or Google, and sign the login message.
- 2Deposit USDT. Deposit USDT and move it to your perpetual account to use as margin.
- 3Choose long or short and your leverage. Open the BTC market, pick a direction and leverage, and place a market or limit order.
- 4Manage the position. Set a take-profit or stop-loss, add margin, or close the position whenever you like.
| Topic | Max Orion | Centralized exchange |
|---|---|---|
| Sign-up | No KYC: connect a wallet and sign a message | Email, password and identity checks |
| Your account | Your wallet address is your account | A username held by the exchange |
| Orders | Every order is signed by your wallet | Orders sent under a logged-in session |
| Hours | Crypto, gold and oil, 24/7 | Commodities often follow market hours |
Leverage multiplies losses as well as gains. If the Bitcoin price moves against your position far enough that your perpetual balance, including unrealized losses, falls below the maintenance margin, positions are closed automatically at the prevailing price and you can lose your whole balance. A stop-loss becomes a market order when triggered and is not guaranteed to fill at its price. Only trade with money you can afford to lose. Bitcoin is volatile by the standards of stocks and currencies, but it is usually the least volatile of the major crypto assets because of its size and deep liquidity.
Frequently asked questions
A BTC perpetual is a futures contract on the price of Bitcoin with no expiry date. You go long if you expect the price to rise or short if you expect it to fall, post margin in USDT, and keep the position open for as long as your margin covers it.
You can trade Bitcoin perpetuals with up to 100x leverage. The higher the leverage, the smaller the price move against you that liquidates the position.
No. There is no KYC and no sign-up form. You connect a wallet and sign a message to log in — self-custody wallet sign-in, with no password — then deposit USDT to start trading.
Every market settles in USDT, with cross margin: your whole perpetual balance backs all of your open positions, so a profit on one adds margin to the others and a loss on one reduces the margin left for all of them.
A perpetual has no expiry, so a periodic funding payment between longs and shorts keeps its price close to the underlying market. When the perpetual trades above the underlying, longs pay shorts; when it trades below, shorts pay longs.
A maker order, which waits in the order book, pays 0.02% of its value. A taker order, which fills immediately, pays 0.06%.
Leverage multiplies losses as well as gains. If the price moves against your position far enough that your margin no longer covers it, the position is liquidated and the margin is lost. Only trade with money you can afford to lose.
