ETH-PERPCrypto · Layer 1Trade Ethereum (ETH) Perpetual Futures
Go long or short on Ethereum 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
- 2,269.36
- 24h high
- 2,276.31
- 24h low
- 2,241.80
- 24h volume
- 11.2M USDT
Ethereum is a programmable blockchain that lets developers deploy smart contracts, which are pieces of code that run exactly as written on a shared network. It was proposed by Vitalik Buterin in 2013 and launched in July 2015 by a group of co-founders. Ether (ETH) is the network's native asset, used to pay transaction fees, known as gas, and to secure the chain.
Since the 2022 upgrade known as the Merge, Ethereum has used proof of stake instead of mining. Validators lock up ETH as collateral to propose and attest to blocks and earn rewards for doing so, while misbehavior can cost them part of their stake. A portion of every transaction fee is burned, which offsets new issuance and can make supply shrink when the network is busy. Much of Ethereum's activity now happens on layer-2 networks that process transactions off the main chain and settle back to it.
Ethereum is the base layer for a large share of decentralized finance, stablecoins, NFTs and tokenized assets. Traders follow ETH as the main bet on smart-contract platforms and as the second pillar of the crypto market after bitcoin.
ETH demand is tied to activity on Ethereum and its layer-2 networks: decentralized finance, stablecoin transfers and tokenization all consume block space and burn fees, which affects net supply. The share of ETH locked in staking, and the yield it earns, changes how much is readily available to sell. Flows into spot ether exchange-traded funds and corporate treasuries that hold ETH add a further source of demand.
Major protocol upgrades, competition from other smart-contract chains, and debate about whether layer-2 growth benefits ETH holders all influence sentiment. Like bitcoin, ETH also moves with interest-rate expectations, broad risk appetite and regulatory news, and it often reacts more sharply than bitcoin to the same events.
The ETH perpetual is a futures contract on the price of Ethereum with no expiry date. You never own Ethereum 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 ETH 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 Ethereum 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. Ether tends to be more volatile than bitcoin, typically making larger moves in both directions during the same market swings.
Frequently asked questions
A ETH perpetual is a futures contract on the price of Ethereum 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 Ethereum 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.
