OP-PERPCrypto · Layer 2Trade Optimism (OP) Perpetual Futures
Go long or short on Optimism 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
- 0.11429
- 24h high
- 0.11579
- 24h low
- 0.11177
- 24h volume
- 299.1K USDT
Optimism is a layer-2 scaling network for Ethereum. Its main chain, OP Mainnet, is an optimistic rollup: it executes transactions off Ethereum's main chain, bundles them, and posts the data back to Ethereum, inheriting much of Ethereum's security while offering lower fees and faster confirmations. It is called optimistic because transactions are assumed valid by default and can be challenged during a dispute window if someone submits fraudulent results.
The software behind OP Mainnet, the OP Stack, is open source and has been adopted by other networks, including Coinbase's Base. Chains built on it can join the Superchain, a network of interoperable layer-2 chains that share standards and contribute a portion of their revenue to the Optimism Collective. Development is supported by the Optimism Foundation.
OP is the governance token, launched in 2022. Optimism uses a two-house system: the Token House, where OP holders vote on protocol upgrades, incentives and treasury matters, and the Citizens' House, which oversees retroactive public goods funding. Traders follow OP as a way to gain exposure to Ethereum scaling and the growth of the Superchain.
OP's price is linked to the adoption of the OP Stack and the Superchain. New chains choosing the OP Stack, activity on Base and other member chains, and the revenue they share with the Collective all shape the case for the token. Transaction counts, fees and total value locked on OP Mainnet are watched as measures of usage.
Supply is another major factor. OP has recurring unlocks for core contributors and investors, and the Collective's grants and incentive programs add tokens to circulation. Competition with other layer-2 networks such as Arbitrum and zero-knowledge rollups, Ethereum upgrades that change rollup costs, and the price of ETH also influence OP.
The OP perpetual is a futures contract on the price of Optimism with no expiry date. You never own Optimism 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 OP 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 Optimism 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. OP tends to be more volatile than ETH and other large caps, typical of layer-2 tokens with ongoing unlocks.
Frequently asked questions
A OP perpetual is a futures contract on the price of Optimism 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 Optimism 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.
