UNI-PERPCrypto · DeFiTrade Uniswap (UNI) Perpetual Futures
Go long or short on Uniswap 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
- 7.259
- 24h high
- 7.322
- 24h low
- 6.917
- 24h volume
- 255.8K USDT
Uniswap is a decentralized exchange protocol that lets users swap tokens directly from their wallets without an intermediary. It was created by Hayden Adams and launched on Ethereum in November 2018, and it is developed by Uniswap Labs. It is one of the largest decentralized exchanges and is now deployed on many networks, including its own layer-2 chain, Unichain.
Uniswap popularized the automated market maker model. Instead of an order book, trades are priced against pools of two tokens supplied by liquidity providers, who earn a share of the trading fees. Later versions added concentrated liquidity, which lets providers focus their capital in chosen price ranges, and "hooks," which let developers customize how pools behave. Anyone can create a pool for any pair of tokens.
UNI is the protocol's governance token, first distributed in 2020 through an airdrop to past users. Holders vote on changes to the protocol and its treasury. In December 2025 governance approved a proposal known as UNIfication, which turned on protocol fees and directed them toward burning UNI, and burned 100 million UNI from the treasury. Traders follow UNI as a leading decentralized finance token.
UNI's price is tied to Uniswap's trading volume and, since the UNIfication proposal, to how much fee revenue the protocol directs toward burning tokens. Governance votes that extend fees to more pools or chains, and the share of activity on Unichain and newer Uniswap versions, are closely followed.
Regulatory developments matter as well, since US enforcement actions and rules for decentralized finance have affected the token before. Competition from other decentralized exchanges and aggregators, Ethereum's performance and on-chain trading activity, and overall crypto market sentiment also play large roles.
The UNI perpetual is a futures contract on the price of Uniswap with no expiry date. You never own Uniswap 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 UNI 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 Uniswap 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. UNI is generally more volatile than Bitcoin and Ether, in line with other large DeFi governance tokens.
Frequently asked questions
A UNI perpetual is a futures contract on the price of Uniswap 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 Uniswap 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.
