# Perpetuals basics Perpetuals, or Perps, short for perpetual futures contracts, are derivatives for trading the underlying asset with no future expiration date. It allows users to trade on margin (trade using borrowed funds). To give an example: Instead of needing a large capital to trade a notional value of an underlying asset, users can leverage their capital but just depositing a part of the notional margin. Users can trade Perpetuals by buying (long) or selling (short) perpetual, which is very important under the current market volatility. In other words, users are using borrowed funds to bet on the future price of an asset. Position Exchange will offer a wide selection of tradable assets to its users, allowing them to trade contracts and get pay-offs without actually owning the assets. You can find more details about Perpetual Trading [**here**](https://academy.binance.com/en/articles/what-are-perpetual-futures-contracts)**.** * [Why Can't I Place a Futures Order?](/products/trading-protocol/position-exchange-protocol-and-vamm/why-cant-i-place-a-futures-order.md) * [Leverage for Perpetual Futures Contracts](/products/trading-protocol/position-exchange-protocol-and-vamm/leverage-for-perpetual-futures-contracts.md) * [Order Types](/products/trading-protocol/position-exchange-protocol-and-vamm/order-type.md) * [Mark Price in Perpetual Futures Contracts](/products/trading-protocol/position-exchange-protocol-and-vamm/mark-price-in-perpetual-futures-contracts.md) * [Perpetual Futures Contract Specifications](/products/trading-protocol/leverage.md) --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.position.exchange/products/trading-protocol/position-exchange-protocol-and-vamm.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.