> ## Documentation Index > Fetch the complete documentation index at: https://docs.neurobro.ai/llms.txt > Use this file to discover all available pages before exploring further. # Perps: leveraged trading in NeuroWallet > How perpetual futures work in NeuroWallet: the risks, moving cash in and out, opening and closing a position, margin, liquidation and funding. Perps let you take leveraged long or short positions on an asset without holding it. They trade on **Hyperliquid**, a dedicated derivatives exchange, rather than on the wallet chains. Besides crypto, you can trade stocks, indices, ETFs, commodities and currencies. > [!WARNING] > > Perpetual futures are leveraged instruments. Leverage multiplies losses as well as gains, and a position can be liquidated - closed automatically, at a loss - if the market moves against it far enough. Only trade perps with money you can afford to lose. > [!NOTE] > > Perps aren't available in the **United States** or **United Kingdom**. ![The Before you trade perps risk screen on Android](https://mintcdn.com/neurobro/41wmZJlAAHRqrOR0/images/perps-risk.webp?fit=max\&auto=format\&n=41wmZJlAAHRqrOR0\&q=85\&s=c649f18f1cf577a78ddc838a5e833077) ## Getting started The first time, you read a short risk disclosure and confirm you understand you can lose all the cash you move to perps. After your first deposit, you approve Neurobro's fee once with a signature. ## Moving cash in and out Perps cash sits on Hyperliquid, not on a wallet chain, so it's held apart from your spot cash. Moving money in or out of perps is an explicit step: under Cash, choose **Move cash**, then **To perps** or **Back to wallet**. | | Deposit to perps | Withdraw from perps | | - | - | - | | **Minimum** | 10 USDC | 2 USDC | | **Cost** | Free from USDC on Arbitrum. Otherwise 0.25 USDC for each chain cash is moved from | 1 USDC Hyperliquid fee, deducted from the amount | | **Time** | About 1 minute | About 5 minutes | | **Lands as** | Perps cash | USDC on Arbitrum, in your NeuroWallet | * **Deposits go through Arbitrum.** If your USDC is on Base, Solana, BNB Chain or Robinhood Chain, the app moves it to Arbitrum first. The cost is in the quote, and you may be asked to sign more than once. * **Why 10 USDC?** Hyperliquid keeps any deposit under 5 USDC that reaches its bridge, so the app refuses amounts that could arrive below that. * **Withdrawals** show the amount, the fee, and what you'll receive before you confirm. Both spot and perps balances count toward your total portfolio value, shown separately so you can tell them apart. ## Opening a position Pick a market, choose long or short, and enter your **margin** in dollars. Your position size is margin times leverage. * **Leverage starts at 2x.** Each market has its own maximum, set by Hyperliquid, and it falls as positions get larger. The market page shows it along with the price and funding rate. * **Market orders** fill straight away, within 0.5% of the price. If there isn't enough liquidity at that price, the order is refused rather than filled badly. * **Limit orders** wait until the price reaches yours or you cancel. * **The minimum order is \$10** of position size. Below that, increase the size or the leverage. * Before you confirm, you see the liquidation price, margin and leverage. ## Margin * **Cross margin** is the default: every position draws on your whole perps balance. * **Some markets require isolated margin**, including many stocks and commodities. The app sets it for you, so you never have to choose. On an isolated position you can add margin (moving the liquidation price further away) or take spare margin back. * On an open position you can **raise** leverage but not lower it, and you can't switch between cross and isolated. ## Take-profit and stop-loss * Set them when you open a position, or **add them later** from the position. * A take-profit or stop-loss added later covers a **fixed size**: the position as it is at that moment. If you add to the position afterwards, the extra isn't covered, and the app warns you. * Adding a second one doesn't replace the first. They work side by side. * The trigger has to be on the right side of the current price. * When triggered, it closes as a market order and can fill up to about 8% worse than the trigger price in a fast market. ## Closing Close all of a position or part of it (25%, 50%, 75%, or a custom size). Closes are market orders and can fill up to about 8% from the current price. You can edit an open order's price or reduce its size. To make it bigger, cancel it and place a new one. Orders with a take-profit or stop-loss can only be cancelled. If an edit fails, the old order can be gone with nothing in its place, so check your open orders. ## Liquidation, margin warnings and funding If the price reaches your liquidation price, Hyperliquid closes the position and its margin is lost. Under cross margin, a losing position can use up the margin of your other positions too. Each position shows how much of its margin cushion is left. It turns to a **warning** at 35% or less and **critical** at 15% or less, and you get a notification when a position reaches each level. **Funding** is paid or received every hour, depending on which side of the market you're on. The market page shows the current rate and the next funding time. Funding payments aren't listed one by one in your history. ## Notifications You're notified when perps cash arrives, when a take-profit or stop-loss fills, and when a position reaches a margin warning. Ordinary order fills don't send a notification, though the web app shows a brief message when a limit order fills. ## History See your positions, orders, individual fills and every transfer in or out. An order is what you asked for. A fill is what actually happened, with the real price and time. ## Why a perps order can be refused * The market is full (it has hit its open-interest limit). Closing is still allowed. * The market is delisted or not trading. * Not enough margin for the order. * The price moved too far from the market. Try again. * Leverage above the market's maximum (the app shows the maximum). * You're in a region where perps aren't offered. ## Fees Perps have Hyperliquid's own trading fees plus a Neurobro builder fee. The numbers are on [Trading fees](https://docs.neurobro.ai/neurobro/trading-fees.md#perpetual-futures). This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.