Getting Started
Start trading on Perp City.
This guide covers everything you need to start trading or providing liquidity on Perp City.
Prerequisites
You do not need a crypto wallet to start. Sign in at app.perp.city with just your email - an embedded wallet is created for you automatically - then deposit USDC to trade. If you prefer your own wallet (MetaMask, Rabby, or similar), connect it directly; trading needs USDC on Arbitrum One.
To try the testnet instead, sign in at testnet.perp.city (Arbitrum Sepolia) and get test USDC there.
Opening a Trade
- Select a market from the available indices
- Choose your direction: long if you expect the index to rise, short if you expect it to fall
- Set your leverage (up to 10x) and deposit margin
- Confirm the trade
Your position opens at the current mark price. From there, you'll pay or receive funding based on the divergence between mark price and index value.
Managing Your Position
Monitor your margin ratio: it determines your position health. If it falls below the liquidation threshold, your position can be closed by liquidators. You can add margin at any time to reduce this risk.
Close your position whenever you want to realize PnL.
Liquidation Risk
Positions are liquidated when margin ratio falls below 5% (equivalent to 20x leverage). See Liquidations.
Trading Costs
| Fee | Amount | Description |
|---|---|---|
| LP Fee | 1% | Paid to makers on open |
| Insurance | 0.1% | Funds the insurance pool |
| Creator | 0.01% | Paid to the market creator |
| Funding | Variable | Continuous, between longs and shorts |
See Fees for the full breakdown.
Providing Liquidity
As a maker, you deposit USDC into a price range and earn fees when trades execute in that range.
- Select a market
- Define your price range: narrower ranges earn more but risk going inactive
- Deposit margin (1x leverage required)
- Confirm
Maker positions have a 7-day lockup before you can withdraw. You also take directional exposure: when takers go long, you're effectively short.
See Liquidity for strategies and risk details.
Isolated Margin
Each market has isolated margin. Your collateral in one market is completely separate from others. A liquidation in one market won't affect your positions elsewhere.
Next Steps
See Fees for detailed cost breakdowns or Funding to understand how continuous funding works.