Docs
v1.0
DOCS / §01

Perpetual futures for probability.

perp.com enables leveraged, no-expiry long and short positions on the probability of real-world events — elections, macro prints, sports — with margin, funding, and settlement enforced on-chain.

A perp futures market tracks the implied probability of an outcome as a price between 0 and 1. Go long if you think the outcome is underpriced, short if it's overpriced. There is no expiry: positions stay open until you close them or the underlying event resolves. A funding mechanism keeps the trading price tethered to the probability the protocol reads from its oracle, and every fill, liquidation, and settlement is mirrored to a contract on the HyperEVM.

In one line Trade an event's probability like a perpetual. Custody is on-chain in USDC, the price source is a guarded probability feed, and the matching, margin, and risk engines run off-chain for speed while settling on-chain for finality.

Key Platform Functions

§02

Trade

Open long or short positions with leverage, manage margin, and earn or pay funding while a market is live.

§03

Place orders

Limit, market, post-only, IOC, FOK, and reduce-only — routed through a per-market matching engine.

§04

Read the mark

Understand how Polymarket probability becomes a guarded, smoothed mark and funding index.

§05

Make markets

Connect a bot to the signed WebSocket trading API with bulk orders, cancel/replace, and a dead-man switch.

Core concepts

Market
A single event outcome, e.g. BTC-UP-100000. Price is the implied probability in [0, 1].
Collateral
USDC, custodied on-chain in the CollateralVault with per-user available / reserved buckets.
Mark price
The guarded, smoothed probability used for margin and PnL. Derived from the oracle, not the order book.
Funding
Periodic payment between longs and shorts that pulls the trading price toward the mark.
Settlement
Fills are batched and written on-chain via PositionManager.executeTrade for durable, auditable state.
Resolution
When the event resolves, the market enters a settling window and positions close at the terminal value.

How a trade moves through the system

  1. You sign an order and submit it to the API / Gateway over REST or WebSocket.
  2. The Order Service prices initial margin against current open interest, locks it, and streams the order to the per-market Matching Engine.
  3. On a match, the Position Service updates your position and open interest, and enqueues the fill for settlement.
  4. The Settlement Pipeline batches fills and submits them on-chain; the Indexer confirms and streams the result back to your client.

The next page walks the full architecture, component by component.