> For the complete documentation index, see [llms.txt](https://docs.yellow.pro/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.yellow.pro/perpetual-trading.md).

# Perpetual Trading

- [Overview](https://docs.yellow.pro/perpetual-trading/overview.md): Trade perpetual futures with leverage on Yellow.pro.
- [What is Perpetual Trading?](https://docs.yellow.pro/perpetual-trading/what-is-perpetual-trading.md): Perpetual trading on Yellow.pro — speculate on crypto prices with leverage, long or short, without owning the underlying asset.
- [Long, Short & Hedge Mode](https://docs.yellow.pro/perpetual-trading/long-short-hedge-mode.md): Going long or short on Yellow.pro perpetuals, and using two-way (hedge) mode to hold both directions on the same pair at once.
- [Margin & Leverage](https://docs.yellow.pro/perpetual-trading/margin-and-leverage.md): How cross margin, leverage, initial and maintenance margin, and the margin ratio work for perpetual trading on Yellow.pro.
- [Understanding PnL](https://docs.yellow.pro/perpetual-trading/pnl.md): Unrealized vs realized PnL in perpetual trading — how each is calculated and how the mark price drives your unrealized PnL.
- [Risk & Liquidation](https://docs.yellow.pro/perpetual-trading/risk-and-liquidation.md): How liquidation works on Yellow.pro perpetuals — mark price, cross-margin risk, ADL, margin warnings, and how to manage risk.
- [Liquidation & Mark Price](https://docs.yellow.pro/perpetual-trading/risk-and-liquidation/liquidation-and-mark-price.md): What triggers liquidation on Yellow.pro, the liquidation process and price, and why the mark price (not the last traded price) determines it.
- [Cross-Margin Risk & ADL](https://docs.yellow.pro/perpetual-trading/risk-and-liquidation/cross-margin-risk-and-adl.md): How cross margin aggregates risk across all your positions, and how auto-deleveraging (ADL) settles liquidations against opposing traders.
- [Margin Warnings & Risk Management](https://docs.yellow.pro/perpetual-trading/risk-and-liquidation/margin-warnings-and-risk-management.md): What margin warning emails mean and how to enable them, plus core risk-management principles for leveraged trading.
- [Position Management](https://docs.yellow.pro/perpetual-trading/position-management.md): Actively manage your open perpetual positions on Yellow.pro — adjust margin, change leverage, and close positions fully or partially.
- [Adjusting Margin & Leverage](https://docs.yellow.pro/perpetual-trading/position-management/adjusting-margin-and-leverage.md): How to add or remove margin and change leverage on an open perpetual position, and how each affects your liquidation price.
- [Closing a Position](https://docs.yellow.pro/perpetual-trading/position-management/closing-a-position.md): How to close a perpetual position fully or partially on Yellow.pro, and what happens to your margin and realized PnL.
- [Contract Specifications](https://docs.yellow.pro/perpetual-trading/contract-specifications.md): Perpetual contract specifications — tick size, step size, minimum order size and value, price band, max leverage, and maintenance margin — and why an order might not be accepted.
- [FAQ](https://docs.yellow.pro/perpetual-trading/faq.md): Quick answers about perpetual trading on Yellow.pro — basics, position management, and risk & liquidation.