> 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/overview.md).

# Overview

Learn how perpetual trading works, how to manage risk, and how to manage your positions.

<table data-view="cards"><thead><tr><th></th><th></th><th data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>What is Perpetual Trading?</strong></td><td>Leveraged contracts with no expiry.</td><td><a href="/pages/6TKEywTRdbGmmNpOzsJs">/pages/6TKEywTRdbGmmNpOzsJs</a></td></tr><tr><td><strong>Long, Short &#x26; Hedge Mode</strong></td><td>Direction and two-way mode.</td><td><a href="/pages/tsJsEBNWW67HjGLaTzEE">/pages/tsJsEBNWW67HjGLaTzEE</a></td></tr><tr><td><strong>Margin &#x26; Leverage</strong></td><td>Cross margin, leverage, and margin ratio.</td><td><a href="/pages/zNDKSNu7LjvfKryoKrET">/pages/zNDKSNu7LjvfKryoKrET</a></td></tr><tr><td><strong>Understanding PnL</strong></td><td>Unrealized and realized PnL.</td><td><a href="/pages/1xpUcdhMqR4bSbhTumM7">/pages/1xpUcdhMqR4bSbhTumM7</a></td></tr><tr><td><strong>Risk &#x26; Liquidation</strong></td><td>Liquidation, mark price, ADL, and risk.</td><td><a href="/pages/PM96DYB4NN51FgGACoOU">/pages/PM96DYB4NN51FgGACoOU</a></td></tr><tr><td><strong>Position Management</strong></td><td>Adjust margin, leverage, and close positions.</td><td><a href="/pages/Ci8F9yDrHfBGeiIZE8fK">/pages/Ci8F9yDrHfBGeiIZE8fK</a></td></tr><tr><td><strong>Contract Specifications</strong></td><td>Tick size, step size, price band, leverage, and why orders get rejected.</td><td><a href="/pages/N18fVJJVip6OdgAZFGJZ">/pages/N18fVJJVip6OdgAZFGJZ</a></td></tr><tr><td><strong>FAQ</strong></td><td>Quick answers about perpetual trading.</td><td><a href="/pages/YKnA5LTPHxwh00yebWiK">/pages/YKnA5LTPHxwh00yebWiK</a></td></tr></tbody></table>