Once you open a perpetual futures position, you can manage it through the perpetuals detail page. This page lets you monitor performance, manage risk, and close positions. You can view historical price charts and contract details for each individual contract. You’ll also find your open and pending orders if you have any for each contract.

You can view the details of your open positions on the details page of each contract.

• Position: The direction (long or short) and leverage multiplier (e.g., Long 2x). Leverage determines the position size relative to the amount of collateral used. Higher leverage increases both potential gains and losses, and moves the liquidation price closer to the current market price.
• Total P&L (profit and loss): The total profit or loss from the position, including both realized and unrealized amounts. This indicates the overall performance of an open position.
• Liquidation price: The estimated price at which the position will be partially or fully closed automatically to prevent further losses. This helps assess how close the position is to liquidation based on current market conditions.
• Mark price: The current estimated value of a contract, based on the index price and recent market activity. Long positions are liquidated when the mark price falls below the liquidation price, and short positions when it rises above the liquidation price.
• Minimum collateral required: The minimum amount of collateral required to keep a position open. If your balance falls below this level, your position may be liquidated, so it's important to monitor it closely.
• Total collateral: The amount of collateral currently available to support an individual position. Increasing or decreasing total collateral will impact the position health and liquidation risk of that position.
• Exposure: The total value of your position including leverage. Since exposure typically exceeds the underlying collateral, small price movements can result in outsized effects on position performance.
• Excess collateral: The portion of your collateral that isn't currently required to support your open position. You can use it to add to your position or remove it. The more excess collateral you have, the further your positions are from liquidation risk.
• Quantity: The position size of the contract quoted in the underlying asset.
• Avg entry price: The average price at which the current position was opened. This is used to calculate the position’s profit and loss.
• Take profit (TP): A type of order that executes at a price you set to secure potential profits and manage risk.
• Stop loss (SL): A type of order that executes at a price you set to limit potential losses and manage risk.

You can increase or decrease the amount of collateral posted to an open position by selecting Manage collateral in the position details on the perpetuals detail page. From here you can select the Add or Remove tabs to adjust your collateral.

When you enter the amount of collateral being added or removed, you’ll see the total collateral balance after the change and an updated liquidation price.

The amount of funds that will be added to or removed from your perpetuals buying power when you increase or decrease collateral on an open position. You can find this on the order details page after the increase or decrease is filled.

The funding rate is a periodic payment exchanged between long and short positions. It impacts your position by either adding to your profits or increasing your costs, depending on whether you’re paying or receiving the rate.

Payments occur every 8 hours (00:00 UTC, 08:00 UTC, and 16:00 UTC).

When the funding rate is positive: The contract price is higher than the spot price indicating more demand for longs. Long position holders pay short position holders.

When the funding rate is negative: The contract price is lower than the spot price indicating more demand for short positions. Short position holders pay long position holders.

Profits and losses are settled every 15 minutes.

• Losses are deducted from your active collateral balance.
• If you don’t have enough collateral to cover a loss, your position may be partially or fully liquidated to restore collateral balance.

Perpetuals don’t have an expiration date, but there are 2 types of settlements:

Periodic

Open positions are settled every 15 minutes. Your P&L during the 15-minute window is realized and your collateral balance is updated accordingly.

Closed

When you close a position or a position is liquidated, there is one final settlement. Any unrealized P&L is realized and returned to your buying power.

Robinhood provides tools and information to help you monitor position health, particularly regarding liquidation risks.

• Collateral: The minimum collateral requirement, total collateral, and excess collateral are viewable on the perpetuals detail page. These metrics provide insight into your position’s collateral needs and how much buffer (excess) you have before approaching the minimum requirement.
• Liquidation price: Found on the perpetuals detail page, the liquidation price will become active and change color to indicate the position is nearing liquidation. Tap the price to find information on how to reduce risk.
• Take profit (TP) and stop loss (SL) orders: Manage risk with TP/SL orders by locking in potential profits and reducing potential losses. View Take profit and stop loss orders to learn how to place them.

Liquidations may occur when total collateral falls below minimum collateral requirements. For more information, including how to help prevent liquidations, refer to Perpetual futures liquidations.

Trading or other services may be delayed or temporarily unavailable for a few reasons.

• Funding issues: You may not be able to increase positions or collateral if it is not possible to expeditiously submit or use funds on the executing exchange. You will still be able to reduce both.
• Market data issues: Delayed or inaccurate price data may cause orders to be rejected, delayed, or not filled as expected.
• Exchange outages: If our executing exchange experiences a full or partial outage, trading or settlement functionality may be limited or unavailable.
• Trading halts: All trading may be paused for a specific asset or all assets due to an internal halt or a halt at our executing exchange.
• System issues: Technical issues may only affect certain functions related to trading, settlements, or data, without halting all activity.
• Extreme market conditions: High volatility may cause delays or prevent some orders from filling.

Trading restrictions can be in place if your total collateral is below collateral required.

Additionally, if a position is in the process of liquidation, you will be prevented from entering exposure-increasing orders and any open orders will be canceled on the position that is impacted.

When managing and closing positions, you may incur fees. You can review fees in your order history.

Check out our fee schedule for more details.

Perpetuals are complex derivative products, and trading involves significant risk and is not appropriate for all investors, particularly for perpetuals referencing assets which experience volatile price movements. Further, leveraged trading is risky as it can amplify the speed of your losses and increases the chance of you losing all of your initial investment. Please carefully consider if investing in such financial instruments is appropriate for you in light of your specific experience, risk tolerance, and financial situation. Restrictions and eligibility requirements apply.