Perpetuals are derivative contracts that let you speculate on the price of an underlying asset, such as crypto, without owning it. Unlike traditional futures, they do not have an expiration date, and they use funding rate payments between long and short positions to keep the contract price aligned with the underlying asset's spot price.

Robinhood currently only supports select crypto perpetuals in the US. You can view all the crypto assets and perpetual futures contracts supported on Robinhood directly in the app. You can find them from the Search page in the app.

You’ll need to manually fund your Perpetuals account to start trading (Transfer → select Perpetuals).

Perpetuals buying power is the amount of money you can use to buy perpetual futures and is separate from brokerage/futures buying power.

You can review funding payments and settlements in your account history.

Liquidation happens when there is no longer enough collateral to support a position and the position is automatically closed or reduced to prevent further potential losses.

For more information, refer to Perpetual futures liquidations.

No. Once you have an open position or pending order on a contract, all new orders for that contract must use the same leverage. You can't select a different leverage until the position is closed and any pending orders are canceled.

To change your leverage, you can close the position and cancel pending orders. Then, open a new one at the leverage you want.

Take profit (TP) and stop loss (SL) orders are optional risk management tools triggered by price levels you set to help secure potential profits or limit potential losses. When a take profit or stop loss level is reached, these orders will execute as market orders for the specified quantity.

Yes. If you close a position and realize a gain or loss, that outcome may be subject to taxes.

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.