# Perpetual Specifications

Perpetuals are a derivative akin to a future, except without an expiration. A funding rate mechanism helps keep perpetual futures prices close to the spot price of the underlying asset, see [Funding and Pricing](/100x-exchange/funding-and-pricing.md).

100x margins perps within the cross margin framework, where perps are assigned a quote asset value which forms the portfolio of a given sub account. The margin value in the table belows refers to the margin factor of an individual perp, but the margin of a perp can be improved if it is a component of a spread, meaning it is a short perp position completely offset by a long spot position.

The generic specifications are below and there are product specific values in the [#product-specific-specs](#product-specific-specs "mention") table:

<table data-header-hidden><thead><tr><th width="255"></th><th></th></tr></thead><tbody><tr><td>Contract Type</td><td>ETH Perpetual Futures</td></tr><tr><td>Underlying Asset</td><td>100x index price (derived from STORK oracle price)</td></tr><tr><td>Quote Asset</td><td><a data-mention href="/pages/FM1CvWBrXqMKUc0vbw0v#usdb">/pages/FM1CvWBrXqMKUc0vbw0v#usdb</a></td></tr><tr><td>Contract Size</td><td>1 contract = 1 ASSET</td></tr><tr><td>Funding Rate</td><td>See <a data-mention href="/pages/vEerZcKUIAnzhMKvBsft">/pages/vEerZcKUIAnzhMKvBsft</a></td></tr><tr><td>Funding Period</td><td>1 hour</td></tr><tr><td>Mark Pricing</td><td>See <a data-mention href="/pages/vEerZcKUIAnzhMKvBsft">/pages/vEerZcKUIAnzhMKvBsft</a></td></tr><tr><td>Minimum Order Value</td><td>See <a data-mention href="#product-specific-specs">#product-specific-specs</a></td></tr><tr><td>Trading Fees</td><td>See <a data-mention href="#product-specific-specs">#product-specific-specs</a></td></tr><tr><td>Initial Margin</td><td>See <a data-mention href="#product-specific-specs">#product-specific-specs</a></td></tr><tr><td>Maintenance Margin</td><td>See <a data-mention href="#product-specific-specs">#product-specific-specs</a></td></tr><tr><td>Max Leverage</td><td>See <a data-mention href="#product-specific-specs">#product-specific-specs</a></td></tr><tr><td>Liquidation Fee</td><td>See <a data-mention href="/pages/OGjM7DYbQFRFQajpwIgk">/pages/OGjM7DYbQFRFQajpwIgk</a></td></tr></tbody></table>

### Product Specific specs

TBD

Taker/Maker fees for most products will be 2/-1 BPS.


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