> ## Documentation Index
> Fetch the complete documentation index at: https://perpcord.com/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# What Are Perpetuals?

> Learn what perpetual contracts (perps) are and how PerpCord lets you experience them as a risk-free game

## Understanding Perpetual Contracts

Perpetual futures, commonly called "perps," are a type of derivative that lets you trade based on the future price of an asset without actually owning it. Unlike traditional futures contracts that have an expiration date, perpetual contracts can be held indefinitely, giving traders flexibility in their positions.

In the crypto world, perps have become one of the most popular ways to trade because they allow you to profit from both rising and falling markets through leveraged positions.

### How Perps Work

When trading perpetuals, you make a prediction about price direction:

| Position  | Your Bet        | You Profit When | You Lose When   |
| --------- | --------------- | --------------- | --------------- |
| **LONG**  | Price will rise | Price goes UP   | Price goes DOWN |
| **SHORT** | Price will fall | Price goes DOWN | Price goes UP   |

<Note>
  With perpetuals, you don't need to own the underlying cryptocurrency. You're simply placing a trade based on price movements, which is why it's called "derivative" trading.
</Note>

### The Role of Leverage

Leverage can make perpetual trading both exciting and risky. It allows you to take a position that is larger than the capital you have posted as collateral.

For example, with 10x leverage and $100, you can open a $1,000 position. This means your gains are multiplied by 10, but so are your losses.

| Leverage | Position Size with \$100 | Liquidation Threshold  |
| -------- | ------------------------ | ---------------------- |
| 3x       | \$300                    | \~33% move against you |
| 10x      | \$1,000                  | 10% move against you   |
| 100x     | \$10,000                 | 1% move against you    |
| 250x     | \$25,000                 | 0.4% move against you  |

<Warning>
  In perpetual trading, liquidation means losing your collateral. Understanding how leverage works is essential before trading with real funds.
</Warning>

<Note>
  PerpCord is a game made for entertainment. It is not trading software, financial education, or investment advice, and it does not replicate the conditions, costs, or risks of trading with real money. Doing well in PerpCord does not mean you will do well trading with real money.
</Note>

## Why PerpCord?

PerpCord offers all the excitement of perpetual trading without any of the financial risk.

### Risk-Free Fun

<Tip>
  With PerpCord, you start with 10,000 virtual coins. Make mistakes, try wild plays, and shake off your losses without losing a single dollar of real money.
</Tip>

PerpCord uses real market data from CoinGecko, so you're paper trading based on actual price movements. The only difference is that your money is virtual. This means you can:

* Learn how leverage affects your positions
* Understand how quickly high-leverage trades can go wrong
* Test your own trading strategies without financial consequences
* Build confidence as you play

### Competitive Fun

Trading alone can be isolating. PerpCord transforms trading into a social, competitive experience:

* **Leaderboards**: Compete against other players for monthly rankings
* **Badges**: Earn achievements for milestones like win streaks, comebacks, and risk management
* **Daily Quests**: Complete objectives for bonus rewards
* **Live Events**: Pepe traps and magic potions spawn randomly in the channel

### Community Experience

PerpCord runs directly in Discord, where you're already hanging out with friends. Share your wins, commiserate over losses, and learn from other players in real-time.

### Accessible to Everyone

PerpCord is available to anyone with Discord. No account setup, no deposits - just jump in and start playing.

## PerpCord vs Real Perps Trading

| Feature          | Real Perps Trading     | PerpCord                          |
| ---------------- | ---------------------- | --------------------------------- |
| Financial Stakes | Real money             | Virtual coins only                |
| Real Price Data  | Yes                    | Yes (via CoinGecko)               |
| Leverage Options | Varies by platform     | 3×, 10×, 100×, 250×               |
| Social Features  | Platform-dependent     | Leaderboards, badges, live events |
| Getting Started  | Account setup required | Just type `/perp join`            |

## Who Should Play PerpCord?

PerpCord is perfect for:

**Curious Beginners**: Want to understand what perpetual trading is all about? PerpCord lets you experience it firsthand without any risk.

**Competitive Gamers**: Love competition? Climb the leaderboards, earn badges, and prove you're the best trader in your Discord server.

**Crypto Enthusiasts**: Already into crypto? Add another layer of engagement by trading based on real token prices with your community.

**Anyone Looking for Fun**: Even if you never plan to trade real crypto, PerpCord is simply a fun game that combines strategy, luck, and competition.

## Getting Started

Ready to experience perpetual trading the safe way? It takes just seconds to start:

<Steps>
  <Step title="Join the Game">
    Type `/perp join` in any channel where PerpCord is active. You'll receive 10,000 starting coins.
  </Step>

  <Step title="Check the Round">
    Use `/perp status` to see the current trading round and token.
  </Step>

  <Step title="Place Your Trade">
    Decide if you think the price will go up (LONG) or down (SHORT), choose your leverage and size, then trade!
  </Step>

  <Step title="Compete and Have Fun">
    Watch the leaderboards, earn badges, complete daily quests, and chase Pepe traps and magic potions.
  </Step>
</Steps>

<Card title="Start Trading Now" icon="rocket" href="/game-manual/getting-started" horizontal>
  Follow our complete getting started guide to place your first trade.
</Card>

## Frequently Asked Questions

<AccordionGroup>
  <Accordion title="Can I lose real money on PerpCord?">
    No. PerpCord uses virtual coins only. You cannot deposit, withdraw, or lose any real money. It's purely for entertainment and learning.
  </Accordion>

  <Accordion title="Are the prices real?">
    Yes! PerpCord fetches live cryptocurrency prices from CoinGecko. You're trading based on real market movements, just with virtual money.
  </Accordion>

  <Accordion title="What happens if I lose all my coins?">
    You're never stuck. Even with no coins left, you can claim a **free daily wheel spin** every day — worth anywhere from 50 to 5,000 coins — and the "Spin the wheel" daily quest pays out more on top of that, so you can always build your balance back up without waiting for the next season. If you climb back from under 1,000 coins to over 10,000, you'll earn the prestigious "Comeback Kid" badge. And every balance resets to 10,000 coins at the start of each monthly season.
  </Accordion>

  <Accordion title="Should I use PerpCord to practice before real trading?">
    PerpCord is excellent for understanding the mechanics of leveraged trading and developing discipline. However, real trading involves additional factors like fees, slippage, and emotional pressure from real financial risk. If you're considering real trading, do extensive research and never trade more than you can afford to lose. Successfully trading using PerpCord does not mean you will be successful trading with real money.
  </Accordion>

  <Accordion title="Why is the maximum leverage 250x?">
    PerpCord offers up to 250x leverage so you can experience high-leverage scenarios in a safe environment. It's a great way to understand how leverage affects your positions.
  </Accordion>
</AccordionGroup>

## Learn More

<CardGroup cols={2}>
  <Card title="Trading Guide" icon="chart-line" href="/game-manual/trading">
    Deep dive into trading mechanics and PnL calculations
  </Card>

  <Card title="Badges" icon="medal" href="/game-manual/badges">
    All the achievements you can earn
  </Card>

  <Card title="Daily Features" icon="gift" href="/game-manual/daily-features">
    Wheel spins, quests, and daily bonuses
  </Card>
</CardGroup>