Overview
Perpetual futures on assets that trade on Robinhood Chain. There are two separate products here, and the difference between them matters more than anything else on this page.
What this is
A perpetual is a contract that tracks an asset's price without ever expiring. It lets you take a position in either direction: you profit when the price moves the way you predicted and lose when it does not. Because a position is collateralised rather than bought outright, a small amount of margin can control a much larger position.
KestrelPerps runs two systems side by side. One is a practice terminal with no real money in it. The other places real orders that settle from your own account.
What is real
- Prices are real everywhere. Both systems quote live on-chain prices. Nothing is simulated or seeded.
- Demo money is not real. The demo balance is issued by us and has no value.
- Real trading is non-custodial. We never hold your funds. Orders are signed by you.
- Market creation fees are real. Opening a demo market costs a genuine on-chain transfer.
Everything here
Start here
Trading
- MarketsWhere every market comes from and how it is priced.
- PerpetualsWhat a perpetual is and why it tracks spot.
- OrdersOrder types, and what happens after you press the button.
- Leverage and marginHow margin is calculated and what leverage really changes.
- FundingThe mechanism that keeps a perpetual near spot.