()1Any asset to the power of 1
Linear perpReturn1.00×
Power perps
Option-like payoffs on 
HYPE.
No strikes. No expiry.
The convexity of options. The simplicity of perps. One order book, without liquidity split across strikes and expiries.
Only on 
Build your trade
Power perpetuals1Pick a strategy
2Set it up
. of becomes $4,000(4.0×).
HYPE²2× perpSpotHYPE $81.65 · Hyperliquid mark
Asset
Power
$
Leverage
$$32.66+100% · 2.0×$244.94
Your P&L+$3,000
Multiple4.0×
2× perp+$2,000
Spot+$1,000
How it works
If the price of any listed asset goes up 0%
()2Any asset to the power of 2
Squared perpReturn1.00×
()3Any asset to the power of 3
Cubed perpReturn1.00×
Before funding and leverage.
Option upside. Perp simplicity.
Trade the curve 24/7, without choosing a strike or expiry.
| Feature | Option | Linear perp | Power perp |
|---|---|---|---|
| Payoff | Kinked at the strike | Straight line | Smooth curve |
| Strike | Fixed at entry | None | None |
| Expiry | Fixed date | None | None |
| Cost | Upfront premium | Hourly funding | Hourly funding |
| Liquidation | None | Below maintenance margin | None1 |
| Max loss | The premium | Margin posted | Margin posted |
1 At 1× leverage, price alone can't liquidate you; only funding wearing down your margin over time can.
Options divide liquidity across strikes and expiries.Maintaining exposure means rolling a contract.Power Perps have no strikes, no expiry and one order book.
FAQs
Is this an option?
No. A Power Perp is a perpetual futures contract with a curved payoff. There's no strike, no expiry and no option premium up front. You post margin to open the position, and funding settles hourly.
Why trade a Power Perp if I can already use leverage?
On a regular perp, the tenth dollar of a rally is worth the same as the first. On a long Power Perp, the tenth dollar is worth more. The higher the power, the bigger the difference. If the underlying rises 20%, a squared index gains 44% and a cubed index gains 72.8%.
How does funding work?
Longs usually pay shorts for the convexity. The base rate is set daily from the underlying's recent variance, its perp funding rate and the power of the contract. The final rate also depends on where the Power Perp trades relative to its index. If it trades far enough below the index, shorts pay longs.
Can I be liquidated?
Yes. A price decline alone won't liquidate a fully collateralized 1× long, but funding payments or losses elsewhere in your cross-margin account can reduce your collateral. A short can be liquidated even at 1×.
Leverage brings liquidation closer. For example, a 2× HYPE² long reaches maintenance margin after roughly a 22.5% drop in HYPE. At 3×, it takes about a 10.6% drop. These figures assume the contract tracks its index, with no extra collateral, other positions or funding payments.
Who takes the other side?
A trader might short a Power Perp to bet on a decline. A market maker might take the same short, hedge it by buying the underlying, and collect funding to cover the cost of that hedge.