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

# Perpetuals

Funding, marking and sizing configuration for the perpetual markets. Margin requirements for a perpetual position come from the manager the subaccount uses: `PERP_REQ_IM` / `PERP_REQ_MM`, or the scenario grid plus `INITIAL_PERP_FACTOR` / `MAINTENANCE_PERP_FACTOR `depending on the manager.

Perpetual markets are keyed by `(asset, risk universe)`; a perpetual is only tradable by subaccounts in the universe that lists it.

## Funding

| Parameter | Contract Variable | BTC / ETH / SOL | HYPE | LIT / PUMP / VVV | All other markets | Description |
| - | - | - | - | - | - | - |
| perpConvergence | `perp_assets.config.convergence_period_sec` | 16 hours (57,600 s) | 24 hours (86,400 s) | 8 hours (28,800 s) | 8 hours (28,800 s) | The period over which the premium is amortised into the funding rate. |
| PERP\_MAX\_FUNDING | `perp_assets.config.max_rate_per_hour` | 0.017123% / hour | 0.017123% / hour | 0.4% / hour | 0.068493% / hour | Cap on the rate longs pay shorts. |
| PERP\_MIN\_FUNDING | `perp_assets.config.min_rate_per_hour` | -0.017123% / hour | -0.017123% / hour | -0.4% / hour | -0.068493% / hour | Cap on the rate shorts pay longs. |
| UnderlyingRate | `perp_assets.config.static_interest_rate` | 0.00125% / hour | 0.00125% / hour | 0.00125% / hour | 0.00125% / hour | The static interest component of the funding rate. Equivalently 0.01% per 8 hours. |

The instantaneous funding rate is

```python Formula theme={null}
Premium = (max(0, IBP - Spot) - max(0, Spot - IAP)) / Spot

Funding Rate = Premium / perpConvergence
             + clamp(UnderlyingRate - Premium / perpConvergence, -0.00625%, 0.00625%)
```

where `IBP` and `IAP` are the impact bid and ask prices — the average execution price for a market sell or buy of the impact notional amount.

> 📘 The funding rate quoted here and returned by the API is a **per-hour** rate, not a per-8-hour rate.

## Marking and Sizing

| Parameter | Value | Description |
| - | - | - |
| INA (impact notional amount) | 4,000 | Notional used to compute the impact bid and ask prices. Configured off chain, in the funding keeper, not in the manager config. |
| PERP\_TWAP\_LENGTH | 30 minutes | TWAP of (perp price - spot price) added to spot to form the perpetual mark price. |
| PERP\_MAX\_PERCENT\_DIFF | 0.06 | The perpetual mark price is clamped to \[0.94, 1.06] x spot. |


## Related topics

- [Instrument Names](/trading/instrument-names.md)
- [Supported Products](/supported-products.md)
- [Portfolio Margin](/portfolio-margin.md)


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