FAQ

General

Which assets support PERPS+?

At launch, PERPS+ is available on BTC and ETH perpetual futures only. More assets may be added in the future.

Do I need to understand options to use PERPS+?

No. PERPS+ is designed so you never have to interact with options directly. You choose an enhancer, set a percentage, pick a duration, and PERPS+ handles the rest. The options mechanics are fully abstracted — you're just choosing a risk profile for your perp trade.

Can I use PERPS+ on both long and short positions?

Yes. All three enhancers work on both long and short perps. The underlying options are automatically mirrored to match your position direction.

Does PERPS+ work with any leverage level?

Yes. PERPS+ matches the options leg(s) to your position's notional value regardless of the leverage you're using.

Enhancers & Configuration

Can I have multiple enhancers on the same position?

No. You can only have one active PERPS+ enhancer per asset at a time. To switch to a different enhancer, close the existing PERPS+ option position first, then attach a new one.

Can I change my enhancer settings after activating?

No. Once an enhancer is executed, the underlying options are live trades. To adjust your parameters, you'd need to close the current PERPS+ position and open a new one, which means paying any associated trading fees and potentially different premiums.

Why is Lock My Range not exactly symmetrical? (e.g., -10% loss but +15% profit)

The loss cap and profit cap won't always be equal percentages. Lock My Range works by combining a bought option and a sold option so the premiums roughly cancel out to ~$0 net cost. Because of options pricing skew (the relative cost of puts vs. calls at different strikes) the profit cap adjusts to wherever the offsetting premium lands. Sometimes this works in your favor (wider profit band than loss band), sometimes it doesn't.

Duration & Expiry

What happens when my PERPS+ expires?

The options leg(s) settle at expiry like any standard options contract. If the option is in-the-money, you receive the settlement value. If it's out-of-the-money, it expires worthless. Your perp position is unaffected: it remains open, but is no longer enhanced. You're free to attach a new PERPS+ enhancer after expiry.

Can I extend or roll over my PERPS+ before it expires?

There is no automatic rollover. If your enhancer is approaching expiry and you want to maintain the same protection or strategy, close the current PERPS+ position and open a new one with a fresh duration.

Which durations are available?

1 week, 2 weeks, 1 month, and 2 months. Longer durations generally mean higher premiums for Limit My Loss, higher income for Get Paid to Hold, and slightly different range bounds for Lock My Range.

Why can't I set a wider percentage on shorter durations?

The percentage slider range is tied to the duration you select:

Duration	Range
1 Week	5–8%
2 Weeks	5–10%
1 Month	5–15%
2 Months	5–20%

Shorter durations are limited to tighter ranges because the underlying options need to trade at strikes with sufficient liquidity. Wider strikes on short expiries often have thin order books, which would result in poor execution and high slippage. If you need a wider range, select a longer duration.

Position Management

What's the difference between "Close Position" and "Close Position and Perps+"?

• Close Position closes only your perp. The PERPS+ options stay open as independent positions.

• Close Position and Perps+ closes your perp and all attached options in a single action.

What are orphaned options?

If you close your perp but leave the PERPS+ options open, those options become orphaned — they're still live but no longer paired with a perp position. They show up with an "Active PERPS+ (No Position)" label. They'll continue to behave as normal options: they can be closed manually anytime, or they'll settle at expiry.

Should I close orphaned options?

It depends. Orphaned options no longer serve their original enhancement purpose (since there's no perp to enhance), but they might still have value. For instance, if you closed a short perp that had a Limit My Loss call attached, and the market then rallies, that call could still pay out. Evaluate whether the standalone options exposure still makes sense for you.

What happens if my perp gets liquidated?

If your perp is liquidated, the PERPS+ options are not automatically closed: they become orphaned. A Limit My Loss enhancer may partially offset your liquidation losses if the protective option is in-the-money at the time, but PERPS+ does not prevent liquidation itself. Your perp's liquidation price is determined by your margin and leverage, not by the PERPS+ enhancer.

Does PERPS+ affect my liquidation price?

No. PERPS+ options are separate positions. They don't change your perp's margin, leverage, or liquidation price. The protective effect of Limit My Loss only materializes through the option's own P&L, it doesn't alter your perp's margin mechanics.

Costs & Pricing

How is the Limit My Loss premium determined?

The premium depends on the option's strike price (driven by your chosen loss cap percentage), the duration, the asset's current volatility, and options market liquidity. Tighter protection (smaller loss cap) requires a strike closer to the current price, which makes the option more expensive.

How much will I receive from Get Paid to Hold?

The premium you receive depends on the strike price (driven by your profit cap percentage), duration, volatility, and liquidity. Tighter profit caps (closer to the current price) generate more income because the sold option is more likely to end up in-the-money.

Is there any ongoing cost or funding rate for PERPS+?

No. PERPS+ costs are one-time: a premium paid (Limit My Loss), a premium received (Get Paid to Hold), or approximately zero (Lock My Range). There are no recurring fees. Your perp's own funding rate is unaffected by PERPS+.