←Stage 53 · Premium
Crypto

Perpetuals, Funding & Liquidation

This is the stage the rest of the track leads to. A perpetual never expires, so nothing drags it back to spot except a payment traders make to each other every few hours. You'll learn what mark price is, why your liquidation is measured against it, and how to compute that level before you open rather than after. Thirteen lessons, and two of them are real cascades.

Stage 53 of the TradeWize crypto track: the contract with no expiry. Mark against last, the funding rate as a cost and a signal, margin, a liquidation price you compute, and cascades.

0 / 13 done
StartLesson 1 · The Contract With No Expiry
What you’ll leave with13 lessons · 8-line playbook
  • A perpetual never expires, so nothing forces it back to spot except funding.
  • My liquidation is measured against the mark price, not the last trade.
  • Funding is a payment between traders, and I know which side I am on.
  • A leveraged position has a running cost, and I price it before I hold it.
  • Extreme funding tells me the crowd is on one side. It does not tell me when.
  • I know my liquidation price before I open, or I do not open.
  • I choose leverage from the distance to my invalidation, never from how sure I feel.
  • In a cascade the price goes where the liquidations are, not where value is.

All lessons

  1. 01The Contract With No Expiry
  2. 02Mark, Index and Last — The Three Prices
  3. 03The Funding Rate — Who Pays Whom
  4. 04Funding as a Cost
  5. 05Funding as a Signal
  6. 06Initial and Maintenance Margin
  7. 07Your Liquidation Price, Computed
  8. 08Isolated vs Cross — Which Losses Reach Which Money
  9. 09Leverage Is Sizing, Not Aggression
  10. 10Liquidation Cascades, ADL and the Insurance Fund
  11. 11Open Interest and Positioning
  12. 12Options on Crypto — What Changes
  13. 13Survive the Cascade