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

# Perps and CFDs

> Perpetual futures versus CFDs: funding instead of swaps, an order book instead of a broker, 24/7 instead of sessions.

A perpetual future and a CFD both give long or short exposure to a price, with leverage, without owning the asset. The difference is who you trade against and what you pay to hold.

## Perps do not expire

No expiry, no rollover. A position stays open while the account meets margin. Instead of a broker's overnight swap, perps use funding: an hourly payment between longs and shorts that keeps the perp contract price near the spot price.

## Pricing you can inspect

Perps trade on a public order book. Price, funding, and liquidation rules are the exchange's and the same for everyone. CFDs are priced by the broker, over the counter, on the broker's terms.

## 24/7

Perps trade every hour of every day. CFDs follow the broker's or the underlying market's hours.

## Risk applies to both

Leverage cuts both ways on both products.

| | Perpetual futures (OWNIT) | CFDs |
| - | - | - |
| Counterparty | None: your trades are simulated | The broker |
| Price | Live prices from Hyperliquid's public order book | Set by the broker |
| Holding cost | Funding, paid between longs and shorts | Overnight swap, paid to the broker |
| Expiry | None | None, but broker terms vary |
| Hours | 24/7 | Broker or underlying market hours |
| Liquidation rules | Published by the exchange | Broker policy |

> [card] [Fees](https://docs.ownit.xyz/resources/fees.md)
>
> Maker and taker rates, funding, worked examples, and what is free.


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