> For the complete documentation index, see [llms.txt](https://inferra.gitbook.io/inferra-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://inferra.gitbook.io/inferra-docs/inferra-terminal/perpetuals-and-futures.md). # Perpetuals and futures Inferra runs perpetuals and dated futures on the GPU-hour index. You go long or short with leverage, cash-settled against the price of compute, with the protocol as your counterparty. ### How it works Because the protocol is the counterparty to every position, you can always open and close, without waiting for someone to take the other side. Positions are marked continuously against the [GPU-hour index](/inferra-docs/the-ecosystem/the-gpu-hour-index.md), and you can use leverage up to 10x. Your margin and the protocol's own capital are held separately. One trader's collateral is never spent to pay another trader's profit, and an insurance fund stands behind the venue. If a position falls below the margin it needs to stay open, it is liquidated, so a losing position cannot run up a debt the system has to absorb. Everything is margined and settled in $INFERRA. ### Dated futures A dated future is the same thing with a settlement date. It lets a buyer lock in the cost of GPU time they will need later, and a provider lock in forward revenue, both cash-settled against the index at expiry. It is a way to fix the price of compute ahead of time, without taking delivery until you want it. ### Why it exists Compute is a real cost that moves. Perpetuals and futures make that cost something you can hedge or take a view on, the same way you would with any other commodity. Whoever pushes the price of GPU time up by trading it also pays more for the compute they buy, so the market stays honest. For the price these positions settle against, see [The GPU-hour index](/inferra-docs/the-ecosystem/the-gpu-hour-index.md). For the compute the same price buys, see [The escrow program](/inferra-docs/inferra-cloud/the-escrow-program.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://inferra.gitbook.io/inferra-docs/inferra-terminal/perpetuals-and-futures.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.