How perpetual futures work on Graybook

A Graybook perpetual tracks an underlying market: an index future, a commodity, a stock, a coin or a currency pair. One account trades them all, with one deep book per symbol.

No expiry

A perpetual has no expiry, so a position runs until you close it or it hits your stop or target. There is nothing to roll, and no contract month to keep track of.

No funding payments

There are no funding payments. Instead, each entry price includes a small fixed upfront basis that reflects current market borrow and capital costs. The cost of carry is locked in when you enter, so holding a position overnight or over a weekend doesn't add charges along the way.

A known dollar value per tick

Every tick moves your P&L by a known dollar amount, so the risk of a trade is clear before you place it. Together with the stop loss that every order carries, you know what a trade is designed to lose before you confirm it.

Official prices

Contracts are priced on official exchange feeds. The terminal shows the exchange each book comes from. When an underlying market is closed, its perpetual keeps trading and re-anchors to the official price when the market reopens.