How to trade Polymarket Perps: step-by-step onboarding

Polymarket Perps launched on April 21, 2026 at polymarket.com/perps. This guide walks through opening your first position from scratch: wallet, funding, leverage selection, entry, and exit.

Prerequisites

• A self-custody wallet that supports Polygon (MetaMask, Rabby, WalletConnect-compatible).
• USDC.e on Polygon (the Polygon-native USDC variant; not bridged USDC).
• A few cents of MATIC for gas (Polymarket sponsors gas via the Relayer for prediction markets, but perp transactions may require user gas at launch).
• Geographic eligibility — Polymarket Perps blocks US, UK, FR, DE, and 30+ jurisdictions at launch.

Step 1 — Connect your wallet

Visit polymarket.com/perps, click Connect Wallet, and select your wallet provider. The connection request approves the perps interface on the same wallet you use for Polymarket prediction markets — there's no separate account.

If this is your first Polymarket session, you'll be asked to deploy a Proxy Wallet on first transaction. The deployment is gas-free for prediction markets but may require MATIC for perp transactions at launch.

Step 2 — Wrap USDC into pUSD

Polymarket Perps settle in pUSD: an ERC‑20 token on Polygon backed 1:1 by USDC. To trade, you wrap USDC into pUSD first.

1. From the Perps interface, click Deposit (or Wrap).
2. Enter the USDC amount you want to wrap. Most traders start with $100–$500 to learn.
3. Approve the USDC.e spend if this is your first wrap.
4. Confirm the wrap transaction. It executes in one Polygon block (~2 seconds).

Your wallet now holds the equivalent pUSD balance. To unwrap back to USDC, you do the same flow in reverse.

Step 3 — Select your asset and leverage

The perps interface lists assets across three tabs:

• Crypto: BTC, ETH, SOL, XRP, DOGE
• Equities: NVDA, TSLA, AAPL
• Commodities: gold (XAU), silver (planned)

Click the asset you want to trade. The asset page shows:

• Current mark price (computed from a basket of external venues).
• Funding rate (annualised).
• 24h volume on Polymarket Perps.
• A leverage selector (default flow: 5x–10x; advanced flow: up to 250x on selected pairs).

Pick a leverage that matches your risk tolerance. Reminder: a 10x position liquidates on a ~10% adverse move; a 100x position liquidates on a ~1% move.

Step 4 — Open the position

Choose Long (you think price will rise) or Short (you think price will fall), then enter the collateral you want to commit. The interface shows:

• Notional exposure: collateral × leverage.
• Liquidation price: the asset price at which your position is forcibly closed.
• Estimated fees (taker if you market, maker if you limit).
• Estimated daily funding cost.

Click Confirm. The position opens in one Polygon block.

Step 5 — Monitor your position

The Positions tab shows:

• Mark-to-market PnL (updated every block).
• Distance to liquidation as both percentage and absolute price.
• Cumulative funding paid or received.
• Funding rate trend.

You can add collateral to push the liquidation farther away, or close the position at any time.

Step 6 — Close the position

Click Close Position. The interface lets you choose:

• Close at market — fills against the order book immediately.
• Close at limit — places a limit order at the price you specify.

After closing, your collateral plus realised PnL (minus fees and cumulative funding) returns to your pUSD balance. You can keep it in pUSD for future trades or unwrap to USDC.

Common mistakes to avoid

• Using the wrong USDC variant. Polymarket lives on Polygon; you need USDC.e (Polygon-native), not bridged USDC.
• Picking too much leverage. The default flow goes up to 10x for a reason; 100x and 250x are lottery tickets.
• Ignoring funding cost on long-duration positions. Annualised funding can exceed 50% on volatile pairs.
• Trading from a geo-blocked jurisdiction via VPN. Polymarket's ToS prohibits VPN usage and will close out positions if detected.

What to read next

• Mechanics: /perps/polymarket-perps-fees-funding-liquidation
• Risk management: /perps/polymarket-perps-risk-management
• Arbitrage: /perps/polymarket-perps-arbitrage-strategies

Frequently asked questions

Do I need a separate account for Polymarket Perps?

No. Polymarket Perps use the same self-custody wallet as Polymarket prediction markets. The first transaction may deploy a Proxy Wallet if you don't already have one.

What's the minimum trade size?

Polymarket has not published an official minimum, but on-chain economics make trades smaller than ~$10 of notional uneconomic given Polygon gas.

Can I close a position outside trading hours?

Yes — Polymarket Perps trade 24/7, including weekends and holidays. There are no scheduled maintenance windows.

What happens if I'm liquidated?

Your position is forcibly closed at (or near) the liquidation price. You lose the committed collateral. The remaining wallet balance is unaffected.

Can I add collateral to avoid liquidation?

Yes. The Positions tab has an Add Margin button that pushes the liquidation price farther from spot. There is no penalty for adding collateral.