New Feature · Beta Live May 2026 · Independent Guide
Polymarket Perps: Go Long or Short Prediction Markets
Polymarket has launched perpetual futures — go long or short any prediction market with leverage, 24/7, without waiting for resolution. Beta access is rolling out now.
TL;DR:Polymarket perps are perpetual futures on event markets. You can go long (bet the probability goes up) or short (bet it goes down) with leverage, keep your position open indefinitely, and close at any time for profit or loss. Unlike standard Polymarket shares that resolve to $0 or $1, perps track probability continuously via a funding rate — similar to how crypto perps work on Hyperliquid or dYdX, but applied to real-world events.
What are Polymarket perps?
Polymarket perps are perpetual futures contracts that let you trade the probability of real-world events with leverage. Unlike standard Polymarket shares (which pay $1 or $0 at resolution), perps have no expiration date — you hold a position that tracks event probability continuously and close it whenever you want for profit or loss.
Standard Polymarket trading gives you binary shares: buy YES at $0.60, wait for the event to resolve, and collect $1 if you're right (or lose your $0.60 if wrong). Perps let you profit from probability movements without waiting for final resolution. If you go long at 60% and the market moves to 75%, you can close for profit immediately — no resolution needed.
This is the same instrument type used on crypto exchanges like Hyperliquid, dYdX, and GMX — but instead of tracking token prices (BTC, ETH), Polymarket perps track event probabilities. It's a first-of-its-kind product: leveraged perpetual futures on prediction markets.
How do perpetual futures work?
Perpetual futures (perps) are derivative contracts that let you speculate on price movements without owning the underlying asset. They never expire — unlike traditional futures with a settlement date, perps stay open until you close them. A funding rate mechanism keeps the perp price anchored to the underlying market price.
1. Pick a Market
Choose an event market with perps available
2. Go Long or Short
Long = bet probability rises. Short = bet it falls.
3. Hold Your Position
No expiry. Pay/receive funding rate periodically.
4. Close for P&L
Close any time. Profit = price movement × leverage × size.
Can you short on Polymarket?
Yes. With Polymarket perps, you can go short on any available perps market — meaning you profit when the probability of an event decreases. This is true short exposure with leverage, not just selling shares you already own.
Before perps: The only ways to express a bearish view on Polymarket were (a) buy NO shares, or (b) sell YES shares you already held. Both had limitations — NO shares cap your profit at the current spread, and selling requires existing inventory.
With perps: You can open a short position from scratch with leverage. If you think a market priced at 70% is overvalued and the probability will drop to 50%, you short at 70% and close at 50% for a leveraged profit on the 20-point move — without ever holding shares.
Want to try perps?
Beta rolling out now. Join the waitlist to get early access.
What is the difference between perps and regular Polymarket trading?
Polymarket perps and standard spot trading serve different purposes. Spot shares resolve to $0 or $1 at event conclusion — you're betting on the final outcome. Perps let you trade probability movements with leverage, without waiting for resolution. Here's how they compare:
| Feature | Standard Shares (Spot) | Perps (Perpetual Futures) |
|---|---|---|
| Resolution | Pays $1 or $0 at event conclusion | No resolution — close anytime for P&L |
| Leverage | None (1x only) | Yes — amplified exposure |
| Short exposure | Limited (buy NO shares or sell held shares) | Full short from scratch with leverage |
| Duration | Until market resolves | Indefinite (perpetual) |
| Liquidation risk | None — max loss is your stake | Yes — can be liquidated if margin depleted |
| Ongoing costs | None (hold for free) | Funding rate (periodic payment) |
| Best for | Conviction bets on final outcomes | Trading probability swings with leverage |
How do Polymarket perps compare to Hyperliquid and dYdX?
Polymarket perps are the first perpetual futures on event outcomes rather than token prices. Hyperliquid and dYdX let you trade crypto price movements; Polymarket perps let you trade the probability of elections, sports, macro events, and more. The trading mechanics are similar — funding rates, leverage, liquidation — but the underlying assets are fundamentally different.
| Platform | Underlying | Markets | Edge |
|---|---|---|---|
| Polymarket Perps | Event probabilities | Elections, sports, crypto, macro, tech | Only platform for leveraged event trading |
| Hyperliquid | Crypto token prices | BTC, ETH, 100+ altcoins | Deepest liquidity, fastest execution |
| dYdX | Crypto token prices | BTC, ETH, majors + mid-caps | Established, Cosmos-based, institutional focus |
| GMX | Crypto token prices | BTC, ETH, select alts | LP-backed liquidity, Arbitrum-native |
Polymarket's unique angle: If you have an edge in predicting real-world events — elections, sports outcomes, Fed decisions — Polymarket perps let you express that view with leverage. No other perps platform offers this.
What are funding rates on Polymarket perps?
Funding rates are periodic payments exchanged between long and short position holders. They keep the perp price aligned with the underlying event probability — without funding rates, the perp price could diverge indefinitely from the spot market.
How it works: If more traders are long than short (i.e., longs are pushing the perp price above spot), longs pay a fee to shorts every funding interval. This incentivizes shorts to enter and longs to exit, bringing the price back in line. When shorts outnumber longs, the reverse happens.
Key difference from crypto perps: On Hyperliquid or dYdX, funding anchors the perp price to a spot crypto price feed. On Polymarket, funding anchors the perp price to the event probability derived from the spot prediction market. The mechanics are the same; the reference asset is different.
Practical impact: If you hold a long position when funding is positive (longs paying shorts), you'll pay a periodic cost to maintain your position. This cost is usually small relative to position size, but it compounds over time — factor it into your trading plan.
What are the risks of trading perps on Polymarket?
Perps carry significantly more risk than standard Polymarket trading. Leverage amplifies both gains and losses — you can lose more than your initial margin and get liquidated. Understand these risks before trading:
Liquidation
If the market moves against you far enough to deplete your margin, your position is forcibly closed (liquidated). With high leverage, this can happen on relatively small price movements.
Funding Rate Costs
Holding positions through multiple funding intervals costs money if you're on the paying side. These costs compound and can erode profits on longer-term positions.
Thin Liquidity
Perps on less popular event markets may have thin order books. This means wider spreads, more slippage, and potential for market manipulation or sudden price dislocations.
Beta Risk
Polymarket perps are brand new (May 2026 beta). Early-stage features may have bugs, unexpected behavior, or change mechanics as the product evolves. Trade cautiously during beta.
Risk management tips: Use stop losses, limit position sizes relative to your account, avoid maximum leverage, and only trade markets you understand. Never risk capital you cannot afford to lose.
How do you get access to Polymarket perps?
Polymarket perps launched in beta on May 28, 2026 for select users. Access is being rolled out over the next 4 weeks. To get access, join the waitlist at polymarket.com/perps.
Have a Polymarket account
Sign up at polymarket.com if you don't already have one. Fund your account.
Join the perps waitlist
Visit polymarket.com/perps and join the waitlist. Access is being granted in waves.
Get access notification
Polymarket will notify you when perps are enabled on your account.
Deposit margin
Ensure your account has sufficient balance to use as margin for perps positions.
Start trading
Go to any perps-enabled market, choose long or short, set your leverage, and open a position.
Will Polycopy support copy trading on perps?
Polycopy is evaluating how to incorporate perps into our copy trading and Auto Copy bot infrastructure. As perps volume grows and the feature reaches general availability, we plan to extend Copy Score and trader analytics to cover perps positions — so you can identify which traders are profitable on perps and potentially mirror their strategies.
What this could look like:
- Copy Score extended to rate perps trades (long/short conviction, leverage sizing, exit timing)
- Trader profiles showing perps-specific P&L, win rate, and average leverage
- Auto Copy bots that can mirror a trader's perps positions with your own leverage and risk settings
- Category filters for perps-only strategies (e.g., a bot that only copies perps on politics markets)
Stay tuned — we'll announce perps support as it becomes available.
Frequently asked questions
What is the minimum to trade Polymarket perps?▾
Minimum trade sizes and margin requirements are being finalized during the beta period. Check polymarket.com/perps for the latest requirements as they're confirmed.
Which markets have perps available?▾
Perps are launching on select high-liquidity markets first. Expect the most popular event markets (major elections, high-volume sports, crypto) to get perps first, with more markets added over time.
What leverage is available on Polymarket perps?▾
Leverage limits will be confirmed as the feature moves from beta to general availability. Expect limits to vary by market type and liquidity — higher-liquidity markets typically support higher leverage.
Are Polymarket perps available in the US?▾
Polymarket's international platform (including perps) geo-blocks US users following a 2022 CFTC settlement. Polymarket US operates separately as a CFTC-regulated entity. Check current access rules at polymarket.com.
Can I trade perps on mobile?▾
Polymarket's mobile web interface supports perps trading. Check polymarket.com/perps for the latest on mobile app support.
What happens to my perps position if the underlying market resolves?▾
Details on perps settlement at event resolution will be confirmed as the feature matures. Typically, perps on resolved events would settle at the final probability (0% or 100%) or be closed out prior to resolution.
Keep reading
How Polymarket Works
The complete guide to Polymarket — standard trading, fees, deposits, withdrawals, and how markets resolve.
Polymarket Trading Bots
Automate your Polymarket trading with Auto Copy bots — mirror top traders 24/7 with your own risk rules.
What Is Copy Score?
Polycopy's proprietary signal that scores how copyable each trader's next trade is, from 0–100.
Best Polymarket Traders
Live rankings of the most profitable Polymarket traders — see their strategies and copy their trades.
Ready to trade perps on Polymarket?
Join the waitlist for early access to Polymarket's perpetual futures. Go long or short prediction markets with leverage, 24/7.
Independent guide from Polycopy. Not affiliated with Polymarket. Not investment advice. Perps trading involves substantial risk of loss including liquidation.