Overview
VALR Perps allow you to take leveraged long or short positions on perpetual pairs without owning the underlying asset. Perpetual futures contracts have no expiry date and can be held indefinitely, subject to margin requirements and funding rate payments.
VALR's Perps product is provided through third-party providers (see the Third-Party Providers section below). These third-party providers constitute the "Execution Infrastructure" as defined in the Futures Terms of Service (linked below), and are referred to in this guide as the "third-party provider(s)". Orders are received by VALR and placed on the third-party provider platform on your behalf. By trading Perps on VALR, you take direct exposure to the third-party provider(s).
Third-Party Providers
VALR currently routes Perps orders through the following third-party provider(s):
- Hyperliquid — a decentralised perpetual futures exchange. For full instrument specifications, documentation, and operational updates, refer to Hyperliquid's official resources at hyperliquid.gitbook.io.
The Hyperliquid platform allows third party users (builders) to list and operate their own perpetual futures pairs. Apart from the main dex provider, VALR currently supports pairs listed by trade[xyz] a builder operating on Hyperliquid. Documentation on their instruments, mark price methodology and pair operations can be accessed at docs.trade.xyz. Builder-listed pairs may use different mark-price methodologies and oracles, may have thinner liquidity and may carry a higher risk of delisting or sudden price variance when compared to pairs offered by the main Hyperliquid venue. Please review the relevant builder's documentation before trading these pairs.
Available Trading Pairs
All Perps pairs on VALR are currently quoted against USDC. Within the Perps product, all "$" prices, values and margin amounts refer to USDC unless explicitly stated otherwise i.e. it is assumed that 1 USDC = $1 from a price perspective. Users should bear this in mind in the event of any USDC price volatility.
Available pairs are listed within the VALR platform and may change over time. VALR will endeavour to list new pairs and providers subject to internal listing criteria.
Users should keep the following in mind:
- Pair availability is not guaranteed. Third-party providers may cease support for pairs with limited or no advance notice. VALR will follow the delisting process of the third-party provider which may include the forced closure or settlement of open positions in the affected pair at prices determined by the provider, at short notice or no notice. It is your responsibility to stay informed about the instruments you trade and the providers that support them.
- Pair parameters are subject to change. Margin requirements, including minimum and maximum leverage, may be adjusted by the third-party provider with limited or no notice. VALR will pass through these changes as they occur.
- Each pair has its own minimum and maximum leverage limits and multiples, which are sourced directly from the third-party provider. VALR may provide a narrower range of limits to clients than that provided by the third-party provider.
Trade Mechanics
Account availability
VALR Perps is only accessible on your Main account. Subaccounts may be supported in future. VALR reserves the right to restrict access to this product according to the Terms of Service linked below.
Order Execution
All orders placed through VALR's Perps product are submitted to the third-party provider as Immediate-or-Cancel (IOC) limit orders with a slippage limit applied to the current mark price. This means:
- Any order will attempt to fill immediately at the best available price, up to the slippage limit.
- Partial fills are possible. If insufficient liquidity exists at your slippage-adjusted price, only a portion of your order might be filled.
- Order cancellation is possible. If no liquidity is available within the slippage limit, an order will not execute.
- Orders are placed on a best-efforts basis. Execution is not guaranteed by VALR or the third-party provider. This includes any conditional order execution including Target Price (Take Profit) and Stop Price (Stop Loss) order types.
Margin Model
All positions use isolated margin. This means:
- Each position has its own dedicated margin balance.
- The outcome of one position does not affect any other position. Each position should be managed independently.
- Generally, the maximum loss on any single position is limited to the margin allocated to that position. Please note, however, that the third-party provider may operate auto-deleveraging, socialised-loss, backstop or clawback mechanisms (see the Liquidation section below). Under these mechanisms a position (including a position that is in profit) may be reduced, closed, or not paid out in full as a result of the losses or defaults of other market participants on the provider's platform, irrespective of the isolated-margin model described above.
- VALR does not aggregate positions across clients. No VALR client takes direct exposure to any other VALR client. The above is subject to the auto-deleveraging and socialised-loss mechanisms described in the “Liquidation” section below.
Margin Currency
All margin is denominated in USDC. If you choose to fund a trade using a currency other than USDC, the amount will be converted to USDC via a Simple Swap on VALR before the Perps order is executed. This conversion is subject to swap fees (see the Fees section below). Proceeds from closed positions and excess margin are returned as USDC.
Minimum Order Requirements
- Minimum order value: $11 USDC (notional value of the trade).
- Minimum margin per trade: $2 USDC (Client balance reserved for the trade). This is also the minimum additional margin that must be used for increasing orders and top up instructions.
- Orders below these thresholds will be rejected.
Leverage
- Leverage ranges from 1x up to a pair-specific maximum determined by the third-party provider and potentially limited by VALR.
- VALR will set a default leverage per pair, however, a VALR client may select a specific leverage per pair when opening a new trade. This leverage multiple will apply to your position until you close it fully. You cannot change your leverage multiple on open positions.
- Leverage determines the amount of margin required relative to the notional value of the position.
Adding Margin
Margin may be added to an existing position at any time to reduce risk of liquidation. The additional margin is transferred to the isolated position and does not affect other positions. You are currently not able to withdraw margin from an existing position without closing the trade.
Reducing or Closing a Position
- An open position may be partially or fully closed at any time.
- Reducing orders are submitted as reduce-only orders, ensuring they cannot inadvertently increase or reverse any position.
- Partial reductions are allowed on positions of any size. Once a position falls below $11, it can only be fully closed, not partially reduced.
- Upon closing, released margin and any realised profit or loss are automatically returned to your VALR account.
Margin Limits
- In addition to the third party provider risk and leverage limits, VALR applies limits to position sizing by using Margin Limits.
- These limit the total amount of margin that can be attached to a specific position. Should you wish to increase your trade size or top up margin, your instruction will be rejected if it results in a position margin above the limit.
- The Margin Limit applies on a pair by pair basis and is the same regardless of leverage multiple chosen
Margin Limits can be viewed here.
Take-Profit and Stop-Loss (TPSL)
- A take-profit (TP) order is required on every new position. This is to cater for a user-friendly experience. A stop-loss (SL) order is optional. These are referred to as Target Price and Stop Price on the platform.
- TPSL orders apply to the full position size and do not expire until the attached position is closed.
- TP and SL prices may be modified on existing positions, subject to validation rules:
- For long (UP) positions: TP must be above the current mark price; SL must be below the current mark price.
- For short (DOWN) positions: TP must be below the current mark price; SL must be above the current mark price.
- A TP or SL may be added to an existing position if one was not set at the time of the trade.
- Users are unable to completely remove a TPSL. Suggested workarounds include moving TPSL prices far from mark price reducing likelihood of automatic trigger.
Important: TPSL execution is not guaranteed. TP and SL orders are submitted to the third-party provider as trigger orders that execute at market when the trigger price is reached. In volatile or illiquid market conditions, the actual execution price may differ significantly from the trigger price, or the order may not execute at all. VALR does not control the trigger or execution mechanism of the third-party provider.
Fees
The following fees currently apply to Perps:
- An account activation fee of 1 USDC is charged by Hyperliquid on first trade. For further details please see the Activation Fee section below.
- Trading fees are charged by VALR and the third party provider on the opening and closing of trades.
- Simple swap fees are charged on any instructions received in currencies other than USDC.
Fees charged by third parties are not within VALR’s control and are subject to change without notice.
For the most up-to-date fee schedule, refer to the VALR Fees page as well as the third party provider documentation.
Important: Fees charged on Perps are not eligible for referral commission/rebates. Volume generated through Perps do not count towards general VIP fee tiers.
Trading Fees
VALR charges a trading fee of 0.055% on top of the third-party provider's fee for each executed trade. The third-party provider's fee varies by pair and, as at 4 July 2026, is 0.009%, 0.045% or 0.09% depending on the pair. Please refer to third party documentation linked above for details.
The total pair specific trading fee is available on the user interface for logged in users under More information.
The combined fee (VALR fee + provider fee) is deducted from your margin payments/proceeds at the time of trade execution.
Activation Fee
A one-time activation fee of 1 USDC is charged on the first Perps trade for a client account. This fee is included in the initial margin transfer and is not charged on subsequent trades. This fee covers a required fee charged on the third-party provider's platform. VALR reserves the right to increase or reduce this fee.
Funding Rates
Funding rates are charged by the third-party provider and are passed through directly to client accounts. VALR does not set, adjust, or mark up funding rates.
- Funding settlements occur periodically (generally every hour) as determined by the provider.
- Depending on the funding rate and position direction, a client may either pay or receive a funding payment.
- Funding payments are reflected in the position profit and loss, and are recorded in transaction history.
- VALR does not charge or pay interest on margin held for positions.
For details on how funding rates are calculated, refer to the third-party provider's documentation.
Currency Conversion Fees
If a trade is funded using a currency other than USDC, a Simple Swap is performed on VALR to convert the payment currency into USDC. This swap is subject to VALR's standard simple swap fees. Refer to the VALR Fees page for current swap fees.
Liquidation
Liquidation occurs when a position's margin falls below the maintenance margin requirement set by the third-party provider. Liquidation is managed entirely by the third-party provider. VALR has no control over:
- Liquidation prices or thresholds
- Margin requirements or margin updates
- The type or mechanism of liquidation (including but not limited to auto-deleveraging, backstop takeover, or on-book deleveraging)
For further details please refer to VALR’s Futures Terms of Service linked belo.
What Happens During Liquidation
When a position is liquidated, the third-party provider force-closes the position. The ultimate amount at risk on any trade is the total margin allocated to that position. This margin can be completely lost in the event of liquidation.
Any remaining balance after liquidation is automatically returned to the VALR account.
Liquidation Price
The estimated liquidation price is displayed within the VALR app for each position. This is an estimate sourced from the third-party provider and may change as funding payments are applied or market conditions shift. If a client does not have a Stop Loss in place, the Stop Price indicated on the interface is the estimated liquidation price.
Auto-Withdrawal of Funds
When a position is closed — whether manually, via TP/SL, or through liquidation — any proceeds are automatically transferred back to the VALR account. This process runs continuously in the background. The delay between position closure and funds reflecting in your VALR balance is generally short, but may be longer — and in some cases funds may be temporarily inaccessible — during periods of network congestion, provider withdrawal queues, maintenance or provider outages. See the "Service Availability" below
Service Availability
VALR's Perps service depends on the availability and performance of both VALR's systems and the third-party provider. Please be aware of the following:
- Service uptime is not guaranteed by either VALR or the third-party provider.
- Delays can occur in order submission, execution, and settlement.
- Information displayed in the VALR app (including prices, positions, profit and loss, and liquidation estimates) may be delayed or temporarily inaccurate due to network latency, provider delays, or data synchronisation timing. Some information provided on VALR is sourced from the third party provider and subject to any inaccuracies in their data.
- During periods of scheduled or unscheduled maintenance, the service may operate in read-only mode. In this state, positions and history can be viewed but cannot be adjusted by placing, modifying, or canceling orders. Normal service will resume once maintenance is complete.
- If the connection to the third-party provider is interrupted, the service may temporarily block new orders to protect against execution in an uncertain state.
Position and Transaction History
VALR provides visibility into Perps activity through:
- Position History - a record of all opened and closed positions, including entry and exit prices, margin used, realised profit and loss, fees and funding.
- Transaction History - a ledger of all margin transfers, fees, funding payments, currency conversions, and auto-withdrawals (including profit and loss) related to your Perps activity.
This data is synchronised periodically from the third-party provider and may have a short delay before appearing in your account.
Disclaimer
Perps trading involves a high degree of risk and is not suitable for all investors. Past performance is not indicative of future results.
VALR Perps order management, order execution, liquidation, margin requirements, position management, mark prices and funding rates are managed by, and provided through, certain third-party provider(s). VALR acts only as an intermediary that enables account holders to access the services offered by such third-party provider(s) and disclaims any liability arising from or in connection with the acts, omissions, services, pricing, liquidity, order execution, system availability or operational failures of such third-party provider(s). VALR does not guarantee order execution, fill prices, uptime, or the accuracy of information provided by third-party systems. You are solely responsible for understanding the risks associated with leveraged trading and for managing your positions accordingly.
By using VALR's Perps product, you acknowledge that you have read and understood the Futures Terms of Service and Risk Disclosures.
For further assistance, please contact VALR Support
Futures trading is provided by VALR DAM Pty Ltd, a licensed Financial Services Provider (FSP #54897) and Over-the-Counter Derivatives Provider.