# Liquid full public content > Full long-form context for Liquid's public trading education, market explainers, and recent product updates. Use this file when a crawler or LLM agent has enough context budget for deeper indexing. Liquid is an AI-native, non-custodial trading platform for crypto perpetuals, stocks, commodities, FX, private-company perps, prediction markets, and agent-assisted finance. # Canonical link maps - [llms.txt](https://www.liquid.trade/llms.txt): Root Liquid LLM index. - [Core platform links](https://www.liquid.trade/llms-core-platform.txt): Product, onboarding, mobile, company, and changelog links. - [Markets links](https://www.liquid.trade/llms-markets.txt): Asset classes, market surfaces, and representative markets. - [AI trading links](https://www.liquid.trade/llms-ai-trading.txt): Co-Invest, MCP, and agent trading links. - [Developer API links](https://www.liquid.trade/llms-developer-apis.txt): Programmatic access points and MCP endpoints. - [Trading concept links](https://www.liquid.trade/llms-trading-concepts.txt): Perps, leverage, margin, liquidation, funding, and risk. - [Support and legal links](https://www.liquid.trade/llms-support-legal.txt): Support, audits, terms, privacy, and brand. # Recent changelog summaries - 2026-07-01 - Better error handling (improvement, platform, general): A redesigned error page and smoother recovery mean the app now handles unexpected errors gracefully and gets you back on track faster. - 2026-07-01 - Earn confirmation step (feature, funding, web): Depositing or withdrawing from Earn vaults now shows a confirmation step before executing. - 2026-07-01 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-07-01 - Instant chart preview on iOS (improvement, terminal, ios): A native chart with recent price data now appears instantly while the full interactive chart loads. - 2026-06-30 - ACH, SEPA, and bank wire on Android (feature, funding, android): Android now supports ACH, SEPA, and bank wire deposits alongside existing methods. - 2026-06-30 - Faster chart loading on iOS (improvement, terminal, ios): Charts on iOS now load faster with prewarmed WebViews and prefetched candle data. - 2026-06-30 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-30 - Liquidation price for real-world assets (feature, terminal, web): Your liquidation price for stocks, commodities, and FX positions now displays in the web terminal. - 2026-06-30 - News quick-trade (feature, terminal, web): Trade buttons in the news feed now support custom leverage and margin-vs-notional sizing for faster execution. - 2026-06-30 - Profile tab on iOS (feature, account, ios): iOS now has a dedicated Profile tab for quick access to your trading stats and activity. - 2026-06-30 - TP/SL notifications (feature, terminal, general): You'll now receive notifications when your take profit or stop loss orders trigger. - 2026-06-29 - Debit card deposits (feature, funding, web): You can now deposit with a debit card — routed through Stripe in the US and Swapped internationally. - 2026-06-29 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-29 - Google Pay deposits (feature, funding, android): Android users can now deposit with Google Pay for a quick, one-tap funding experience. - 2026-06-29 - Ticker hover previews (feature, terminal, web): Hovering any ticker across the terminal now shows a mini sparkline chart with key stats. - 2026-06-29 - World Cup live matches (feature, markets, web): World Cup matches now open an in-page view with live scores and real-time order flow. - 2026-06-28 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-28 - World Cup knockout bracket (feature, markets, web): The World Cup section now shows a full knockout bracket from the Round of 32 onward, with automatic results and fixture scheduling. - 2026-06-27 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-26 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-26 - Referral rewards dashboard (feature, rewards, web): You can now track your referral earnings, see who you've invited, and monitor rewards from a dedicated dashboard. - 2026-06-26 - SEPA deposit with QR (feature, funding, ios): SEPA deposits on iOS now show an EPC QR code you can scan with your banking app for a one-tap transfer. - 2026-06-26 - Tradable tickers in news (feature, social, web): Tradable ticker symbols in news articles now glow gold — tap one to jump straight to trading. - 2026-06-25 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-25 - Predictions via Co-Invest (feature, assistant, general): You can now ask the assistant about prediction markets, view live odds, and place bets directly from the chat. - 2026-06-25 - Quote tweets in news (feature, social, web): Quoted tweets in the news feed now render as embedded cards with full context instead of plain links. - 2026-06-24 - Display names (feature, social, web): Wallet addresses throughout the app are now replaced with friendly display names for a cleaner social experience. - 2026-06-24 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-24 - Prediction share cards (feature, markets, web): Sharing a prediction market or World Cup match now shows a branded preview card with live odds. - 2026-06-24 - Trader profiles on predictions (feature, social, web): Hovering a username on prediction pages now shows their balance and open positions. - 2026-06-24 - World Cup match trading (improvement, markets, web): Clicking a World Cup matchup now opens the chart, and tapping the odds loads the trade panel directly. - 2026-06-23 - Browse all predictions (feature, markets, web): The predictions explore page now shows every active market with infinite scroll and category grouping. - 2026-06-23 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-23 - News feed on iOS (feature, social, ios): Your iOS news feed now shows original article text instead of short summaries. - 2026-06-23 - Paper trading contests (feature, engagement, web): Compete in time-limited paper trading contests with live leaderboards. - 2026-06-23 - Polished search shortcut (improvement, terminal, web): The keyboard shortcut hint now appears as a themed tooltip with styled key chips matching your platform. - 2026-06-23 - World Cup predictions (feature, markets, web): The 2026 World Cup has a dedicated section with live scoreboards, team colors, and prediction markets on every match. - 2026-06-22 - ACH and SEPA deposits (feature, funding, general): You can now fund your account with a bank transfer via ACH (USD) or SEPA (EUR) — estimated arrival in about 5 minutes. - 2026-06-22 - Customizable header (feature, terminal, web): You can now toggle header navigation links and watchlist visibility from Layout settings. - 2026-06-22 - Faster order history (improvement, terminal, web): Order and trade history panels now load instantly with full server-side history. - 2026-06-22 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-22 - Locale-aware formatting (improvement, terminal, web): The order book, trades panel, and chart price axis now use locale-appropriate thousand separators. - 2026-06-22 - Spot trading redesign (feature, terminal, ios): Spot trading on iOS has been rebuilt with a cleaner layout and smoother order flow. - 2026-06-21 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-20 - Co-Invest remembers your preferences (feature, assistant, general): The assistant now remembers your trading preferences across conversations and confirms before saving any changes. - 2026-06-20 - Followed traders on chart (feature, social, web): When someone you follow opens a trade, their avatar now appears on the price chart at the entry point. - 2026-06-20 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-20 - Prediction markets (feature, markets, web): You can now trade on real-world outcomes — predictions on sports, politics, crypto events, and more are live on the web terminal. - 2026-06-19 - Co-Invest Index preview card (feature, assistant, web): Sharing the Co-Invest Index page now shows a live preview card with current performance data. - 2026-06-19 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-19 - Prediction market formatting (improvement, markets, web): Order book columns on prediction pages now show formatted numbers with commas for easier reading. - 2026-06-19 - Smarter trade suggestions (improvement, assistant, general): The assistant now proactively suggests trades during market analysis and picks, making conversations more actionable. - 2026-06-18 - Apple Pay deposits (feature, funding, ios): You can now deposit with Apple Pay on iOS for a quick, one-tap funding experience. - 2026-06-18 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-18 - Privacy mode for funding (improvement, terminal, ios): Funding values on positions are now hidden when privacy mode is enabled. - 2026-06-18 - Settings sync across devices (feature, account, general): Your preferences now sync across web, iOS, and Android — change a setting on one device and it's reflected everywhere. - 2026-06-17 - Faster Co-Invest text responses (improvement, assistant, general): The assistant replies faster over iMessage, SMS, and WhatsApp thanks to cached market data and optimized processing. - 2026-06-17 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-16 - Close positions over text (feature, assistant, general): You can now ask the assistant to close a position directly over iMessage, SMS, or WhatsApp instead of opening the app. - 2026-06-16 - Co-Invest website (improvement, assistant, web): The Co-Invest section in the navigation now links to [coinvest.ai](https://coinvest.ai). - 2026-06-16 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-16 - Ticker symbol in order button (improvement, terminal, web): The order button now shows the ticker symbol instead of the full asset name for a cleaner look. - 2026-06-15 - Cleaner market listings (improvement, markets, general): Deprecated and test assets have been removed from search and market lists across all platforms. - 2026-06-15 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-15 - Wider orderbook (improvement, terminal, web): The chart is a touch narrower to give the orderbook and order panels more breathing room. - 2026-06-14 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-13 - Cleaner price labels (improvement, terminal, web): Prices on the trade page now show as "Price" instead of "Mark" across all languages. - 2026-06-13 - Co-Invest guest mode (feature, assistant, general): You can now chat with the assistant without connecting your trading account first — just open the chat and start getting market insights. - 2026-06-13 - Deposit link previews (feature, funding, web): Sharing a deposit link now shows a branded preview card on social platforms and messaging apps. - 2026-06-13 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-12 - Reimagined 404 page (feature, platform, web): The 404 page now features physics-driven animated digits and floating ticker logos you can click to jump straight into trading. - 2026-06-12 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-11 - Co-Invest via iMessage (feature, assistant, general): You can now chat with the assistant over iMessage, SMS, and WhatsApp — ask about markets, check your portfolio, and place trades right from your messages. - 2026-06-11 - General stability and performance improvements (improvement, platform, general): Continued improvements to reliability, speed, and overall polish across the platform. - 2026-06-11 - Private Markets tab (feature, markets, android): A new Private Markets tab in the markets section gives you quick access to pre-IPO assets like SpaceX. - 2026-06-11 - Animated portfolio balance (feature, terminal, ios): Your portfolio balance now rolls its digits when the value changes, giving the header a smoother, more dynamic feel. - 2026-06-11 - TWAP order progress (improvement, terminal, web): Active TWAP orders now show an inline progress bar in Open Orders so you can track how much of the order has been filled. - 2026-06-10 - Cleaner social profiles (improvement, social, web): Multiple partial closes of the same position are now grouped into a single row on trader profiles, making trade history easier to scan. - 2026-06-10 - Co-Invest icon in top bar (improvement, assistant, web): The assistant button in the top bar and chat panel header now shows the Co-Invest brand mark instead of a text label. - 2026-06-10 - Consistent asset labels (improvement, terminal, web): Column headers across trading views now read "Asset" instead of "Coin" and "Value (USD)" instead of "Value (USDC)". # Learn articles ## How to Trade Against the US Dollar With Leverage - URL: https://www.liquid.trade/learn/how-to-short-the-us-dollar-with-leverage - Published: 2026-09-03 - Author: Liquid - Summary: To trade against the dollar, choose a USD currency pair, take the side that matches your dollar view, and size the leverage from your risk—not the maximum available. **The direct answer:** To trade *against* the US dollar with leverage, use a currency pair that includes USD and take the side where a weaker dollar helps you. That usually means going **long EUR/USD**, going **long GBP/USD**, or going **short USD/JPY**. On Liquid, these markets trade as perpetual contracts, so you get price exposure without buying or borrowing the currencies themselves. Liquid currently lists major FX pairs with multipliers of up to 50x, depending on the market. The maximum is not a recommendation. Higher leverage makes a smaller price move produce a larger gain **or loss** on your collateral, and it moves your position closer to liquidation. The dollar is central to global currency trading: the [Bank for International Settlements reported](https://www.bis.org/statistics/rpfx25_fx.htm) that USD was on one side of 89.2% of all FX trades in its April 2025 survey. But every dollar trade still needs another side, which is why choosing the pair matters. ## What does “trade against the dollar” mean? It means taking a position that benefits if the US dollar weakens relative to another currency. Currencies are always quoted in pairs, so there is no single “short the dollar” button that covers every possible dollar view. The order of the pair tells you what your trade means: | Market | If you think the dollar will weaken | What that position means | | --- | --- | --- | | [EUR/USD](/markets/eur-usd) | Go long | Long euro, short US dollar | | [GBP/USD](/markets/gbp-usd) | Go long | Long British pound, short US dollar | | [USD/JPY](/markets/usd-jpy) | Go short | Short US dollar, long Japanese yen | This direction is easy to reverse accidentally. Buying EUR/USD is a bearish dollar trade; buying USD/JPY is a bullish dollar trade. ## Which USD pair should I use? Choose the pair that best matches *why* you think the dollar will move. - **EUR/USD:** A direct view on the euro versus the dollar. Traders often watch the gap between Federal Reserve and European Central Bank policy, inflation, and growth data. - **GBP/USD:** A view on the British pound versus the dollar. It can react to both Federal Reserve and Bank of England decisions and UK-specific data. - **USD/JPY:** A dollar-versus-yen view. It is especially sensitive to the interest-rate gap between the United States and Japan and to changes in risk sentiment. If your thesis is only “the dollar will fall,” compare all three rather than choosing the pair with the largest recent move. Liquidity, spread, volatility, scheduled news, and the other currency in the pair can all change the result. ## How does leverage change a dollar trade? With collateral held fixed, leverage changes your **position size**. With notional exposure held fixed, it changes how much collateral the position requires. It never changes the quality of your thesis. With $1,000 of collateral: - At 1x, you control $1,000 of notional exposure. - At 5x, you control $5,000. - At 10x, you control $10,000. - At 50x, you control $50,000. Suppose you use $1,000 of collateral for a $5,000 EUR/USD position. A 0.5% move in your favor produces about $25 of profit before fees and holding costs. The same 0.5% move against you produces about $25 of loss. At 50x, that price move would have roughly ten times the effect on the same collateral. Actual PnL, margin requirements, and liquidation levels also depend on entry price, fees, the venue’s maintenance-margin rules, and any funding payment or credit. ## Is more leverage better for day trading? No. **Available leverage and used leverage are different things.** A higher maximum gives you flexibility; using the maximum gives the trade very little room to be wrong. A better way to size a trade is to work backward from the loss you can accept: 1. Decide how much account equity you are willing to lose if the idea fails. 2. Choose the price that invalidates the trade and calculate its percentage distance from your entry. 3. Estimate notional size as your dollar risk budget divided by that percentage distance, then reduce it to leave room for fees and possible slippage. 4. Set a [stop loss](/learn/what-is-a-stop-loss) around the invalidation level. A stop triggers an exit order; it does not guarantee a fill at the trigger price. 5. Choose the collateral and multiplier needed for that notional rather than starting from the maximum multiplier. 6. Check that the liquidation price is beyond the stop with a meaningful buffer. This separates two questions that new traders often mix together: “How large a position can I open?” and “How much should I risk?” The second question should determine the first. ## Are USD perpetuals the same as spot forex? No. A perpetual contract tracks the price of a currency pair, but you do not take delivery of euros, pounds, yen, or dollars. A perp has no fixed expiration date and is collateralized separately from the currencies it tracks. That creates a few things to check before every trade: - **Reference price:** The market follows an oracle or other reference for the underlying pair. - **Spread and slippage:** Your execution price can differ from the price you first see, especially in fast markets. - **Funding:** Depending on the market and venue, a position may pay or receive funding; other venue-specific holding charges may also apply. - **Liquidation:** If losses reduce your margin below the required level, the position can be closed automatically. Read [What Is Liquidation?](/learn/what-is-liquidation) before using leverage. Liquid is not giving you ownership of foreign currency, and this page is not a recommendation to short USD or any other asset. ## Can I day trade the dollar outside normal market hours? Liquid’s perpetual markets are designed for around-the-clock access, including from the same account used for crypto, stocks, commodities, and indices. Market availability, liquidity, spreads, and maximum multipliers can still vary by pair and time, so check the live order ticket before entering. For day traders, the busiest periods often occur when major market sessions overlap or when scheduled US, European, UK, or Japanese economic data is released. Those same periods can also produce faster price moves and more slippage. ## What should I check before opening a leveraged USD trade? Use this quick checklist: - **Direction:** Does “buy” or “sell” on this pair actually match your dollar thesis? - **Catalyst:** Is a Fed decision, inflation release, jobs report, or foreign central-bank decision near? - **Position size:** What dollar loss does your planned stop imply? - **Liquidation buffer:** Is your stop comfortably before liquidation? - **Trading cost:** What are the spread, execution fee, and estimated funding payment, credit, or other holding charge? - **Exit plan:** Where do you take profit, cut the trade, or abandon the thesis because time ran out? The US Commodity Futures Trading Commission warns that margin can amplify losses as well as gains. Its [forex customer advisory](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html) is worth reading even though perpetual markets are structurally different from dealer-based spot forex. ## How do I trade against the dollar on Liquid? Where the product is available and permitted in your jurisdiction: 1. Open [EUR/USD](https://app.liquid.trade/trade/xyz:EUR), [GBP/USD](https://app.liquid.trade/trade/xyz:GBP), or [USD/JPY](https://app.liquid.trade/trade/xyz:JPY). 2. Choose long or short based on the pair direction above. 3. Enter your collateral or notional size and choose a multiplier. 4. Review the estimated liquidation price, fees, and any funding or holding charge. 5. Add a stop loss and take-profit level before confirming. If you are new to FX perps, start with paper trading and a low multiplier. The goal of a first practice trade is to prove that you understand the pair direction, PnL, and exit mechanics—not to maximize the position. [Browse all FX markets →](/markets/forex) · [Practice with Liquid where available →](https://app.liquid.trade) --- ## You Can Now Give Grok Bot Your Trading Account - URL: https://www.liquid.trade/learn/install-co-invest-grok - Published: 2026-08-26 - Author: Liquid - Summary: Co-Invest just connected to Grok Bot through MCP, so xAI's agent can analyze your portfolio, tell you about the market, and place trades on Liquid without you needing to touch the dashboard. *Co-Invest just connected to Grok Bot through MCP, so xAI's agent can analyze your portfolio, tell you about the market, and place trades on Liquid without you needing to touch the dashboard.* Grok Bot can now trade on Liquid. Through Model Context Protocol (MCP), Co-Invest connects to Grok Bot so it can read and write access to your actual Liquid account straight from the chat. You can ask it to check your positions, scan the market, place a trade, and more. Here's a tutorial on how to set it up. ## 1. Open a fresh Grok Bot chat and connect Co-Invest Grok Bot supports Bring Your Own MCP, which means that you can point it at any MCP server URL. For Co-Invest, that's https://coinvest.liquid.trade/mcp. Just ask for it directly in a new chat with the prompt below. Grok Bot then adds Co-Invest as a connector on the spot. A Grok Bot chat where the user asks to add the Co-Invest MCP connector and Grok Bot confirms it was added.

Asking Grok Bot to add the Co-Invest MCP connector

## 2. Authorize your Liquid account Once the connector is added, Grok Bot surfaces an authentication card. Clicking it opens a tab online where you can log into your Liquid account and approve Co-Invest to view your portfolio and prepare trades for your approval. Nothing executes without you. The Co-Invest authorization screen on app.liquid.trade asking to connect Co-Invest to a Liquid account.

The Co-Invest authorization screen

## 3. Ask it to check your account Once you're connected, just ask. "Examine my portfolio" gets you a simple rundown on what's tied up in open positions and how each one has evolved. Grok Bot reading back a portfolio summary with equity, available balance, and open perp positions.

Grok Bot reading back a portfolio summary

## 4. Ask what's happening in the market Grok Bot pulls headlines and up-to-date positioning data too, including what's crowded, where smart money and the losing crowd disagree, and, if applicable, where it all relates to what you're already holding. Grok Bot summarizing market headlines and trader positioning data from Liquid.

Grok Bot summarizing market news and positioning

## 5. Let it build and place trades You can also ask for trade ideas. Grok Bot proposes picks based on the news and your existing book, flagging anything that overlaps what you already hold. Confirm one in that chat and it sizes up the trade, places it, and reports the fill in real time. Grok Bot proposing a list of news-backed trade ideas to choose from.

Grok Bot proposing trade ideas

Grok Bot sizing up a trade with stop and target levels for the user to confirm.

Confirming and filling a trade

This is one of the first live looks at agent-to-account trading outside Claude and ChatGPT, and it's working on Liquid today. ## Looking Ahead Trading has always meant switching between tabs: a chart here, a news feed there, an order ticket somewhere else. But putting Co-Invest inside Grok Bot collapses that. The agent already has the context of your conversation, so it can reason about your actual positions and the news in one place instead of you stitching it together yourself. It's also a preview of where trading is headed more generally. As AI progresses and more agents get real account access, the winners will be the platforms that let you plug in wherever you already are, whether that's Grok, Claude, ChatGPT, or whatever comes next, instead of forcing everyone onto one particular app. Liquid supporting Grok Bot alongside Claude and ChatGPT is a bet on that direction: your trading account should be compatible with your agent of choice, not the other way around. It's important to note that the approval step matters here too. Nothing trades without you confirming it, so you get the speed of an agent doing the legwork without giving up control over what actually executes. That balance, agents doing the research and grunt work while you stay the final decision-maker, is likely the shape most AI-assisted trading takes from here. --- ## How to Install Co-Invest in Claude and ChatGPT - URL: https://www.liquid.trade/learn/install-co-invest-claude-chatgpt - Published: 2026-08-19 - Author: Liquid - Summary: A step-by-step setup guide for Co-Invest, the Liquid trading connector for Claude and ChatGPT. Connect it, fund your account, start in paper mode, and place your first trade from a conversation. Co-Invest connects a real Liquid trading account to Claude and ChatGPT. Once it is connected, researching a market, checking your portfolio, and placing an order all happen in an ordinary conversation, and every order goes through a confirmation step you press yourself. There is nothing to download. Co-Invest is a hosted server that your assistant talks to, so setup is a one-time connection in Claude or ChatGPT. It takes about five minutes, and you can do the whole thing without depositing a cent by starting in [paper mode](/learn/begin). A Claude or ChatGPT account, and a Liquid account. You can create the Liquid account during the sign-in step, so there is no need to set it up in advance. Adding a custom connector in Claude requires a paid Claude plan; in ChatGPT, Co-Invest is installed from the plugin directory. ## Install Co-Invest in Claude Claude connects to Co-Invest as a custom connector. You add the server address once. If the connector will not add, re-enter the URL with no trailing slash: `https://coinvest.liquid.trade`. Both that address and `https://coinvest.liquid.trade/mcp` work — use whichever your client expects. The connector panel above is the simpler route, but if you prefer managing servers in config, add this to `claude_desktop_config.json` and restart the app: ```json { "mcpServers": { "liquid-co-invest": { "command": "npx", "args": ["mcp-remote", "https://coinvest.liquid.trade/mcp"] } } } ``` ## Install Co-Invest in ChatGPT The same server address works in Cursor, Codex, and other MCP-compatible clients. The full list of client configurations lives in the [Co-Invest docs](/coinvest-docs). ## Fund Your Account Ask **show me my deposit options**. Three routes are offered: - **Debit or credit card.** An onramp session that funds the account directly. - **Transfer from another app.** Move existing USDC over from another account. - **Deposit address.** Co-Invest generates an address you can send USDC to. All three land USDC in your Liquid account, which is what the markets settle in, so there is nothing to convert before you trade. ## Link Your Co-Invest Account The last gate is a one-time browser authorization that links this assistant to your Liquid account, so it can submit the orders you confirm. If it has not been done, you get the link the moment you attempt a trade — say **enable trading** to trigger it deliberately. The permissions cover reading your portfolio and submitting orders that you confirm. They do not permit moving funds out of your wallet, and your funds stay in a non-custodial wallet throughout. Co-Invest never takes custody of them. ## Start in Paper Mode Before risking real money, say **switch to paper mode**. You get a simulated $10,000 balance running against live market data, every response is labeled as simulated, and no order reaches the exchange. Reset the balance any time with **reset my paper account**, and return to live trading with **go live**. Ask **am I paper trading?** if you are ever unsure which mode you are in. ## Place Your First Trade Describe the trade in ordinary language, for example *long 0.1 BTC at 5x with a 3% stop*. You get back a confirmation card showing the symbol, direction, size, leverage, and any take-profit or stop-loss levels. Read the card, then press Confirm or Cancel. That is the only way an order reaches the exchange. The assistant cannot skip the step, and neither batch trades nor portfolio plans bypass it — a basket simply gets one Place all confirmation instead of several. ## Prompts Worth Knowing | Say this | What happens | | --- | --- | | What's the setup on SOL right now? | Price, funding, positioning, and whale activity in one analysis | | What's most crowded long right now? | A positioning read across the most one-sided markets | | Give me five trade ideas from today's news | News-driven ideas with named catalysts and source links | | Compare BTC, ETH, and SOL | Side-by-side price, funding, and positioning | | How's my portfolio doing? | Balances, open positions, and live P&L | | Build me a portfolio plan | A multi-trade basket sized to your preferences, behind one confirmation | | Move my BTC stop to break-even | Modifies the open position after you confirm | | Close everything | Batch close of all open positions, still behind a confirmation | ## Troubleshooting | Symptom | Fix | | --- | --- | | The assistant does not seem to know about Co-Invest | Check it is attached or toggled on for the current chat, then start a new conversation | | The connector will not add | Re-enter the URL with no trailing slash: `https://coinvest.liquid.trade` | | Order rejected for insufficient balance | Ask **how much can I trade?** to see your free collateral, then deposit more or reduce the size | | Not sure whether a trade was real | Ask **am I paper trading?** — paper responses are always labeled as simulated | ## What It Costs Co-Invest is free. There is no subscription and no AI surcharge; you pay Liquid's standard trading fees, plus funding on any perp position you hold — which you pay or receive depending on which side you are on — exactly as you would in the Liquid app. It is one account across every surface, so a position opened from a conversation can be closed from the [Liquid web app](https://app.liquid.trade) or your phone. If you want to understand what an assistant is actually doing when it proposes a trade, our guide on [automated vs. agentic trading](/learn/automated-vs-agentic-trading) draws the line between an assistant that suggests and a bot that acts on its own. For trading from the pages where ideas start rather than from a chat, there is also [Co-Invest for Chrome](/learn/trading-chrome-extension). *Trading leveraged products involves substantial risk of loss. Nothing here is investment advice.* --- ## The Best Chrome Extension for Trading in 2026 - URL: https://www.liquid.trade/learn/trading-chrome-extension - Published: 2026-08-11 - Author: Liquid - Summary: Most trading Chrome extensions show you signals or track a portfolio. Co-Invest puts a real order button inside the pages you already read. Here is how it works and what you can trade with it. Every trade starts somewhere other than your exchange. A post on X. A Reddit thread. A CNBC headline that moves a name you have been watching. By the time you have switched tabs, found the market, and set up the order, the move you were reacting to is often half over. That gap is the entire reason browser extensions exist for traders. The problem is that most of them stop short of the part that matters: they show you a chart, a signal, or a portfolio balance, and then still send you somewhere else to actually trade. Co-Invest for Chrome is Liquid's answer. It reads the page you are on, works out which markets it is about, and injects a **Trade $TICKER** chip right below the text, carrying a live price, the 24-hour change, and a sparkline. Tap it, pick Long or Short, confirm, and the order goes live on Liquid without ever leaving the tab. ## What Counts as a "Trading Chrome Extension" in 2026 Search for one and you get four very different products wearing the same label. Knowing which category a tool belongs to is the fastest way to tell whether it will actually change how you trade. The first three categories are research tools. They are useful, and there are good ones, but they leave the last mile, the part where you commit capital, exactly where it was. Co-Invest is in the fourth category, and that is the only category where "best" is decided by execution quality rather than content quality: which markets you can reach, how fast the order is, and how hard the tool works to stop you from firing off something you did not mean. ## Where the Chips Appear Co-Invest works on the surfaces where trading ideas actually form: The chip is designed to look like it belongs to the page rather than pasted on top of it. It matches each site's light or dark theme and sits in the flow of the content instead of floating over it. A post never gets more than three chips, however many markets it mentions. ## How It Knows What the Page Is About This is the part that separates a useful extension from an annoying one. Co-Invest reads the page you are on and works out which markets it is about, then shows a chip only for the ones Liquid lists. It recognizes tickers and cashtags like `$BTC` or "bitcoin" on sight, so an explicit mention always gets a chip. It also understands plainer references, like a post naming a chief executive rather than the company, or a thread about tariffs that is really about oil. On CNBC and Bloomberg the publisher already labels the companies in a story, so Co-Invest follows those labels instead. The model that works this out is Chrome's own on-device AI, running locally on your machine. Because there is no remote inference, the posts, articles, and comments you read are not uploaded to Liquid or to any third party. The only things Co-Invest sends over the network are what any trading app needs: market prices, charts, and, when you confirm, your order. ## From Chip to Position If you are not signed in, the flow ends differently and deliberately: the chip becomes a **Connect to trade** prompt that opens Liquid's side panel, or hands off to the Liquid app with the trade prefilled. It will not queue an order against an account that does not exist yet. Signing in is secure and simple. There are no keys or passwords to paste into a browser extension, and no page you visit can read your session. You connect once and stay signed in across restarts. ## What You Can Actually Trade From a Tweet Because orders route to Liquid, the extension inherits Liquid's market universe rather than a crypto-only subset. From a single chip you can reach: That range is why a news page is a genuinely useful trading surface here. A Bloomberg story about a Fed decision, a CNBC piece on crude, and an X thread about Nvidia's next quarter all resolve to markets that live on the same account, trade 24/7, and settle in the same collateral. No separate equities broker, no separate FX account. ## Is It Safe to Let an Extension Trade? It is a fair question, and the honest answer is that it depends entirely on how the extension is built. The design decisions that matter: ## Where It Fits With Liquid's Other AI Surfaces Co-Invest is a family, not a single product. The Chrome extension is its execution surface; the assistants are its research surface. If you want an assistant to reason about a market before you touch it, that is what the [AI trading](/learn/ai-trading) guide covers. The distinction between an assistant that suggests and a bot that acts on its own is worth understanding before you use either, and we wrote about it in [automated vs. agentic trading](/learn/automated-vs-agentic-trading). ## Getting Started Liquid accounts are created at [app.liquid.trade](https://app.liquid.trade), and the extension connects to the same account you use on web and mobile. The best trading Chrome extension is not the one with the most indicators. It is the one that closes the distance between noticing something and acting on it, while keeping enough friction in the last step that you only act when you mean to. *Trading leveraged products involves substantial risk of loss. Nothing here is investment advice.* --- ## China Is Winning the Robot Race. Unitree Just Proved It. - URL: https://www.liquid.trade/learn/unitree-ipo - Published: 2026-08-06 - Author: Liquid - Summary: Unitree ships more humanoid robots than anyone in the world, and on August 10 it goes public on Shanghai's STAR Market. Here's the story behind the IPO, and how to trade Unitree exposure on Liquid. While the US debates when humanoid robots will actually ship, Unitree has been shipping them for years — and on **August 10**, it goes public on Shanghai's STAR Market. This is the moment the robotics race stops being a thought experiment and starts being a tradeable asset. Here's what's happening with Unitree, and how to get exposure through [Unitree perps on Liquid](https://app.liquid.trade/trade/xyz:UNITREE). ## The Unitree Story, in Brief Unitree isn't a pitch deck. It's the world's top-selling humanoid robot maker, and one of the only companies in the space that's actually profitable. The Hangzhou-based firm is raising roughly **$610–618 million** in its IPO, selling 40.45 million shares (10% of its enlarged share capital) at a base valuation near **$6.2 billion** — with secondary-market chatter running as high as $14.8 billion once shares start trading. Unitree shipped around **5,500 humanoid units in 2025** alone, more than any competitor worldwide, on **$235 million in revenue** and **60% gross margins**. A Unitree quadruped robot dog standing on rocky terrain. Unitree's robots have danced on national television at the CCTV Spring Festival Gala two years running, making the company a household name in China. Chairman Wang Xingxing has talked about a robotics "ChatGPT moment" arriving within years, not decades. Now Unitree is putting real capital behind that bet: roughly **half the IPO proceeds go straight into training its own AI models**, and the rest funds a new factory built to produce **75,000 humanoid robots and 115,000 quadrupeds a year**. That's the Unitree pitch in one line: China isn't just building robots, it's building the company that makes robots at scale, profitably, right now. ## Why This Matters Beyond China Humanoid robotics is shaping up to be one of the defining hardware races of the decade, and Unitree is currently the company setting the pace on **cost, shipments, and commercialization** — the three things that turn a robotics demo into a real market. Whether Unitree can keep that lead against Boston Dynamics, Tesla, and a fast-consolidating field of domestic rivals is the multi-year story here. The IPO is the first real market price on that story. ## Trade Unitree on Liquid You don't need a Shanghai brokerage account or STAR Market access to get exposure. Liquid lets you long Unitree via a market that tracks Unitree's price without you needing to own or settle the underlying shares. Like Liquid's other [pre-IPO](/learn/how-spacex-perps-work) and newly-listed names, the Unitree market trades 24/7, long or short, with leverage available if you want amplified exposure to how the stock moves once it starts trading. A few things worth knowing before you open a position: - **Long or short.** Think Unitree's post-IPO pop is overdone, or think the robotics race narrative has more room to run? Perps let you take either side. - **No expiry.** Unlike traditional futures, Unitree perps on Liquid don't settle on a fixed date — you hold as long as you want, [funding rate](/learn/what-are-funding-rates) permitting. - **Leverage cuts both ways.** Higher leverage means higher liquidation risk. Check Liquid Learn's guides on [liquidation](/learn/what-is-liquidation) and [stop losses](/learn/what-is-a-stop-loss) before sizing a position. Unitree's IPO subscription opens **August 10**. Head to Liquid to see the market and set up your first Unitree position. [Trade Unitree Perps on Liquid](https://app.liquid.trade/trade/xyz:UNITREE) --- ## Automated vs. Agentic Trading: What's the Difference? - URL: https://www.liquid.trade/learn/automated-vs-agentic-trading - Published: 2026-07-21 - Author: Liquid - Summary: Bots follow rules. Agents form judgments. Knowing the difference is the whole game — it decides what you can safely delegate to software and what guardrails actually protect you. Now that AI trading has gone mainstream, "automated trading" and "agentic trading" get used as if they mean the same thing. They don't, and the difference is not academic. It determines what you can safely delegate to software and what guardrails actually protect you once you do. Here's the shortest version: automated trading executes decisions you already made. Agentic trading participates in making the decision itself. Everything else in this article follows from that one distinction. ## What automated trading actually is Automated trading is much older than the current wave of AI. At its core, it is a rule written in advance that a machine follows without you present. Buy $200 of BTC every Monday. Sell if the price drops 8% below entry. Place a ladder of limit orders between two prices and collect the chop. Bots, stop losses, take profit orders, and institutional execution algorithms are all versions of the same idea. The appeal is clear. Automation never sleeps and never hesitates. An automated strategy executes the same way at 3am as it does at noon, with none of the fear or boredom that pushes human traders off their plan. But notice where the intelligence lives in an automated trading system: entirely inside the rule. And the rule was written by you, in the past, based on what the market looked like then. ## What makes trading "agentic" Agentic trading moves the intelligence from the rule to the moment of the trade. Instead of encoding every decision in advance, you give an AI agent intent and constraints in plain language: "I want short ETH exposure if funding flips positive, but keep it under 10% of my account and below 3x leverage." The agent interprets the goal, pulls current context on prices, funding, positioning, and news, and forms a judgment before anything executes. The word "agentic" is doing specific work here. An agentic AI does more than match conditions to actions the way a bot does. It reasons about whether an action still makes sense given what it can see right now, and it can change course or come back to you with a question. The decision gets formed at trade time instead of being frozen weeks earlier. This is also why agentic trading only arrived with modern AI models. Rule execution was solved decades ago. Reading a market in context and articulating a trade thesis in plain English required systems that can actually reason, which is what current AI trading tools are built on. If AI trading is the broad category, agentic trading is the version where the AI can take actions, not just offer opinions. ## Different failure modes, different guardrails Here is the part most comparisons skip: the two approaches fail in completely different ways, so an automated setup and an agentic one need different kinds of protection. Automated trading fails loudly and mechanically. The rule fires in a regime it was never built for, and the damage shows up plainly in your fill history. The defenses are statistical and structural: backtest across varied market conditions, then cap position sizes and set hard stops so no single bad stretch is fatal. Agentic trading fails more quietly. An AI agent can misread your intent, or assemble a confident thesis on thin evidence. Fluent reasoning is not the same as correct reasoning. So the defenses look less like statistics and more like management: scope the agent's permissions tightly, require your approval before execution, cap the capital it can touch, and rehearse the whole workflow in paper trading before real money is involved. Mixing these up is how people get hurt. Judge an agentic system with bot logic ("show me the backtest") or a bot with agent logic ("it will adapt") and you end up trusting the wrong thing at exactly the wrong moment. ## The strongest setups use both In practice, automated trading versus agentic trading is a false dichotomy. The best current workflows layer one on top of the other. Agentic AI handles the context-heavy front end, scanning markets and turning scattered information into a sized, reasoned thesis. You sit in the middle as the approval layer. Classic automation handles the back end, where rigidity becomes a feature again: stops and take profits that execute without debate once the trade is on. Put differently, delegate execution to rules and delegate synthesis to the agent, but keep the final yes or no for yourself. If you eventually grant an agent a narrow, well-fenced slice of autonomy, do it because you watched it operate for weeks, not because the demo was impressive. Agentic trading was never supposed to mean unattended trading. A concrete morning might look like this. You ask your trading agent what changed overnight in the markets you follow, and it flags that BTC funding went sharply negative while price held steady. You talk it through, decide the long is worth a small position, and approve the entry, which executes with an automated stop and take profit already attached. The agentic layer surfaced and framed the trade; the automation underneath will manage the exit. The judgment in the middle stayed human, which is what AI trading looks like when it is working. ## Trying agentic trading without betting the account This layered model is how Co-Invest works. It connects Liquid to Claude and ChatGPT so you can trade by conversation, and the AI does the agentic part: it researches markets and current conditions, then proposes trades with the reasoning attached. Execution stays permissioned by you, and automated protections like stop losses and take profits ride along on every position. There is also a paper trading mode, so the first version of your agentic workflow can run on simulated money instead of your rent. Automated trading gave traders consistency. Agentic trading adds judgment. Run together, with your intent at the top and hard limits underneath, they stop being buzzwords and start being a real division of labor. Ready to see what an AI agent makes of a market you're watching? [Open Co-Invest](https://www.liquid.trade/coinvest) and ask. --- ## 4 Things Every Beginner Perp Trader Should Know - URL: https://www.liquid.trade/learn/4-things-every-beginner-perp-trader-should-know - Published: 2026-07-15 - Author: Liquid - Summary: The basics before you press buy — what you are trading, getting the mechanics into muscle memory, keeping risk small, and journaling your trades. Perpetual futures are the core of how most people trade on Liquid. Before you press buy, here are the four things that matter most for a beginner. ## 1. Understand what you're actually trading Before anything else: a "perp" (short for perpetual futures) is a contract that lets you bet on an asset's price going up or down without ever owning the asset itself. Unlike regular futures, it has no expiry date, so you can hold it as long as you like. That is why it's called "perpetual." The feature that makes perps powerful and dangerous is leverage. Leverage is borrowing to control a bigger position than your cash would normally allow. The money you put down is your margin (or collateral); the total size you're controlling is your notional (or exposure). So at 10x leverage, $100 margin controls $1,000. This is the type of vocabulary that will show up everywhere. The catch: leverage multiplies losses just as fast as gains. If your position moves far enough against you, you hit [liquidation](/learn/what-is-liquidation), which is when the platform force-closes you and your margin is gone. At 10x, just a ~10% move against you can do it. The takeaway: leverage isn't free money, it's a magnifier. Respect it before you use it. ## 2. Get the mechanics into muscle memory Before you risk real money, it may be beneficial to practice via paper trading — a simulated account with fake money that behaves like the real thing, so you can learn the controls with zero risk. Use it to rehearse the full loop of a trade until it's second nature: - **Open a position** — choose a long (betting the price rises) or a short (betting it falls), set your size and leverage. - **Set a [stop-loss](/learn/what-is-a-stop-loss) and take-profit** — your stop-loss auto-closes the trade if it moves against you past a price you pick, while your take-profit auto-closes it once you've hit your target gain. Both let you exit on your terms without watching the screen. - **Read your PnL** — this shows how much you're up or down in real time. - **Close it out** — either let a stop or target trigger automatically, or close manually. Do this enough times that it's dull. "Dull" means you won't fumble an order or panic-click when real money is on the line. ## 3. Keep leverage low and size small to start Leverage decides how hard each price move hits you, and position size is how much you put into a single trade. Beginners almost always use too much of both. Start low — around 2–5x rather than a drastic 20x or 40x. Lower leverage gives your trade room to breathe, so you can be wrong for a while without getting wiped out, which is exactly the cushion you need when you're still learning. For a size, a common rule is to risk only about 1–2% of your account on any one trade. On a $1,000 account, that's $10–$20 of risk per position. It sounds tiny, but that's the point: it means no single bad trade can seriously dent you, so you survive long enough to actually get good. Staying in the game beats being right once. ## 4. Journal your trades and expect real money to feel different Keep a simple log of every trade: why you entered, where you planned to exit, and what actually happened. You can use AI to do this for you. Reviewing 20–30 trades teaches you far more than obsessing over any single win or loss. You start spotting your real patterns and mistakes. Judge yourself over many trades, not one lucky one. Paper trading builds genuine skill, but it can't replicate the emotion of watching real funds. Leveraged trading is high-risk, high-reward. So when you switch, start with amounts you can fully afford to lose and treat your first real trades as a humble fresh start. Happy trading! --- ## Liquid Earn is live, powered by Gauntlet USD Alpha - URL: https://www.liquid.trade/learn/introducing-liquid-earn - Published: 2026-07-15 - Author: Liquid - Summary: Liquid Earn is live. Deposit USDC and earn up to 5.5% APY through Gauntlet USD Alpha — no minimums, no lockups, and withdraw anytime. **Money isn't free. So why do you give it to the bank for nothing?** There's a quiet privilege in holding money: every dollar earns a return. That return is called yield — it's how money makes money. Banks earn it on your deposits. Corporations earn it on their reserves. The wealthy earn it on everything. Yield has always flowed to whoever was big enough to demand it. Liquid flips the script. Every single Liquid user can now deposit USDC and start earning **up to 5.5% APY**. ## How it works Liquid Earn is powered by [Gauntlet](https://www.gauntlet.xyz/) USD Alpha, the flagship stablecoin yield vault from Gauntlet — a DeFi risk manager since 2018 with over $1.5B curated across its vaults. The strategy is simple to hold and sophisticated under the hood. Your USDC is lent to overcollateralized markets on leading protocols, including [Morpho](https://morpho.org/). The vault rebalances automatically as market conditions change, and your yield compounds on its own. ## What that means for you - Deposit USDC and start earning, right on Liquid - Withdraw anytime — liquidity is available instantly - No minimums, no lockups, no fees to start - You keep full custody, and every allocation is fully verifiable ## Getting started 1. Open the Liquid app and head to Earn 2. Deposit USDC from your account 3. That's it — your balance starts working immediately Withdrawals work the same way: move your USDC back whenever you want, in minutes. That's the whole idea: powerful finance shouldn't require an invitation. The same strategy trusted with over a billion dollars is now open to anyone with USDC — no matter where in the world they are. [Start earning](https://app.liquid.trade/earn) --- *Note: Yield is variable, depends on market conditions, and isn't guaranteed.* --- ## Stop Loss Strategies for Beginners - URL: https://www.liquid.trade/learn/stop-loss-strategies-for-beginners - Published: 2026-07-15 - Author: Liquid - Summary: Set it once. Let the market do the rest. Five practical stop-loss strategies that help beginners lose less and stay in the game. A [stop loss](/learn/what-is-a-stop-loss) is an order that exits when the market moves against you. The hard part is using one well. Most beginners don't fail because they skip the stop; they fail on where it goes, how big the position is, and whether they leave it alone. Below are the strategies that are helpful for beginners. ## 1. Set a stop before you enter Decide your exit while you're still neutral. Once your money's on the line, every exit price starts to feel "too close," and you'll talk yourself into holding a losing trade. Before you click buy, ask yourself, "At what price would I admit I was wrong about this?" That price is your stop. If you can't answer it, you don't have a real trade idea yet — you're just guessing on direction, and there's no plan to fall back on when the price drops. ## 2. Place it where your idea is wrong, not where your wallet hurts Beginners often set the stop based on how much they're willing to lose (e.g., "I'll put it $50 below so I only lose a max of $50"). The problem is that this number may have nothing to do with how the asset actually moves. If $50 is normal day-to-day wiggling, you'll get knocked out of good trades constantly, then watch the price go right where you expected, without you. Do it the other way around. First find the price that would prove your trade wrong. Usually that's a level you're counting on to hold. Say you bought because the price keeps bouncing off $100, so a drop below $100 means your reason for buying is broken. Put the stop just under that level. Then you manage how much money is at risk by adjusting your position size (see #3), not by sliding the stop to wherever the loss feels comfortable. ## 3. Let position size be your risk dial Stop distance and position size are linked. Pick your max loss and your stop level first; the size is just math (wider stop → smaller position for the same dollar risk). If the size feels too small, that's the trade telling you it needs more room than your budget allows, which is not a reason to move the stop closer. ## 4. Give the trade room to breathe Stops set too tight get shaken out by normal noise. A crypto perp swings far more than an FX pair, so size the stop to the asset. The fix for a tight stop isn't just widening it; it's a wider stop with a smaller position. ## 5. Move it toward profit, never toward hope Widening a stop because you don't want to take a loss is an issue. If you're reaching to move a stop away from the price, don't. That urge is exactly what the stop exists to protect you from. ## The bottom line Having a stop isn't the skill. Using one is. Practice these on Liquid [Co-Invest](/coinvest)'s paper trading mode with real stops on simulated positions before you trade live. New to stop losses? Start with [What Is a Stop Loss and How to Set One](/learn/what-is-a-stop-loss) for the fundamentals. --- ## The Beginner's Guide to Trading (Without the Fear) - URL: https://www.liquid.trade/learn/the-beginners-guide-to-trading - Published: 2026-07-15 - Author: Liquid - Summary: Real markets, real mechanics, simulated money. Here's how to learn before you risk anything. If you've ever watched markets move and thought "I could do that," but stopped because you didn't want to lose your own money figuring it out, this is for you. There's a way to learn the entire thing first. Real markets, real prices, real mechanics. Zero risk. It's called paper trading, and it's how a lot of traders (including people on our own team) got started without the fear of blowing up their savings on day one. Here's what it is, what trading on Liquid actually involves, and why practicing first is the smartest way to begin. ## First, what is day trading? Day trading just means buying and selling assets over short time horizons — sometimes minutes, sometimes hours — to try to profit from price moves, rather than buying something and holding it for years. Traders do this across all kinds of markets: crypto like Bitcoin and Ethereum, stocks like Tesla and Nvidia, commodities like gold and oil, and currencies. The goal is the same everywhere: read where the price might go, take a position, and manage your risk along the way. It looks simple from the outside. The reality is that there's a lot to learn (e.g., order types, leverage, when to cut a loss, how fees work) and most of that vocabulary is genuinely confusing the first time you see it. That learning curve is exactly why so many people never start. ## What Liquid does Liquid is a trading platform where you can trade crypto, stocks, commodities, FX, and even exposure to big private companies like SpaceX and OpenAI. All in one place, 24/7. Most of what you'll trade on Liquid are perpetual futures ("perps" for short). Don't let the name scare you. A perpetual future is just a contract that tracks the price of something and lets you bet on it going up or down, without an expiry date. If you think the price will rise, you go "long." If you think it'll fall, you go "short." You don't have to own the underlying asset to trade it. Perps also let you use leverage, which means controlling a larger position with a smaller amount of money. Leverage can amplify gains and just as easily amplify losses. It's powerful, and it's exactly the kind of thing you want to understand before real money is on the line. Which brings us to the point. ## The smart way to start: practice first Here's the problem with most people's first trade: they're learning the platform, learning the vocabulary, and risking real money all at the same time. That's three hard things at once, which can feel overwhelming. Paper trading removes the scariest one. You get a balance of simulated money and you trade with it on live, real-time markets. Every price is real. Every order behaves the way it would with real funds. The only thing that's simulated is the money, so when you make a mistake (everyone does at first), it costs you nothing but a lesson. Some practice with this will cause things that looked like a foreign language start to click: - You'll see what happens when a leveraged position moves against you, instead of just reading a warning about it. - You'll learn what a [stop loss](/learn/what-is-a-stop-loss) actually does by setting one and watching it work. - You'll get a feel for how fast markets move, how fees eat into a trade, and what "getting [liquidated](/learn/what-is-liquidation)" really means without the gut-punch of it happening to your savings. By the time you fund a real account, none of it is new. You've already done it. The only thing that changes is that the wins and losses become yours. That's the whole idea: practice should feel exactly like the real thing, so the real thing feels easy. ## You don't even have to do it alone One more thing worth knowing. Liquid connects to AI assistants like Claude and ChatGPT through a feature called [Co-Invest](/coinvest), so you can literally ask an AI to walk you through a trade, explain what a term means, or talk through a strategy while you practice. For a beginner, that's like having a patient tutor sitting next to you the entire time. Ask "what's a [funding rate](/learn/what-are-funding-rates)?" or "should I use leverage here?" and get a real answer in plain language, right when you need it. Paired with paper trading, it turns the scariest part of starting — not knowing what you don't know — into something you can just ask about. ## How to start The fear of losing money before you understand what you're doing is real, and it stops a lot of good would-be traders before they begin. Paper trading is how you get past it. Learn the whole landscape, build real confidence, and trade for real — just not with real money. Yet. [Start practicing free →](https://app.liquid.trade) · [Try Co-Invest →](/coinvest) --- ## What Every Market on Liquid Actually Is - URL: https://www.liquid.trade/learn/what-every-market-on-liquid-is - Published: 2026-07-15 - Author: Liquid - Summary: New to Liquid? A beginner's guide to crypto, stock, commodity, FX, and prediction markets — and what actually moves each one. A perpetual future ("perp") lets you trade the price of an asset without ever owning it and without an expiry date. You go long if you think the price rises, short if you think it falls, and you can use leverage to size up. The mechanics are the same across every market on Liquid: pick a side, set your size and leverage, place the order. But what drives the price, and what you should actually be watching, changes a lot depending on what you're trading. Below is a beginner's guide to each. ## The one thing that's the same everywhere: funding Before the differences, the shared piece. Because a perp never expires, there has to be something pulling its price back in line with the real price of the underlying asset. That's the [funding rate](/learn/what-are-funding-rates). If more traders are long, longs pay shorts. Holding a long costs you a little over time. If more traders are short, shorts pay longs. You don't do anything to make this happen — it's automatic. Just know that holding a position for a long time has a small running cost (or credit) and that's funding. It matters more the longer you hold. ## Crypto perps A crypto perp tracks the price of a coin like Bitcoin without you ever holding the coin itself. **What moves the price:** Crypto trades 24/7 and reacts to everything — macro news, big liquidations, social sentiment, ETF flows, whatever Bitcoin is doing that day. It's the most volatile category here. What's different for beginners is that the market never closes, so a position can move overnight. Volatility is high, which means leverage cuts both ways faster than anywhere else. A small move against you at high leverage can [liquidate](/learn/what-is-liquidation) you. ## Stock (equity) perps A stock perp lets you trade the price of a company's shares without buying the actual stock. You're betting on which way the share price moves, with leverage if you want it. It also means you can trade the price even when the real stock market is closed. **What moves the price:** Company-specific news such as earnings, product launches, and analyst upgrades, as well as the broader stock market mood. Stocks have market hours, so the underlying company's shares trade roughly from 9:30am–4:00pm ET on weekdays. Big news often hits outside those hours, so prices can gap when the market reopens. ## Commodity perps A commodity perp lets you trade the price of something like gold or oil without ever touching the physical thing. You're trading the price purely as a number, long or short, with leverage. **What moves the price:** Big-picture forces such as supply and demand, geopolitics, the strength of the US dollar, and inflation expectations. Oil reacts to OPEC decisions and conflicts; gold tends to rise when people are nervous and seeking safety. This is usually a "macro" trade, meaning that you're betting on a theme rather than a single company's news. Gold in particular often moves opposite to risk assets like stocks and crypto. When markets panic, gold frequently catches a bid. These are good for expressing a view on the world rather than reacting to a single headline. ## FX perps An FX perp lets you trade the exchange rate between two currencies, and crucially, you're trading as a pair. EUR/USD isn't "the euro," it's the euro versus the dollar. Going long EUR/USD means you're betting the euro strengthens against the dollar; going short means the opposite. You never hold actual currency; you're just trading which way the rate moves. If you want to trade against the US dollar specifically, pair direction matters: go long EUR/USD or GBP/USD, or short USD/JPY. [See the full leveraged USD guide](/learn/how-to-short-the-us-dollar-with-leverage). **What moves it:** Interest rates and central bank policy, above all. A currency pair is a bet on one country's economy relative to another's. Individual moves are usually small in percentage terms compared to crypto, which is why FX is often traded with higher leverage. That also means liquidation can come from what looks like a tiny move. In addition, central bank meetings (the Fed, ECB, Bank of Japan) are the big scheduled events. It is important to know that FX is heavily driven by scheduled data releases like job reports and rate decisions, and the price can jump hard the second those numbers come out. ## Predictions This one works differently from everything above. A [prediction market](https://app.liquid.trade/worldcup) isn't tracking a continuous asset price — it's tracking the probability of an event (e.g., an election outcome or a sports result). The price represents an implied probability, usually shown between 0 and 1. A price of 0.65 means the market thinks there's roughly a 65% chance the event happens. These resolve to a fixed outcome, so at the end, the event either happened or didn't and the market settles accordingly. That's very different from a stock or crypto perp, which just keeps trading. Also, there's no leverage on predictions. You're buying a probability, not a leveraged price exposure. Think in terms of "is the market's probability wrong?" rather than "is the price going up?" If you believe an event is more likely than the current price implies, that's your edge. ## The bottom line Everything on Liquid uses the same order ticket — long or short, set your size, place a trade. What changes is what you're watching: a Fed meeting for FX, an earnings date for stocks, OPEC for oil, an event outcome for predictions. The best way to get a feel for how each market behaves without risking anything? Paper trade it. You can practice on live prices with simulated money, see how each market moves, and build intuition before putting real capital on the line. --- ## What Are Prediction Markets and How Do They Work - URL: https://www.liquid.trade/learn/prediction-markets - Published: 2026-07-04 - Author: Liquid - Summary: A clear guide to prediction markets: what a prediction market is, how prediction market prices work, why prediction markets forecast real outcomes, and how to trade prediction markets on Liquid. A prediction market is a market where you trade contracts tied to the outcome of a future event. Each contract in a prediction market pays out based on what actually happens, so the price of that contract behaves like a live probability. When traders in a prediction market buy and sell, the prediction market price moves, and that price is the market's best estimate of how likely the event is. Prediction markets have become one of the most direct ways to turn an opinion into a position. Instead of arguing about what will happen, a prediction market lets you back your view with capital, and the prediction market rewards you when your view is correct. ## What Is a Prediction Market? A prediction market is a marketplace for probabilities. In a prediction market, every contract represents a specific outcome, such as "this candidate wins" or "this team advances." The prediction market prices each contract between $0 and $1. If a prediction market contract trades at $0.65, the market is telling you the outcome has roughly a 65% chance of happening. The strength of a prediction market comes from the people who trade it. A prediction market aggregates the knowledge, research, and money of every participant into a single number. Because real capital is on the line, a prediction market tends to be harder to fool than a poll or a pundit. Traders who are consistently wrong lose money in the prediction market, and traders who are consistently right earn it, so the prediction market naturally rewards accurate forecasting. ## How Do Prediction Market Prices Work? Prediction market prices work through supply and demand, the same way any market does. When more traders in the prediction market buy a "yes" contract, its price rises. When more traders sell, the price falls. The price of a prediction market contract is therefore a running vote, weighted by conviction and capital, on how likely the outcome is. Read a prediction market price as a probability. A contract at $0.90 in a prediction market means the market sees the outcome as almost certain. A contract at $0.10 means the market sees it as unlikely. A contract near $0.50 means the prediction market is genuinely split. As new information arrives, traders update their positions, and the prediction market price moves to reflect the new odds in real time. A prediction market price is not a guarantee. It is the market's current estimate of probability. Prediction markets are usually well calibrated, but a $0.80 contract still loses one time in five on average. ## Why Prediction Markets Are Useful Prediction markets are useful because they produce a single, honest number that updates constantly. A prediction market has no incentive to spin. It simply prices the outcome. This makes prediction markets valuable for anyone who wants a fast, unbiased read on the future. - **Forecasting.** A well-traded prediction market often beats polls and expert panels, because the prediction market forces participants to put money behind their claims. - **Speed.** A prediction market reacts to news in seconds. When something changes, the prediction market price moves before most headlines are written. - **Clarity.** A prediction market turns a messy debate into one clean probability. Instead of ten opinions, you get one prediction market price. - **Access.** A prediction market lets anyone take a position on events they follow closely, from elections to sports to economics. ## How to Trade a Prediction Market on Liquid Trading a prediction market on Liquid is straightforward. You browse the available prediction markets, pick an outcome you have a view on, and buy the contract at the current prediction market price. If the outcome resolves in your favor, the prediction market pays out. If it does not, your contract settles at zero. You can explore Liquid's live prediction markets in the app at [app.liquid.trade/predict](https://app.liquid.trade/predict), or start from the [prediction markets overview](/predict) here on the site. Both point you to the same set of tradable prediction markets. ## Common Mistakes in Prediction Markets New traders often misread a prediction market. The most common mistake is treating a prediction market price as a certainty rather than a probability. A prediction market contract at $0.75 will still lose a quarter of the time, so sizing your position for that risk matters. Another mistake is ignoring liquidity. A thin prediction market can show a price that moves sharply on a single trade, while a deep prediction market gives you a more reliable price and tighter spreads. Before you commit size, check how much volume the prediction market is handling. Do not chase a prediction market right after major news. The prediction market has often already repriced. Wait for the spread to settle before you enter. ## Further Reading - [Liquid prediction markets (live app)](https://app.liquid.trade/predict) - [Prediction markets overview](/predict) ## Trade Prediction Markets on Liquid Liquid runs deep, liquid prediction markets across the events people actually care about. If you have a view on an outcome, a prediction market is the most direct way to express it, and the prediction market pays you when you are right. Open the [prediction markets on Liquid](https://app.liquid.trade/predict) and take your first position. --- ## World Cup Prediction Markets: How They Work - URL: https://www.liquid.trade/learn/world-cup-prediction-markets - Published: 2026-07-04 - Author: Liquid - Summary: Learn how World Cup prediction markets turn tournament outcomes into prices, how to read implied probability, and what to check before trading future football events. The 2026 World Cup ran from June 11 through July 19 across Canada, Mexico, and the United States, according to the [official FIFA match schedule](https://www.fifa.com/en/tournaments/mens/worldcup/canadamexicousa2026/articles/fifa-world-cup-26-match-schedule-revealed). Markets tied to that tournament have now resolved. The next men's World Cup is planned for June and July 2030. FIFA lists Morocco, Portugal, and Spain as the primary hosts, with one centenary celebration match in each of Argentina, Paraguay, and Uruguay. See [FIFA's official 2030 tournament page](https://www.fifa.com/en/tournaments/mens/worldcup/2030) for the latest format and schedule information. This guide explains how World Cup prediction markets work, how to read their prices, and what to check when football markets become available on Liquid. ## Why Trade the World Cup on Prediction Markets? A World Cup creates many discrete questions: who wins the tournament, which teams advance, and how selected matches finish. When a venue lists one of those questions, a prediction market turns it into a contract with a price that changes as traders respond to results and new information. That price reflects the market's current implied probability, not a guaranteed forecast or the “true odds.” Liquidity, fees, spreads, participant mix, and the market's resolution rules can all affect how useful the price is. ## How World Cup Odds Work on a Prediction Market Prediction-market prices are commonly quoted between $0 and $1. If a contract trades at $0.30, its price implies roughly a 30% probability before fees and other trading costs. If the specified outcome occurs under the market's rules, a winning contract generally settles at $1; otherwise it generally settles at $0. Prices can move when lineups, injuries, results, disciplinary decisions, or tournament rules change. They can also move because liquidity is thin or one order is large relative to the available market. A prediction-market price is an estimate, not a promise. Read the resolution rules and size every position for the possibility of a total loss. ## What World Cup Markets Might Be Available? Available markets depend on the venue, tournament stage, liquidity, and jurisdiction. A platform may list some of the following without listing all of them: - **Tournament winner.** Which nation will lift the trophy. - **Selected match results.** How a listed fixture will finish. - **Qualification or advancement.** Which teams reach a later stage. - **Other tournament outcomes.** Awards, records, or milestones defined by a market's rules. Always check the exact question, closing time, resolution source, and cancellation policy before trading. Similar-sounding contracts can settle differently. ## How to Trade a World Cup Market on Liquid Start from the [prediction markets overview](/predict) to see which contracts are currently available. If a World Cup or football market is listed, open it and read the market rules before selecting an outcome. Availability changes over time. A previous tournament's contracts may be settled, while markets for a future tournament may not appear until a venue lists them. The prediction markets overview is the current source of truth. ## Tips for Trading World Cup Prediction Markets Follow official tournament information rather than relying only on social posts. Team eligibility, fixture changes, disciplinary rulings, and the stated resolution source can matter as much as your view of a match. Check the order book before entering. Higher activity can make a market easier to enter or exit, but volume does not guarantee a tight spread, a fill at the displayed price, or an accurate forecast. Smaller markets may move sharply after a single order. Do not treat a fast price move as proof that the market is correct. Recheck the underlying news, the contract wording, available liquidity, and your maximum loss before trading. ## Further Reading - [What Are Prediction Markets and How Do They Work](/learn/prediction-markets) - [Prediction markets overview](/predict) - [Official FIFA World Cup 2026 schedule](https://www.fifa.com/en/tournaments/mens/worldcup/canadamexicousa2026/articles/fifa-world-cup-26-match-schedule-revealed) - [Official FIFA World Cup 2030 page](https://www.fifa.com/en/tournaments/mens/worldcup/2030) ## Browse Prediction Markets on Liquid World Cup contracts are event-specific and availability changes. Browse the [prediction markets overview](/predict) for markets that are currently listed, then read each contract's rules before taking a position. --- ## AI Trading: Why It Works and How to Start - URL: https://www.liquid.trade/learn/ai-trading - Published: 2026-07-03 - Author: Liquid - Summary: AI trading tools process more data than any human can alone — here is how they fit into your process and why Co-Invest makes it effortless. Markets move fast. Crypto never sleeps, stocks react to headlines in seconds, and commodities swing on data releases most people miss. Tracking all of it yourself isn't realistic, which is why AI trading has gone from a niche idea to something most active traders now take seriously. This isn't about handing your account to a robot. It's about using AI as a second set of eyes, one that doesn't get tired, doesn't get emotional, and can process more market data in a second than you could in a week. ## What "AI Trading" Actually Means AI trading spans a spectrum. On one end are fully automated bots placing trades with zero human input. On the other is AI as a research and decision-support tool, surfacing patterns and flagging setups while you stay in control. Most retail traders are better served by the second version. Full automation sounds appealing until something breaks at 3am with no one watching. An assistant that helps you think faster without taking the wheel tends to hold up better over time. ## Why AI Is Good at the Parts Traders Are Bad At Humans are decent at pattern recognition and terrible at consistency. AI trading tools are worth having in your corner for a few reasons: - **No emotion.** Fear and greed cause most bad exits. AI just processes the data instead of flinching. - **More ground covered.** One person can watch a handful of charts closely. AI can scan dozens of assets across crypto, equities, commodities, and FX at once. - **Faster synthesis.** News, order flow, and technical levels get pulled together and summarized in seconds instead of an hour of tab-switching. - **Consistency.** Same inputs, same evaluation, every time. No trades driven by a bad night's sleep. None of this makes AI infallible. It's a tool that's good at processing information at scale. The trades are still yours to make. ## AI Trading Bots vs. AI Trading Assistants Most of the confusion around AI trading comes from lumping two very different products together. An **AI trading bot** runs on its own. You define a strategy, or let a model define one, and it places orders on a schedule whether or not you're watching. That's genuinely useful for systematic strategies, and genuinely dangerous if the model misreads a thin market at 3am, or the API you depend on goes down mid-position. You also inherit the operational burden: keys, uptime, monitoring, and the question of who is accountable for a trade nobody reviewed. An **AI trading assistant** does everything up to the order and then stops. It gathers the data, forms a view, sizes the position against your actual balance, and hands you a trade to approve or reject. You keep the last word, which is where almost all of the real risk lives. A reasonable default: use an assistant for discretionary trading, and only reach for automation on a narrow, well-understood strategy you'd be comfortable explaining after a bad week. Our breakdown of [automated vs. agentic trading](/learn/automated-vs-agentic-trading) goes deeper on where the line actually sits. ## What to Look For in an AI Trading Platform AI trading software is easy to demo and hard to trust. The things worth checking before you connect an account: - **Real data, not vibes.** Positioning, funding, order flow, and dated news beat a model narrating a chart it can't actually see. - **Sourced reasoning.** Every call should come with a catalyst you can click through to. If you can't audit why, you can't improve your process. - **Custody.** Check whether the tool can move funds. Non-custodial means your keys stay yours and the worst case is a bad suggestion, not a drained account. - **Explicit confirmation.** Know exactly which actions need your approval and which don't, before you fund anything. - **Position sizing against your real balance.** Advice that ignores your account size isn't advice, it's commentary. - **A paper mode.** You should be able to run the whole loop on simulated money before risking real money. - **Honest pricing.** Watch for AI surcharges, subscription tiers, and spread markup layered on top of trading fees. ## Where AI Trading Fits Into Your Process The traders who get the most out of AI treat it as a layer in their process rather than a replacement for it: - **Idea generation.** Let AI flag unusual activity in markets you're not watching closely. - **Fast context.** Ask a trading assistant for the current setup and recent news instead of researching a ticker for twenty minutes. - **Sanity-checking your thesis.** See whether the data actually backs up your read before sizing up a position. - **Execution.** This still comes down to you. You place the trade yourself, with the AI having done the heavy lifting on research. The goal of AI trading isn't to remove your judgment. It's to make sure your judgment is working with better information. ## How Co-Invest Fits In This is exactly what Liquid's Co-Invest is built for, though it flips the usual setup on its head. Instead of bringing AI into your trading platform, Co-Invest brings your Liquid account into the AI assistant you're probably already using. It sits at the plug-and-play end of a broader landscape of tools traders are using to bring AI into their trading, from ready-to-go assistants to fully custom setups: - **Claude.** Add Co-Invest as a connector and trade right inside your existing Claude conversations. - **ChatGPT.** Available in ChatGPT's app directory, so you can research and execute without switching windows. - **iMessage.** Text your positions and trades the same way you'd text a friend, no app required. - **Chrome.** The [Co-Invest extension](/coinvest-extension) puts a Long/Short button under every ticker on X, Reddit, and TradingView, so you can act on a take where you read it. - **Hermes Agent.** An open-source, self-learning agent framework more technical traders wire up to brokers and exchanges to scan markets and place trades on a schedule, with little to no human input once it's running. - **OpenClaw.** A personal AI assistant that runs on your own machine and can take actions across the apps you use, including firing off trades if you connect it to the right tools. - **Cursor.** An AI-powered coding editor developers use to write and maintain the custom scripts behind DIY setups like these. The first four get you trading with AI in minutes, no setup beyond connecting your account. The last three give you full control, but also put you on the hook for the infrastructure, the uptime, and what happens when a script does something you didn't expect. Most people don't need to go that far to get the benefits of AI trading. Connect your account once, then research a market, size a position against your real portfolio, and place the trade without ever opening a separate app. Ask about a market inside the chat and you'll get real signals, positioning, funding, and the news actually driving price, not a generic summary. Co-Invest covers every market on Liquid: crypto perpetuals, US stocks, commodities, major FX pairs, and even pre-IPO names, all from the same conversation. Every suggested trade comes back as a confirmation card showing the symbol, direction, size, and reasoning, and nothing sends until you tap confirm. It can't move funds out or touch your account settings on its own; the worst it can do is suggest a trade you decide to ignore. It's also free to use. You pay Liquid's standard trading fees, the same ones you'd pay trading normally, with no extra AI surcharge on top. ## How to Start AI Trading in About Five Minutes If you want the shortest path from reading about this to actually doing it: 1. **Fund a trading account.** On Liquid, that's a non-custodial account you control, with crypto, stocks, commodities, FX, and [prediction markets](/predict) behind one balance. 2. **Connect the AI you already use.** Add [Co-Invest](/coinvest) to Claude or ChatGPT, or just text it over iMessage. Setup is a connector and a login, not an install. 3. **Practice on paper first.** Ask the assistant to switch to paper mode and run a few trades on simulated money against live prices. Our [beginner walkthrough](/learn/begin) covers the mechanics. 4. **Ask about a market you already have a view on.** The fastest way to calibrate any AI trading tool is to check it against something you understand well. 5. **Trade with stops from day one.** Have the assistant attach a [stop-loss](/learn/what-is-a-stop-loss) to every position it proposes, and treat anything it can't justify as a pass. 6. **Automate later, narrowly.** Once a repeatable setup earns your trust, [Co-Invest Computer](/coinvest-computer) can monitor and execute it on a schedule. ## The Honest Caveat AI trading tools are only as good as how you use them. They can process more data than you ever could alone, but they don't know your risk tolerance and won't stop you from overtrading if you're determined to. Treat AI as a research and speed advantage, not a shortcut around actually understanding what you're trading. Used that way, AI trading gives your judgment better inputs to work with. That's a real edge. Ready to try it yourself? [Check out Co-Invest](https://www.liquid.trade/coinvest) and ask it about any market you're watching. --- ## BingX Alternatives: Best Trading Platforms in 2026 - URL: https://www.liquid.trade/learn/bingx-alternatives - Published: 2026-06-19 - Author: Liquid Blog - Summary: Looking for alternatives to BingX? Compare the best trading platforms for perpetual futures, copy trading, non-custodial control, and multi-asset coverage. BingX has carved out a niche around copy trading alongside spot and derivatives products. Traders comparing alternatives may weigh custody, product coverage, fees, account eligibility, and how much control they want over execution. Here's what to consider — and where to go. ## Why Traders Are Looking Beyond BingX BingX has grown rapidly, but it carries risks that push some traders to explore alternatives: **Security breach.** In September 2024, BingX suffered a hot wallet exploit resulting in approximately $43M in losses. While the exchange pledged to compensate affected users, the incident highlighted the fundamental risk of centralized custody — a single point of failure that can drain customer funds overnight. **Custodial model.** BingX holds your funds in centralized custody. Despite compensation pledges after hacks, centralized exchanges remain structurally vulnerable to security incidents, insider threats, and regulatory seizures. **Product coverage.** Available assets and contract types vary by venue, account, and jurisdiction. Compare each platform's current market list directly. **Regulatory uncertainty.** BingX operates primarily offshore with limited regulatory licensing. Product availability and access can change without warning depending on your jurisdiction. **Copy trading dependency.** Copy trading ties a user's results to another trader's positions and risk settings. Copiers can set some controls, but results can still diverge because of timing, sizing, slippage, or configuration. For traders comparing derivatives, market coverage, custody, and position controls, here are several alternatives to consider. ## 1. Liquid Liquid is natively decentralized — rather than bolting Web3 onto a centralized exchange, the entire platform is built on-chain from the ground up. **Why it stands out as a BingX alternative:** **Non-custodial.** Funds remain in your own wallet and trades settle on-chain, reducing reliance on a centralized custodian. Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply. Smart contracts are independently [audited](/audits). **Hundreds of markets across multiple asset classes.** Trade US stocks ([Tesla](https://app.liquid.trade/trade/xyz:TSLA), [Apple](https://app.liquid.trade/trade/xyz:AAPL), [Nvidia](https://app.liquid.trade/trade/xyz:NVDA)), commodities ([gold](https://app.liquid.trade/trade/xyz:GOLD), [silver](https://app.liquid.trade/trade/xyz:SILVER), [oil](https://app.liquid.trade/trade/xyz:CL)), [FX pairs](https://app.liquid.trade/trade/xyz:EUR), digital assets, and pre-IPO names like SpaceX, OpenAI, and Anthropic — all as perpetual contracts from one account. **AI-assisted research (an alternative to copy trading).** [Co-Invest](/coinvest) helps research markets and prepare trade ideas, with your confirmation required for every trade. **Multi-asset perpetual markets.** Trade supported crypto, FX, stock, and commodity perpetuals through one interface. **Simple fiat on-ramp.** Deposit via bank transfer, card, or CashApp and start trading in minutes. No complex crypto-to-crypto conversions required. **Best for:** Traders comparing derivatives access, multi-asset markets, and a non-custodial alternative to copy trading. **Limitations:** - No copy trading; Co-Invest offers AI-assisted research instead - No fiat custody (by design — your funds stay on-chain) ## 2. Bybit A derivatives-focused exchange known for high liquidity in futures markets and its own copy-trading features. **Benefits:** - Deep futures liquidity with competitive fees - Copy trading and social trading tools - Growing spot market with regular listings - Structured products and earn features - Active derivatives markets **Limitations:** - Custodial — the exchange holds your funds - Primarily offshore with evolving regulatory status - Not available in the US or several major markets - Was breached for $1.5B in February 2025 ## 3. OKX A global exchange offering spot, margin, futures, and an integrated Web3 wallet with deep derivatives liquidity. **Benefits:** - Deep derivatives liquidity with competitive fees - Integrated DeFi wallet for on-chain trading - Regular proof-of-reserves transparency reports - Wide range of trading pairs and products - Regulatory status varies by jurisdiction **Limitations:** - Custodial — the exchange holds your funds - Complex VIP tier fee structure - Product and contract coverage varies by account and jurisdiction - Interface complexity with many product categories ## 4. Kraken Kraken has a long operating history and publishes proof-of-reserves reviews. **Benefits:** - Strong security track record since 2011 - Spot, margin, and futures trading - Publishes proof-of-reserves reviews - Regulated in multiple jurisdictions - Staking and earn products **Limitations:** - Custodial — the exchange holds your funds - No copy trading features - Lower derivatives liquidity than BingX - Product and contract coverage varies by account and jurisdiction - Higher fees for low-volume traders ## What to Look for in a BingX Alternative | Factor | Why It Matters | | --- | --- | | Security track record | Has the platform been hacked? How do they structurally prevent breaches? | | Custody model | Does the exchange hold your funds in a hot wallet, or do you control them on-chain? | | Asset coverage | Digital assets only, or also stocks, commodities, and FX? | | Trade workflow | Copy trading, AI-assisted research, or direct execution — and what controls does each provide? | | Regulatory status | Licensed and compliant, or operating in a gray area? | ## The Non-Custodial Advantage The BingX hack illustrates a fundamental problem with centralized exchanges: **when a company holds your funds in a hot wallet, a single exploit can drain millions overnight.** Compensation pledges after the fact don't eliminate the risk — they just promise to make you whole after you've already been exposed. Non-custodial platforms like Liquid remove the centralized exchange hot-wallet model from the custody flow. Funds remain in the user's wallet and trades settle on-chain, while smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks remain. For traders who've experienced the anxiety of exchange hacks — watching Twitter for confirmation, waiting to see if their funds are safe, hoping the exchange can actually cover losses — the non-custodial model represents a meaningful reduction in risk exposure, particularly against the custodial exploits that have drained billions from centralized platforms. ## Getting Started If you're looking to move beyond BingX: 1. **Try [Liquid](https://liquid.trade)** for non-custodial derivatives trading with multi-asset markets and AI-assisted research. 2. **Keep a centralized exchange** (Kraken or OKX) for fiat on/off-ramps if you need them. 3. **Compare custody models.** Self-custody reduces reliance on a centralized exchange but introduces wallet, smart-contract, and protocol risks. --- ## Binance Alternatives: Best Crypto Trading Platforms in 2026 - URL: https://www.liquid.trade/learn/binance-alternatives - Published: 2026-06-18 - Author: Liquid - Summary: Compare Binance alternatives for perpetual futures, spot trading, multi-asset exposure, and self-custody — including decentralized options. *Binance is a major centralized crypto exchange, but product access and licensing vary by jurisdiction. Traders comparing alternatives should weigh custody, derivatives availability, fees, market coverage, and local eligibility. Here's what to consider.* ## Why Traders Are Leaving Binance Binance has faced a cascade of regulatory setbacks: - **Regional access changes.** Binance's licensing and product availability vary by jurisdiction and can change over time. Check the platform's current eligibility information and local rules before relying on access to a specific product. - **Full exits from major markets.** Binance has already pulled out of Canada (May 2023) and the Netherlands (July 2023). It is not FCA-authorized in the UK. - **$4.3B DOJ settlement.** In late 2023, Binance paid one of the largest corporate fines in U.S. history and its founder pled guilty to anti-money laundering violations. The exchange operates under ongoing compliance monitoring. For traders comparing custody, market access, and product coverage, here are several alternatives to consider. ## 1. Liquid [Liquid](https://liquid.trade) takes a different approach from centralized exchanges: funds remain in the user's wallet and trades settle on-chain, reducing reliance on a centralized custodian. **Why it stands out as a Binance alternative:** - **Non-custodial.** Funds remain in your own wallet and trades settle on-chain, reducing reliance on a centralized custodian. Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply. - **Perpetual futures on-chain.** Trade supported BTC, ETH, SOL, and other perpetual markets with on-chain settlement. - **Stocks, commodities, and FX perpetuals.** Trade price exposure to markets such as AAPL, TSLA, gold, and EUR/USD. Supported perpetuals can trade outside the underlying cash market's hours; liquidity and reference pricing may differ when the underlying is closed. - **AI-powered trading assistant.** Liquid's Co-Invest feature uses AI to analyze markets and suggest trades, helping you make more informed decisions without needing to monitor charts all day. - **Simple fiat on-ramp.** Deposit via bank transfer, card, or CashApp and start trading in minutes. No complex crypto-to-crypto conversions required. **Best for:** Traders comparing multi-asset perpetual markets with a non-custodial model. **Limitations:** - No fiat custody (by design - your funds stay on-chain) ## 2. Kraken Founded in 2011, Kraken has a long operating history and publishes proof-of-reserves reviews. Its products and availability vary by jurisdiction. **Benefits:** - Strong regulatory compliance and transparency - Strong security track record - Spot and futures trading with competitive fees - Staking and earn products - Access to US-listed stocks in select regions **Limitations:** - Custodial - the exchange holds your funds and can freeze or restrict withdrawals - Futures not available in all jurisdictions - Higher fees for low-volume traders - Fewer altcoin listings than Binance ## 3. Coinbase The largest U.S.-based exchange and a publicly traded company. Coinbase offers a beginner-friendly interface, institutional-grade custody, and its own Layer-2 network (Base). **Benefits:** - Publicly audited financials and strong regulatory standing - Simple onboarding for first-time crypto buyers - Integrated wallet, custody, and staking - Large selection of educational resources **Limitations:** - Custodial - the exchange holds your funds and can freeze or restrict withdrawals - Trading fees significantly higher than competitors - Fewer listed assets than Binance or other exchanges - Advanced trading features limited compared to derivatives platforms - Not a real alternative for perpetual futures traders ## 4. OKX A global exchange offering spot, margin, futures, and an integrated Web3 wallet. OKX has obtained licenses in select jurisdictions and publishes regular proof-of-reserves reports. **Benefits:** - Deep derivatives liquidity with competitive fees - Integrated DeFi wallet for on-chain trading - Regular proof-of-reserves transparency reports - Wide range of trading pairs and products **Limitations:** - Custodial - the exchange holds your funds and can freeze or restrict withdrawals - Has faced security-related scrutiny in some jurisdictions - Complex interface for new users ## 5. Bybit A derivatives-focused exchange known for high liquidity in futures markets and popular copy-trading features. Bybit has expanded into spot trading, staking, and DeFi tools. **Benefits:** - Strong derivatives and futures offering - Copy trading and social trading tools - Competitive fee structure for active traders - Growing spot market with regular token listings **Limitations:** - Custodial - the exchange holds your funds and can freeze or restrict withdrawals - Primarily offshore with evolving regulatory status - Not available in the U.S. or several major markets - Wide toolset may overwhelm new users ## What to Look for in a Binance Alternative When evaluating where to move your trading activity, consider: | Factor | Why It Matters | |--------|---------------| | **Custody model** | Centralized exchanges hold customer funds. Non-custodial platforms reduce reliance on centralized custody but introduce smart-contract, protocol, and self-custody risks. | | **Regulatory status** | Will this platform still be available in your country next year? MiCA in Europe, evolving rules in Asia, and shifting U.S. policy mean access can change overnight. | | **Asset coverage** | Does the platform offer the markets you trade? Crypto, stocks, commodities? | | **Leverage and derivatives** | If you trade perpetual futures, check available leverage, funding rates, and liquidation mechanics. | | **Security track record** | Has the exchange been hacked? How do they handle security incidents? | ## The Non-Custodial Advantage The Binance situation highlights a fundamental risk of centralized exchanges: **they are single points of failure.** A regulatory decision in one country can lock you out of your own funds. A security breach can drain customer deposits. A corporate legal issue can freeze withdrawals. Non-custodial platforms like Liquid use a different risk model. Funds remain in the user's wallet and trades settle on-chain, reducing reliance on a centralized custodian. Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply. For traders who've been through Binance's rolling restrictions - losing derivatives access in one country, then futures in another, then fiat services in another - this architectural difference isn't theoretical. It's the difference between trading continuity and scrambling for a new platform every time regulations shift. ## Getting Started If you're looking to move away from Binance: 1. **Try [Liquid](https://liquid.trade)** for a non-custodial experience with the asset coverage and leverage you're used to - plus stocks and AI-powered analysis. 2. **Keep a centralized exchange** (Kraken or Coinbase) for fiat on/off-ramps if you need them. 3. **Diversify your access.** Maintaining more than one eligible venue can help when regional product access changes. The crypto industry moves fast. Regulations, product availability, and venue access change. Compare current availability, custody, fees, and risk disclosures before choosing a platform. --- ## Coinbase Alternatives: Best Trading Platforms in 2026 - URL: https://www.liquid.trade/learn/coinbase-alternatives - Published: 2026-06-18 - Author: Liquid Blog - Summary: Outgrowing Coinbase? Compare alternatives by trading products, market coverage, fees, and custody model. Coinbase is a publicly traded digital-asset platform with spot, derivatives, and other products that vary by account and jurisdiction. Traders comparing alternatives may weigh fees, contract coverage, custody, and access to additional asset classes. Here's what to consider — and where to go. ## Why Traders Are Looking Beyond Coinbase Coinbase works well as a starting point, but active traders often need more: **Fee structure.** Fees depend on product, order type, market, and volume tier. Active traders should compare current all-in costs, including spreads and funding where applicable. **Different derivatives access.** Available derivatives and short-position tools vary by product, account, and jurisdiction. Compare the current contract list directly. **Different product coverage.** Stocks, commodities, currencies, and related derivatives vary by venue, account, and jurisdiction. Compare current products and whether they provide ownership or derivative exposure. **Custodial model.** When you buy on Coinbase, your assets sit in Coinbase's custody. The company controls access and can freeze accounts or restrict withdrawals. **Limited short exposure.** Direct shorting and derivatives access depend on product and jurisdiction; spot-only users cannot open a short position through a spot order. For traders comparing fees, market coverage, and custody models, here are several alternatives to consider. ## 1. Liquid Liquid is a non-custodial trading platform where funds remain in the user's wallet and trades settle on-chain, reducing reliance on a centralized custodian. **Why it stands out as a Coinbase alternative:** **Non-custodial.** Funds remain in your own wallet and trades settle on-chain, reducing reliance on a centralized custodian. Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply. **Hundreds of markets across multiple asset classes.** Trade US stocks like [Tesla](https://app.liquid.trade/trade/xyz:TSLA) and [Nvidia](https://app.liquid.trade/trade/xyz:NVDA), commodities like [gold](https://app.liquid.trade/trade/xyz:GOLD) and [oil](https://app.liquid.trade/trade/xyz:CL), major [FX pairs](https://app.liquid.trade/trade/xyz:EUR), digital assets (BTC, ETH, SOL, and more), and pre-IPO names like SpaceX and Anthropic. **Take long or short positions.** Open a short position on supported perpetual markets from the same order ticket. A short can gain when price falls, but losses and liquidation are possible. **Published trading fees.** Review current maker and taker fees before trading; spreads, funding, and other costs vary by market and position. **AI-powered trading assistant.** [Co-Invest](/coinvest) analyzes markets, generates trade ideas, and can execute orders on your behalf — with your confirmation on every trade. **Best for:** Traders comparing active trading, multi-asset coverage, and a self-custodial model. **Limitations:** - No fiat custody (by design — your funds stay on-chain) - No native staking product; Liquid Earn is a separate USDC vault product with variable, non-guaranteed yield ## 2. Kraken Founded in 2011, Kraken has a long operating history and publishes proof-of-reserves reviews. **Benefits:** - Strong regulatory compliance and transparency - Strong security track record - Spot, margin, and futures trading - Staking and earn products - Tiered trading fees vary by product and volume **Limitations:** - Custodial — the exchange holds your funds and can freeze or restrict withdrawals - Futures not available in all jurisdictions - Product and contract coverage varies by account and jurisdiction - Multiple interfaces can be confusing (Kraken vs Kraken Pro) ## 3. OKX A global exchange offering spot, margin, futures, and an integrated Web3 wallet. Deep derivatives liquidity and competitive fees. **Benefits:** - Deep derivatives liquidity with competitive fees - Integrated DeFi wallet for on-chain trading - Regular proof-of-reserves transparency reports - Wide range of trading pairs and products **Limitations:** - Custodial — the exchange holds your funds and can freeze or restrict withdrawals - Has faced security-related scrutiny in some jurisdictions - Complex interface for new users - Product and derivatives availability varies by account and jurisdiction ## 4. eToro A multi-asset social trading platform where you can copy experienced traders and access stocks, commodities, and digital assets from one account. **Benefits:** - Social trading — copy top-performing traders automatically - Multi-asset: stocks, ETFs, commodities, FX, and digital assets - Regulated in multiple jurisdictions - Simple onboarding for beginners **Limitations:** - Custodial — the platform holds your funds - Fees vary by product, account, and region - Copy trading performance depends on other humans' decisions - Limited digital asset selection compared to dedicated exchanges ## What to Look for in a Coinbase Alternative | Factor | Why It Matters | | --- | --- | | Fee structure | Are fees transparent, or hidden in spreads and convenience charges? | | Asset coverage | Digital assets only, or also stocks, commodities, and FX? | | Derivatives access | Can you trade perpetual futures and go short, or only buy spot? | | Custody model | Does the exchange hold your funds? Can they freeze your account? | | Trading tools | Is the platform designed for active traders, or just buy-and-hold? | ## The Non-Custodial Advantage Coinbase is a strong company with good regulatory standing — but it's still custodial. Your funds are held by Coinbase, and the company has the ability to freeze accounts, restrict withdrawals, or change fee structures. If you've ever been locked out during a verification issue or had a withdrawal delayed, you've experienced the downside of custodial trading firsthand. Non-custodial platforms like Liquid use a different risk model. Funds remain in the user's wallet and trades settle on-chain, reducing reliance on a centralized custodian. This does not remove smart-contract, protocol, oracle, liquidity, front-end, self-custody, or jurisdictional risk. ## Getting Started If you're looking to move beyond Coinbase: 1. **Try Liquid** for non-custodial trading across crypto, stocks, commodities, FX, and pre-IPO markets, with published fees and AI-assisted research. 2. **Keep Coinbase** as a fiat on/off-ramp if you need bank-connected buying and selling. 3. **Diversify your access.** Don't keep all your assets on a single custodial platform. The traders who sleep best are the ones who control their own funds. --- ## eToro Alternatives: Best Trading Platforms in 2026 - URL: https://www.liquid.trade/learn/etoro-alternatives - Published: 2026-06-18 - Author: Liquid Blog - Summary: Looking beyond eToro? Compare the best alternatives for multi-asset trading — including platforms with AI-powered analysis, 24/7 markets, and non-custodial control. eToro made multi-asset social trading accessible to millions — copy top traders, access stocks, commodities, and digital assets from one account. But as traders gain experience, many outgrow the copy-trading model because of fees that vary by product and region, custodial limitations, regional restrictions, and dependency on other humans' performance. Here's what to consider — and where to go. ## Why Traders Are Looking Beyond eToro eToro works well for beginners, but experienced traders often find limitations: **Fee structure.** eToro's stock commissions vary by country and exchange — ranging from free to $1–$2 per trade. Withdrawal fees may apply (up to $5 depending on region), and currency conversion charges add up for non-USD accounts. The true cost of trading can be higher than it first appears. **Copy trading limitations.** CopyTrader mirrors another trader's positions subject to the copier's settings. Users can apply controls, but copied results can still differ because of timing, sizing, slippage, or configuration. **Regional restrictions.** eToro's feature set varies significantly by region. US users get a more limited experience than European users. Digital asset withdrawal was restricted for years, and CFD leverage caps vary by jurisdiction. **Custodial model.** Your funds and assets are held by eToro. In some regions, assets purchased on the platform couldn't be transferred to external wallets for years. **Limited derivatives.** eToro offers CFDs in some regions, but access varies. The platform is fundamentally designed for simpler, buy-and-hold or copy-trading use cases. For traders comparing research tools, fees, market coverage, and custody models, here are several alternatives to consider. ## 1. Liquid Liquid offers AI-assisted research instead of human copy trading, alongside a non-custodial model. **Why it stands out as an eToro alternative:** **AI-assisted research instead of copy trading.** [Co-Invest](/coinvest) helps research markets and prepare trade ideas, with your confirmation required for every trade. **Non-custodial.** Funds remain in your own wallet and trades settle on-chain, reducing reliance on a centralized custodian. Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply. **Hundreds of markets across multiple asset classes.** Trade US stocks like [Tesla](https://app.liquid.trade/trade/xyz:TSLA) and [Apple](https://app.liquid.trade/trade/xyz:AAPL), commodities like [gold](https://app.liquid.trade/trade/xyz:GOLD) and [oil](https://app.liquid.trade/trade/xyz:CL), [FX pairs](https://app.liquid.trade/trade/xyz:EUR), digital assets, and pre-IPO names like SpaceX, OpenAI, and Anthropic — all as perpetual contracts. **Around-the-clock perpetual markets.** Supported perpetuals can trade outside the underlying cash market's hours. Availability, liquidity, spreads, and reference pricing can differ when the underlying market is closed. **Published trading fees.** Review current maker and taker fees before trading; spreads, funding, and other costs vary by market and position. **Best for:** Traders comparing AI-assisted research with copy trading, a non-custodial model, and published trading fees. **Limitations:** - No social trading or copy-trading features - No fiat custody (by design — your funds stay on-chain) - No ETFs ## 2. Webull A commission-free brokerage with strong charting tools, designed for more technical retail traders. **Benefits:** - Advanced charting with 50+ indicators and drawing tools - Commission-free stock and ETF trading - Extended trading hours - Options trading available **Limitations:** - Custodial — the platform holds your funds - Product and contract coverage varies by account and jurisdiction - Compare current commodity, currency, and futures availability directly - Intraday-margin and broker rules vary ## 3. Robinhood The pioneer of commission-free stock trading, with a simple interface designed for casual investors. **Benefits:** - Clean, simple interface for beginners - Commission-free stocks, ETFs, and options - Fractional share trading - IRA accounts available **Limitations:** - Custodial — has historically restricted trading during volatile periods - Very limited digital asset selection - Product and international-market coverage varies by account and jurisdiction - No copy-trading or social features - Payment for order flow affects execution quality ## 4. Coinbase The largest US-based digital asset exchange, with strong regulatory standing and beginner-friendly onboarding. **Benefits:** - Publicly traded company with regulatory compliance - Simple buy-and-hold interface - Integrated staking and earn products - Educational resources **Limitations:** - Custodial — the exchange holds your funds - High fees compared to most alternatives - Product and contract coverage varies by account and jurisdiction - Derivatives and short-position availability varies by product and jurisdiction ## What to Look for in an eToro Alternative | Factor | Why It Matters | | --- | --- | | Trading workflow | Copy trading, AI-assisted research, or direct execution — and what controls does each provide? | | Fee transparency | Are costs hidden in spreads and fees, or clearly stated? | | Custody model | Does the platform hold your funds? Can they restrict withdrawals? | | Asset coverage | Stocks, commodities, FX, and digital assets — all in one place? | | Regional consistency | Same features everywhere, or restricted by jurisdiction? | ## The Non-Custodial Advantage eToro is a regulated, well-known platform — but it's fully custodial. Your assets are held by eToro, and the company controls your ability to withdraw, transfer, and trade. For years, eToro users in some regions couldn't even transfer digital assets to their own wallets. Non-custodial platforms like Liquid use a different risk model. Funds remain in the user's wallet and trades settle on-chain, reducing reliance on a centralized custodian. This does not remove smart-contract, protocol, oracle, liquidity, front-end, self-custody, or jurisdictional risk. ## Getting Started If you're looking to move beyond eToro: 1. **Try Liquid** for AI-assisted research, a non-custodial model, and multi-asset perpetual markets with published trading fees. 2. **Keep eToro** if you still want to follow specific traders socially or need direct stock ownership in certain regions. 3. **Don't depend on one platform.** The best traders diversify their tools — and their custody models. --- ## Kraken Alternatives: Best Trading Platforms in 2026 - URL: https://www.liquid.trade/learn/kraken-alternatives - Published: 2026-06-18 - Author: Liquid Blog - Summary: Exploring alternatives to Kraken? Compare the best trading platforms for multi-asset coverage, non-custodial control, and advanced trading features. Kraken is one of the most respected names in digital asset trading — a decade-long track record, strong security, and deep liquidity. But even loyal Kraken users hit limitations: a custodial model, fragmented product experience across multiple apps, restricted futures access in some regions, and limited multi-asset coverage. Here's what to consider — and where to go. ## Why Traders Are Looking Beyond Kraken Kraken is a trusted institution, but it has constraints that push some traders to explore alternatives: **Custodial model.** Despite a strong security record, Kraken still holds your funds. You depend on a centralized entity to safeguard your assets and grant you access. **Fragmented experience.** Kraken offers a simple app, Kraken Pro for advanced trading, and separate API access. The experience is spread across multiple products rather than unified. **Regional restrictions on futures.** Kraken's futures and margin products aren't available in all jurisdictions. Depending on where you live, you may be limited to spot trading only. **Different product coverage.** Available assets and contract types vary by venue, account, and jurisdiction. Compare the current market list directly if you need exposure beyond your existing products. **Tiered fee structure.** Kraken's fees vary by product and trading volume; compare current all-in costs for the markets you use. For traders comparing market coverage, product design, and custody models, here are several alternatives to consider. ## 1. Liquid Liquid is a non-custodial trading platform where funds remain in the user's wallet and trades settle on-chain, reducing reliance on a centralized custodian. **Why it stands out as a Kraken alternative:** **Non-custodial.** Funds remain in your own wallet and trades settle on-chain, reducing reliance on a centralized custodian. Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply. Smart contracts are independently [audited](/audits). **Hundreds of markets across multiple asset classes.** Trade US stocks ([Apple](https://app.liquid.trade/trade/xyz:AAPL), [Tesla](https://app.liquid.trade/trade/xyz:TSLA), [Nvidia](https://app.liquid.trade/trade/xyz:NVDA)), commodities ([gold](https://app.liquid.trade/trade/xyz:GOLD), [silver](https://app.liquid.trade/trade/xyz:SILVER), [oil](https://app.liquid.trade/trade/xyz:CL)), [FX pairs](https://app.liquid.trade/trade/xyz:EUR), digital assets, and pre-IPO names like SpaceX, OpenAI, and Anthropic — all from one unified account. **Unified trading interface.** Use one interface for supported perpetual markets, with charting, long/short orders, TP/SL orders, and multi-asset portfolio management. **Around-the-clock perpetual markets.** Supported perpetuals can trade outside the underlying cash market's hours. Availability, liquidity, spreads, and reference pricing can differ when the underlying market is closed. **AI-powered trading assistant.** [Co-Invest](/coinvest) helps you research supported markets and execute trades conversationally. **Best for:** Serious traders who value Kraken's reliability but want broader asset coverage, a unified experience, and non-custodial control. **Limitations:** - No fiat custody (by design — your funds stay on-chain) - No native staking product; Liquid Earn is a separate USDC vault product with variable, non-guaranteed yield ## 2. Coinbase The largest US-based exchange, publicly traded on NASDAQ. Strong regulatory standing and a beginner-friendly interface. **Benefits:** - Publicly audited financials and strong regulatory compliance - Simple onboarding for first-time buyers - Integrated wallet, custody, and staking - Large selection of educational resources **Limitations:** - Custodial — the exchange holds your funds and can freeze or restrict withdrawals - Significantly higher trading fees than Kraken - Limited derivatives and no short selling for most users - Not designed for active traders ## 3. OKX A global exchange with deep derivatives liquidity, an integrated Web3 wallet, and a growing product ecosystem. **Benefits:** - Deep derivatives liquidity with competitive fees - Integrated DeFi wallet for on-chain access - Regular proof-of-reserves transparency reports - Wide range of trading products (spot, futures, options) **Limitations:** - Custodial — the exchange holds your funds and can freeze or restrict withdrawals - Has faced security-related scrutiny - Complex interface for new users - Perpetual futures and advanced derivatives not available to US users ## 4. Webull A commission-free brokerage with strong charting tools, popular with active retail traders in the US. **Benefits:** - Advanced charting with 50+ indicators - Commission-free stock and ETF trading - Extended trading hours - Paper trading for practice **Limitations:** - Custodial — the platform holds your funds - Product and contract coverage varies by account and jurisdiction - Intraday-margin and broker rules vary - Digital-asset derivatives availability varies by account and jurisdiction ## What to Look for in a Kraken Alternative | Factor | Why It Matters | | --- | --- | | Custody model | Does the platform hold your funds, or do you control them on-chain? | | Asset coverage | Which assets and contract types are currently available to your account? | | Product unity | One platform for everything, or fragmented across multiple apps? | | Regional access | Are derivatives and advanced features available where you live? | | Fee structure | Transparent fees, or a complex tiered system that penalizes smaller traders? | ## The Non-Custodial Advantage Kraken has one of the best security track records in the industry — but the custodial model itself is the risk. Even the most secure exchange is still a single point of failure. A regulatory decision, a corporate legal issue, or an unprecedented security event could affect access to your funds. Non-custodial platforms like Liquid use a different risk model. Funds remain in the user's wallet and trades settle on-chain, reducing reliance on a centralized custodian. This does not remove smart-contract, protocol, oracle, liquidity, front-end, self-custody, or jurisdictional risk. ## Getting Started If you're looking to move beyond Kraken: 1. **Try Liquid** for non-custodial trading with multi-asset coverage, a unified interface, and AI-powered analysis — without giving up the depth and seriousness you expect. 2. **Keep Kraken** for fiat on/off-ramps and staking if those features are important to you. 3. **Diversify your access.** Compare multiple tools and custody models, and review current eligibility and risk disclosures before relying on a platform. --- ## OKX Alternatives: Best Trading Platforms in 2026 - URL: https://www.liquid.trade/learn/okx-alternatives - Published: 2026-06-18 - Author: Liquid Blog - Summary: Exploring alternatives to OKX? Compare the best trading platforms for multi-asset coverage, non-custodial control, and deep derivatives trading. OKX is a large global exchange with derivatives products and a Web3 ecosystem. Traders comparing it with alternatives may weigh custody, fee tiers, interface complexity, product coverage, and jurisdictional eligibility. Here's what to consider — and where to go. ## Why Traders Are Looking Beyond OKX OKX is feature-rich, but it has vulnerabilities that push some traders to explore alternatives: **Custodial risk.** OKX holds your funds in centralized custody. Despite proof-of-reserves reports, centralized exchanges remain vulnerable to security incidents and account compromises — risks inherent to the custodial model. **Different asset coverage.** Product coverage varies by venue and region. Traders seeking stock, commodity, or FX price exposure should compare current market lists directly. **Complex fee structure.** OKX uses a VIP tier system based on 30-day volume and OKB token holdings. New traders pay higher fees, and the system incentivizes buying OKX's native token rather than just trading. **Regional availability.** Licensing, products, and account eligibility vary by jurisdiction. Check current platform eligibility and local rules before relying on access to a specific product. **Interface complexity.** OKX offers spot, margin, futures, options, structured products, NFTs, and DeFi tools. The feature richness creates a steep learning curve, especially for traders who just want to trade. For traders comparing derivatives, market coverage, pricing, and custody models, here are several alternatives to consider. ## 1. Liquid Liquid is natively decentralized — rather than bolting Web3 onto a centralized exchange, the entire platform is built on-chain from the ground up. **Why it stands out as an OKX alternative:** **Non-custodial.** Funds remain in your own wallet and trades settle on-chain, reducing reliance on a centralized custodian. Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply. Smart contracts are independently [audited](/audits). **Hundreds of markets across multiple asset classes.** Trade US stocks ([Tesla](https://app.liquid.trade/trade/xyz:TSLA), [Apple](https://app.liquid.trade/trade/xyz:AAPL), [Nvidia](https://app.liquid.trade/trade/xyz:NVDA)), commodities ([gold](https://app.liquid.trade/trade/xyz:GOLD), [silver](https://app.liquid.trade/trade/xyz:SILVER), [oil](https://app.liquid.trade/trade/xyz:CL)), [FX pairs](https://app.liquid.trade/trade/xyz:EUR), digital assets, and pre-IPO names like SpaceX, OpenAI, and Anthropic — all as perpetual contracts from one account. **Published trading fees.** Review current maker and taker fees before trading; funding and other costs vary by market and position. **AI-powered trading.** [Co-Invest](/coinvest) analyzes markets across all asset classes, generates trade ideas, and can execute orders on your behalf — with your confirmation on every trade. **Clean, unified interface.** Use one interface for supported perpetual markets, with charting, long/short orders, and multi-asset portfolio management. **Best for:** Derivatives traders who want OKX-level depth with broader asset coverage, non-custodial control, and simpler pricing. **Limitations:** - No options or structured products - No NFT marketplace - No fiat custody (by design — your funds stay on-chain) ## 2. Kraken One of the oldest and most security-focused exchanges. Founded in 2011 with a long track record of security focus and regulatory compliance. **Benefits:** - Strong security track record - Spot, margin, and futures trading - Publishes proof-of-reserves reviews - Regulatory status varies by jurisdiction - Staking and earn products **Limitations:** - Custodial — the exchange holds your funds - Futures restricted in some jurisdictions - Lower derivatives liquidity than OKX - Product and contract coverage varies by account and jurisdiction - Higher fees for low-volume traders ## 3. Coinbase The largest US-based exchange, publicly traded on NASDAQ with strong regulatory standing. **Benefits:** - Publicly audited financials - Simple onboarding for beginners - Strong US regulatory compliance - Integrated wallet and staking - Base L2 ecosystem **Limitations:** - Custodial — the exchange holds your funds - Product and derivatives availability varies by account and jurisdiction - Fee tiers and all-in costs vary by product and volume - Short-position availability varies by product and jurisdiction - Active traders should compare current tools and order types directly ## 4. eToro A multi-asset social trading platform with copy-trading features and broad asset coverage. **Benefits:** - Multi-asset: stocks, commodities, FX, and digital assets - Social trading — copy experienced traders - Regulated in multiple jurisdictions (FCA, CySEC, ASIC) - User-friendly interface **Limitations:** - Custodial — the platform holds your funds - Fees vary by region (withdrawal fees up to $5, stock commissions $1–$2 in some markets, conversion fees) - Very limited derivatives depth compared to OKX - Copy trading depends on other humans' decisions - Limited in the US ## What to Look for in an OKX Alternative | Factor | Why It Matters | | --- | --- | | Custody model | Does the exchange hold your funds, or do you control them on-chain? | | Security track record | Has the platform had security incidents? How were they handled? | | Asset coverage | Digital assets only, or also stocks, commodities, and FX? | | Fee transparency | Simple pricing, or complex tiers requiring token purchases? | | Interface simplicity | Clean unified experience, or fragmented across multiple products? | ## The Non-Custodial Advantage Centralized exchanges carry an inherent risk: when a company holds your funds, any security failure becomes your problem. Proof-of-reserves reports are a step forward, but they don't protect you from an actual breach or regulatory seizure. Non-custodial platforms like Liquid use a different risk model. Funds remain in the user's wallet and trades settle on-chain, reducing reliance on a centralized custodian. This does not remove smart-contract, protocol, oracle, liquidity, front-end, self-custody, or jurisdictional risk. For traders who've experienced the anxiety of security incidents on centralized exchanges, the non-custodial model isn't just a feature — it's peace of mind. ## Getting Started If you're looking to move beyond OKX: 1. **Try Liquid** for non-custodial derivatives trading with multi-asset coverage, published fees, and AI-assisted research. 2. **Keep a centralized exchange** (Kraken or Coinbase) for fiat on/off-ramps if you need them. 3. **Compare custody models.** Self-custody reduces reliance on a centralized exchange but introduces wallet, smart-contract, and protocol risks. --- ## Robinhood Alternatives: Best Trading Platforms in 2026 - URL: https://www.liquid.trade/learn/robinhood-alternatives - Published: 2026-06-18 - Author: Liquid Blog - Summary: Looking beyond Robinhood? Compare alternatives by trading products, market hours, asset coverage, and custody model. Robinhood brought commission-free stock trading to millions — but as traders mature, many are looking for more. Limited asset coverage, restricted trading hours, no short selling for most users, and a custodial model that [restricted purchases during the GameStop squeeze](https://en.wikipedia.org/wiki/GameStop_short_squeeze) have pushed active traders to explore alternatives. Here's what to consider — and where to go. ## Why Traders Are Looking Beyond Robinhood Robinhood remains popular for casual investors, but it has real limitations for active traders: **Limited weekend and off-hours access.** Robinhood now offers 24/5 trading for many stocks, but markets are still closed on weekends. If a major event happens Saturday or Sunday, you're locked out until Monday. **No short selling.** Most Robinhood users can't short stocks directly. Put options are the only workaround, adding complexity and time decay risk. **Product coverage.** Available assets and contract types vary by venue, account, and jurisdiction. Compare current stock, futures, commodity, currency, and digital-asset products directly. **Custodial model.** Your assets are held by Robinhood. During the January 2021 GameStop event, Robinhood restricted buying of several stocks — a reminder that custodial platforms can limit your trading at any time. **Payment for order flow.** While trades are "free," Robinhood earns revenue by routing your orders to market makers, which can result in worse execution prices. For traders comparing market coverage, trading hours, and custody models, here are several alternatives to consider. ## 1. Liquid Liquid takes a different approach from traditional brokerages: funds remain in the user's wallet and trades settle on-chain, reducing reliance on a centralized custodian. **Why it stands out as a Robinhood alternative:** **Non-custodial.** Funds remain in your own wallet and trades settle on-chain, reducing reliance on a centralized custodian. Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply. **Hundreds of markets across multiple asset classes.** Trade US stocks ([Tesla](https://app.liquid.trade/trade/xyz:TSLA), [Apple](https://app.liquid.trade/trade/xyz:AAPL), [Nvidia](https://app.liquid.trade/trade/xyz:NVDA)), commodities ([gold](https://app.liquid.trade/trade/xyz:GOLD), [silver](https://app.liquid.trade/trade/xyz:SILVER), [oil](https://app.liquid.trade/trade/xyz:CL)), [FX pairs](https://app.liquid.trade/trade/xyz:EUR), digital assets, and pre-IPO names like SpaceX, OpenAI, and Anthropic — all as perpetual contracts from one account. **Around-the-clock perpetual markets.** Supported perpetuals can trade outside the underlying cash market's hours. Availability, liquidity, spreads, and reference pricing can differ when the underlying market is closed. **Take long or short positions.** Open a short position on supported perpetual markets from the same order ticket. A short can gain when price falls, but losses, funding costs, and liquidation are possible. **AI-powered trading assistant.** [Co-Invest](/coinvest) analyzes markets, suggests trades, and can execute orders on your behalf — with your confirmation on every trade. **Best for:** Active traders comparing around-the-clock perpetual markets, multi-asset coverage, and a non-custodial model. **Limitations:** - No options trading - No fiat custody (by design — your funds stay on-chain) ## 2. Webull A commission-free brokerage that targets more technical traders than Robinhood. Better charting tools, extended hours, and a wider feature set. **Benefits:** - Advanced charting with 50+ indicators - Extended and overnight trading for select securities, with eligibility and order-type limits - Options and fractional share trading - Paper trading for practice **Limitations:** - Custodial — the platform holds your funds and can restrict trading - Stock trading hours and product availability vary by account and venue - Intraday-margin and broker rules vary - Commodity, currency, and international-market coverage varies by account and jurisdiction ## 3. eToro A multi-asset social trading platform with copy-trading features that let you mirror other traders' strategies. **Benefits:** - Social trading — copy top-performing traders automatically - Multi-asset: stocks, ETFs, commodities, FX, and digital assets - Regulated in multiple jurisdictions (FCA, CySEC, ASIC) - User-friendly interface for beginners **Limitations:** - Custodial — the platform holds your funds and can freeze or restrict withdrawals - Fees vary by region (withdrawal fees up to $5, stock commissions $1–$2 in some markets, conversion fees) - Limited in the US compared to other regions - Copy trading performance depends on other humans' decisions ## 4. Coinbase The largest US-based digital asset exchange, designed as an entry point for buying and holding. **Benefits:** - Publicly traded company (NASDAQ: COIN) with strong regulatory standing - Simple, beginner-friendly interface - Integrated wallet and staking features - Large educational resource library **Limitations:** - Custodial — the exchange holds your funds and can freeze or restrict withdrawals - Higher fees than most alternatives - Primarily focused on spot digital assets — limited derivatives - Not designed for active traders ## What to Look for in a Robinhood Alternative | Factor | Why It Matters | | --- | --- | | Trading hours | When is each product available, and how does liquidity change outside underlying market hours? | | Asset coverage | Stocks only, or also commodities, FX, and digital assets? | | Short exposure | Does the product support short positions, and what funding, borrow, or liquidation mechanics apply? | | Custody model | Does the platform hold your funds? Can they restrict your trading? | | Fee transparency | Are trades really "free," or is the cost hidden in execution quality? | ## The Non-Custodial Advantage The GameStop incident in January 2021 showed how a brokerage's risk controls can affect customer access. Robinhood restricted buying of GME, AMC, and other stocks during the volatility. Non-custodial platforms like Liquid use a different risk model. Funds remain in the user's wallet and trades settle on-chain, reducing reliance on a centralized custodian. This does not remove smart-contract, protocol, oracle, liquidity, front-end, self-custody, or jurisdictional risk. ## Getting Started If you're looking to move beyond Robinhood: 1. **Try Liquid** for around-the-clock perpetual markets, multi-asset coverage, non-custodial settlement, and AI-assisted research. 2. **Keep Robinhood** (or another brokerage) for tax-advantaged accounts (IRA, 401k) and simple stock/ETF holding if you need that. 3. **Don't rely on a single platform.** The traders who weren't affected by Robinhood's trading restrictions were the ones who already had alternatives in place. --- ## Webull Alternatives: Best Trading Platforms in 2026 - URL: https://www.liquid.trade/learn/webull-alternatives - Published: 2026-06-18 - Author: Liquid Blog - Summary: Looking beyond Webull? Compare alternatives by market hours, intraday-margin rules, product coverage, and custody model. Webull positioned itself as a more advanced alternative to basic brokerage apps, with charting, extended-hours products, and options tools. Traders comparing alternatives may weigh current intraday-margin rules, product coverage, short-sale mechanics, market hours, and custody. Here's what to consider — and where to go. ## Why Traders Are Looking Beyond Webull Webull is a step up from basic brokerages, but it still operates within traditional finance constraints: **Intraday trading rules.** The former count-based PDT framework was replaced in 2026. Current intraday-margin requirements and broker restrictions vary by account and product. **Trading hours.** Webull offers [overnight trading for select securities Sunday–Thursday](https://www.webull.com/help/faq/10988-All-about-24-5-trading). Eligible symbols, order types, and liquidity vary, and weekend trading remains unavailable. **Product coverage.** Available assets and contract types vary by venue, account, and jurisdiction. Compare each platform's current stock, options, futures, commodity, and currency products directly. **Complex short selling.** Short selling on Webull requires a margin account, share availability, and incurs borrow fees. Not all stocks are shortable, and the process adds friction. **Custodial model.** Your funds are held by Webull's clearing firm. You trust the company to safeguard your assets and maintain your access. For traders comparing active-trading products, market hours, and custody models, here are several alternatives to consider. ## 1. Liquid Liquid offers a different model from a traditional brokerage account, with perpetual markets, direct long/short positioning, and non-custodial control. **Why it stands out as a Webull alternative:** **Different intraday-trading rules.** The former count-based PDT framework was replaced in 2026. Current intraday-margin and broker restrictions vary; perpetual eligibility also varies by market, account, and jurisdiction. **Around-the-clock perpetual markets.** Supported perpetuals can trade outside the underlying cash market's hours. Availability, liquidity, spreads, and reference pricing can differ when the underlying market is closed. **Hundreds of markets across multiple asset classes.** Trade US stocks like [Tesla](https://app.liquid.trade/trade/xyz:TSLA) and [Nvidia](https://app.liquid.trade/trade/xyz:NVDA), commodities like [gold](https://app.liquid.trade/trade/xyz:GOLD) and [oil](https://app.liquid.trade/trade/xyz:CL), major [FX pairs](https://app.liquid.trade/trade/xyz:EUR), digital assets (BTC, ETH, SOL, and more), and pre-IPO names like SpaceX, OpenAI, and Anthropic. **Take long or short positions.** Open a short position on supported perpetual markets from the same order ticket. A short can gain when price falls, but losses, funding costs, and liquidation are possible. **Non-custodial.** Funds remain in your own wallet and trades settle on-chain, reducing reliance on a centralized custodian. Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply. **AI-assisted research.** [Co-Invest](/coinvest) helps research supported markets and prepare trade ideas, with your confirmation required for every trade. **Best for:** Active traders comparing perpetual markets with a traditional brokerage account. **Limitations:** - No options trading - No fiat custody (by design — your funds stay on-chain) - No ETFs ## 2. Robinhood The pioneer of commission-free trading, with a simpler interface and a broader product set than Webull in some areas. **Benefits:** - Clean, simple interface - Commission-free stocks, ETFs, and options - Fractional share trading - IRA and retirement accounts - More mainstream brand with larger user base **Limitations:** - Custodial — has historically restricted trading during volatile periods - Intraday-margin and broker rules vary - Less advanced charting than Webull - Limited digital asset selection - Payment for order flow affects execution quality ## 3. eToro A multi-asset social trading platform with copy-trading features and broader asset coverage. **Benefits:** - Social trading — copy top-performing traders automatically - Multi-asset: stocks, commodities, FX, and digital assets - Product and account rules vary by jurisdiction - Regulated in multiple jurisdictions **Limitations:** - Custodial — the platform holds your funds - Fees vary by region (withdrawal fees up to $5, stock commissions $1–$2 in some markets, conversion fees) - Copy trading depends on other humans' performance - Limited in the US compared to other regions ## 4. Kraken One of the oldest and most secure digital asset exchanges, with a decade-long track record. **Benefits:** - Strong security track record - Spot, margin, and futures trading - Staking and earn products - Strong regulatory compliance **Limitations:** - Custodial — the exchange holds your funds - Product and contract coverage varies by account and jurisdiction - Futures restricted in some jurisdictions - Higher fees for low-volume traders ## What to Look for in a Webull Alternative | Factor | Why It Matters | | --- | --- | | Intraday trading rules | Which margin, account, and broker requirements currently apply? | | Trading hours | 24/7 access, or limited to extended US hours? | | Asset coverage | Stocks only, or also commodities, FX, and digital assets? | | Short exposure | Does the product require locating shares, or use derivatives with funding and liquidation mechanics? | | Custody model | Does the platform hold your funds, or do you control them? | ## The Non-Custodial Advantage Brokerage and perpetual-market products follow different rules. Intraday-margin requirements, trading hours, custody, available assets, and investor protections vary by product, account, and jurisdiction. Liquid's perpetual-market model differs from a traditional brokerage: supported contracts can trade beyond cash-market hours, short positions do not require locating shares, and trades settle on-chain. Those differences introduce funding, liquidation, smart-contract, protocol, and liquidity risks that brokerage accounts do not share. ## Getting Started If you're looking to break through Webull's ceiling: 1. **Try Liquid** for around-the-clock perpetual markets, direct long/short positioning, non-custodial control, and AI-assisted research. 2. **Keep Webull** for US stock options trading and charting if those specific tools are important to you. 3. **Compare the current rules.** Review margin requirements, market hours, custody, eligibility, and investor protections before choosing a platform. --- ## Co-Invest and the Singularity of Capitalism - URL: https://www.liquid.trade/learn/co-invest-and-the-singularity-of-capitalism - Published: 2026-05-26 - Author: Franklyn Wang - Summary: Introducing Co-Invest, a way to research markets and place trades through ChatGPT and Claude, and a step toward intelligence-augmented capital allocation. Today, I am excited to introduce [Co-Invest](https://www.liquid.trade/coinvest), a way to research markets and place trades through ChatGPT and Claude. Capitalism is a machine for deciding what should exist. Every company, every technology, every drug, every data center, every breakthrough begins with the same question: should capital flow here? That question is the core function of capitalism. Capital allocation decides which founders get backed, which ideas become real, which risks are worth taking, and which dreams receive society's scarce resources. ## Human-Limited Capital Allocation For most of history, capital has been allocated by humans. This has produced miracles. It has also produced madness. People are not perfect allocators. We chase returns after they have already happened. We panic at bottoms and celebrate at tops. We mistake stories for truth, charisma for competence, and price movement for validation. In high school, I was struck by the idea of rational ignorance: because humans have limited time and limited ability to process information, it can be rational not to know things. The cost of becoming informed is sometimes higher than the benefit. Ignorance is not always a failure of intelligence. Sometimes it is a consequence of cognitive limitations. I hated that idea. I was a math prodigy who craved perfect rationality. The notion that stupidity could be produced by the system, not merely tolerated by it, felt like surrender. As I grew older, I saw how expensive that ignorance was. ## Asymmetric Information Finance, at its root, is about asymmetric information. One side of every transaction knows something the other side does not. An influencer pumps a stock to his followers, then dumps his own shares at the top. A scammer convinces a retiree to wire away her life savings. A brokerage auctions off the right to bet against you. A market maker pays for the right to see your order before it fills. Some of this is illegal. Some of it is legal. But every example has the same shape: wealth flowing from the less sophisticated to the more sophisticated. Modern finance is very good at making that happen. ## A New Possibility A new possibility has emerged. Today, Liquid announces Co-Invest: an AI-assisted way to research markets and manage a Liquid account through conversation. Co-Invest is a product for intelligence-augmented capital allocation. It combines AI-assisted research with user-confirmed execution. A person using Co-Invest can ask better questions. What do I own? Why do I own it? What risks am I taking? Where am I being emotional? Where is the market offering opportunity, and where is it simply selling me a story? That is the beginning of a profound change. Historically, capital has flowed according to human psychology, and so we get bubbles, crashes, frauds. Bubbles because people extrapolate. Crashes because people panic. Scams because trust scales faster than verification. What happens when human irrationality becomes less central to the allocation process? When every person has an always-on analytical partner? When capital flows less toward the loudest story and more toward the best risk-adjusted opportunity? That is the singularity of capitalism. ## The Singularity of Capitalism The word singularity is borrowed from cosmology. At the center of every black hole sits a singularity: a point of infinite density where the known laws of physics dissolve. It has two defining properties. First: once you cross the event horizon, you cannot turn back. Second: from outside, no one can see what is beyond. The only way to know is to fall in. The analogy points to a possible shift rather than a guaranteed endpoint. As AI becomes one input in financial decision-making, its usefulness will depend on evidence quality, constraints, human review, and the limits of the systems involved. The long-term effects remain uncertain. This does not mean risk disappears. AI can inherit bad assumptions, optimize for the wrong goals, create new fragilities. But it changes the default. For most of history, ordinary people were asked to participate in capitalism with inadequate tools. The burden was unreasonable. The result was predictable. Co-Invest is a bet that this era is ending. It is a bet that ordinary people become extraordinary allocators when paired with extraordinary intelligence. That the future of finance is not defined by access to the most exclusive human experts, but by access to the best reasoning systems. That capital allocation, capitalism's most important function, can become less irrational, less extractive, more aligned with human flourishing. Capitalism will always be a system for choosing what deserves resources. The question is whether those choices are made by overwhelmed humans, captured by fear, greed, and ignorance, or by humans augmented with intelligence powerful enough to see more clearly. That is the promise of Co-Invest. Not just better investing. Better capitalism. --- ## Cross Margin vs Isolated Margin Explained - URL: https://www.liquid.trade/learn/cross-margin-vs-isolated-margin - Published: 2026-03-23 - Author: Liquid - Summary: The key differences between cross margin and isolated margin — how each mode works, when to use them, and how your choice affects liquidation risk. When you open a leveraged perp position, your **margin mode** decides what collateral can be used to support the trade. That choice can matter as much as your leverage. Cross margin and isolated margin are not just interface settings. They define whether risk is *pooled* across your account or *contained* to one position — and that difference rewrites your liquidation profile entirely. ## The Core Difference **Isolated margin** assigns collateral to a specific position. If that position goes badly, the loss is generally limited to the margin allocated to that position. **Cross margin** uses a shared collateral pool across eligible positions. Profits, losses, and available account equity can support multiple positions at once. Same market. Same entry. Same leverage. Same direction. Different margin mode → different liquidation profile. ## Isolated Margin · Defined Position Risk With isolated margin, you decide how much collateral to commit to one trade. If ETH moves far enough against you, the position can be liquidated and the assigned isolated margin is at risk. Your remaining account balance is not supposed to directly support that position unless you manually add more margin. That makes isolated margin useful when you want a **clear risk boundary**. ## Cross Margin · Shared Collateral With cross margin, eligible positions share account-level collateral. The same $5,000 account backing the same $5,000 ETH long has access to the full pool — so the liquidation price moves further away. That extra room is useful — but it comes with a tradeoff. If ETH keeps falling, the loss can consume collateral that was backing the rest of your account. Cross margin can make liquidation less likely on one position, but **more damaging** if account-level risk is not controlled. ## Why Liquidation Price Changes Liquidation depends on equity, maintenance margin, mark price, fees, funding, and margin mode. The mode is what changes *which equity number the engine looks at*. The practical difference: isolated margin trades **more frequent position-level liquidations** for a **smaller blast radius**. Cross margin does the opposite. ## When Isolated Margin Makes Sense For many traders, isolated margin is the cleaner default because it forces every position to stand on its own. ## When Cross Margin Makes Sense Cross margin is not automatically more advanced. It is **less forgiving** if you ignore the full account. ## Multi-Venue Margin Can Vary On platforms that route across multiple venues or execution layers, cross-margin scope may vary. Cross margin on one venue does not always mean every position across every venue shares the same collateral. Some products may use isolated-style behaviour, stricter isolated settings, or venue-specific collateral rules. Confirm which positions actually share collateral *before* you rely on the offset. ## Can You Switch Margin Modes? This depends on the platform and the venue. Some platforms let you switch margin mode before opening a position but restrict changes afterward. Others let you adjust margin on an open isolated position, change leverage settings, or remove margin if requirements remain satisfied. Do not assume you can always convert a live position from isolated to cross or back again. Check before entry — especially for large or event-driven trades. ## The Simple Framework **Isolated** when your goal is defined risk per trade. **Cross** when your goal is account-level capital efficiency *and* you understand how your positions interact. When in doubt: isolated, lower leverage, and a position size where liquidation is not close to normal market volatility. ## Further Reading - [Liquid docs: leverage and margin modes](https://docs.liquid.trade/trading/leverage) - [Liquid docs: liquidations](https://docs.liquid.trade/trading/liquidations) - [What Is Liquidation and How to Manage It](/learn/what-is-liquidation) ## Trade Perps on Liquid Liquid lets you choose margin mode with the liquidation impact visible before confirmation. - **Create your account.** Sign up with email or connect a wallet. - **Fund your account.** Use supported funding methods or crypto deposits. - **Choose margin mode intentionally.** Use isolated for defined position risk or cross for managed account-level risk. - **Monitor collateral.** Margin mode can change how quickly one trade affects everything else. --- ## How to Short Crypto Using Perpetual Futures - URL: https://www.liquid.trade/learn/how-to-short-crypto - Published: 2026-03-23 - Author: Liquid - Summary: A practical guide to shorting crypto with perpetual futures — how it works, when to short, risk management, and common mistakes to avoid. Shorting is how traders express a bearish view, hedge downside risk, or trade overextended rallies. In crypto, the common way to short is through **perpetual futures** — you do not need to borrow tokens or locate shares the way a traditional stock short does. That simplicity does not make shorting easy. Short positions have **different risk**, **different funding exposure**, and **different squeeze dynamics** than long positions. Open a short perp without understanding liquidation and funding, and the market can punish you quickly. ## What Does Shorting Mean? Shorting means you profit if the asset price falls and lose if the asset price rises. In traditional stock markets, shorting usually means borrowing shares, selling them, then later buying them back and returning them. That creates borrow costs, locate constraints, and settlement rules. With perpetual futures, you open a short derivative position. You are not borrowing the underlying asset — you are trading a contract whose PnL moves *opposite* the reference price: - Price down: short gains. - Price up: short loses. The position can be closed whenever the market and venue are available — but eligibility, market support, liquidity, fees, and local restrictions still matter. ## How a Short Perp Trade Works The trade is the mirror image of a long. The difference is psychological and structural: **a long's price downside is bounded by zero, while a short can keep losing as price rises**. In leveraged perps, either side can be liquidated well before those theoretical endpoints. ## When Shorting Can Make Sense If price rises sharply while funding is high and sentiment is crowded, a pullback can become more likely. Timing still matters. }, { title: "Event-driven catalysts", body: "Bad earnings, regulatory pressure, protocol failures, unlocks, hacks, or negative macro events can create short setups." }, { title: "Hedging spot holdings", body: "If you hold spot crypto and don't want to sell, a short perp can offset some downside exposure. Reduces directional risk; introduces basis, funding, liquidation, and venue risk." } ]} /> ## Shorting Crypto vs. Shorting Stocks Shorting with perps is structurally different from shorting listed stocks. ## Funding Rates When You Are Short Funding can help or hurt a short. Do not ignore negative funding. A short that is right on price can still produce disappointing net PnL if funding costs are high and the trade takes too long to work. ## The Main Risk · Squeezes Shorts can be forced to buy when price rises. In perp markets, liquidated shorts are closed by buy orders — which can push price even higher. If many shorts are clustered near similar liquidation levels, the move can cascade into a [short squeeze](/learn/what-is-a-short-squeeze). Deeply negative funding · rising open interest · heavy bearish consensus · thin order-book liquidity above price · price reclaiming a major resistance level · large clusters of short liquidation levels nearby. When you are short, **crowding matters**. Being right about fundamentals does not protect you from a violent squeeze. ## Risk Management for Shorts Decide where the short thesis is wrong before entering. A stop above resistance is often cleaner than a random percentage stop. }, { title: "Size for upside volatility", body: "Assets can rise faster than your thesis changes. Use lower leverage on volatile tokens and event-driven markets." }, { title: "Check liquidation distance", body: "If a normal bounce can liquidate you, the short is too levered." }, { title: "Account for funding", body: "Negative funding is a real holding cost — and it can flip without warning." }, { title: "Don't add blindly to losing shorts", body: "Averaging up can work for disciplined traders with deep collateral and a clear plan. It can also turn a manageable loss into liquidation." }, { title: "Respect news risk", body: "ETF approvals, partnership announcements, court decisions, and macro surprises can invalidate shorts instantly." } ]} /> ## Shorting as a Hedge A short perp can hedge spot holdings — but the hedge is not perfect. That is *directionally* hedged, but not risk-free. Funding can be costly, perp and spot prices can diverge, the short can be liquidated if undercollateralised, execution slippage matters, tax and accounting treatment may differ, and the hedge ratio changes as prices move. **Hedging is risk transformation, not risk deletion.** ## Further Reading - [Liquid docs: funding rates](https://docs.liquid.trade/trading/funding-rates) - [Liquid docs: leverage](https://docs.liquid.trade/trading/leverage) - [SEC: T+1 settlement implementation](https://www.sec.gov/newsroom/press-releases/2024-62) - [What Is a Short Squeeze?](/learn/what-is-a-short-squeeze) ## Short Crypto and Other Markets on Liquid Liquid lets eligible users go long or short across supported markets with leverage, liquidation visibility, and funding shown in the trading flow. - **Create your account.** Sign up with email or connect a wallet. - **Fund your account.** Use supported funding methods or crypto deposits. - **Choose the market and direction.** Go short when the setup and risk are clear. - **Manage the position.** Watch funding, liquidation distance, and squeeze risk until the trade is closed. --- ## What Are Funding Rates? - URL: https://www.liquid.trade/learn/what-are-funding-rates - Published: 2026-03-23 - Author: Liquid - Summary: How funding rates keep perpetual futures prices aligned with spot markets — what they are, how they work, and how traders can use them strategically. Funding is the periodic payment that keeps perpetual futures anchored to their reference markets. Sometimes you pay it. Sometimes you receive it. Either way, it directly affects PnL, liquidation risk, and the true cost of holding a perp position. **Funding is not a trading fee paid to the platform.** It is generally a peer-to-peer payment between traders on opposite sides of the market. ## Why Funding Exists Perpetual futures do not expire. That is what makes them useful — you can hold exposure without rolling a dated futures contract. But no expiry creates a problem. If there is no settlement date forcing the contract price and the reference price to converge, a perp could drift far away from the underlying market. **Funding is the incentive mechanism that pulls it back.** When a perp trades *above* its reference, funding usually turns **positive** — longs pay shorts. That makes long exposure more expensive and short exposure more attractive. When a perp trades *below* its reference, funding usually turns **negative** — shorts pay longs. ## Positive vs. Negative Funding The payment happens automatically at funding timestamps. If you hold a position at the timestamp, the payment is credited or debited according to your side, position size, and the funding rate for that interval. ## How Funding Is Calculated Exact formulas vary by venue, but most funding models have two broad components: - **Premium component** — measures whether the perp is trading above or below the oracle/reference price. - **Interest or adjustment component** — accounts for baseline carrying costs or clamps the final rate so short-lived dislocations do not produce unstable funding. Many venues calculate the premium using fair or impact prices rather than a single last trade. That helps avoid funding rates being distorted by one small print in a thin order book. ## When Does Funding Settle? Funding schedules vary by platform. Many perp venues quote funding on an 8-hour basis. Some settle every 8 hours. Others calculate the formula on an 8-hour convention but settle smaller proportional payments more frequently, such as hourly. The practical rule is simple: **know the funding schedule on the venue you are trading**. Open and close between funding timestamps and you may skip that payment. Hold through a timestamp and funding applies. ## Why Small Funding Rates Can Matter Funding looks tiny because it is quoted as a percentage of notional. But leveraged traders feel it through margin. A 0.03% rate on a $50,000 position is only $15. But if you posted $5,000 of margin, that's **0.3% of margin** for one interval. Three settlements a day, every day — and the holding cost compounds against any directional thesis. This bites hardest when you're on **high leverage**, holding **multiple days**, on the **crowded side**, with funding **elevated**, and a **narrow liquidation cushion**. ## Funding as a Sentiment Signal Funding can tell you where positioning is crowded. **Very high positive funding** often means longs are aggressively paying to stay in the trade. That can happen during strong uptrends, but it can also signal a crowded long setup vulnerable to a pullback. **Very negative funding** often means shorts are crowded. That can happen during downtrends, but it can also set up a [short squeeze](/learn/what-is-a-short-squeeze) if price reclaims key levels and shorts are forced to cover. Funding is not a standalone trading signal. It does not predict the future. It tells you the **cost of holding a side** and gives a read on market positioning. ## Funding Trades and Basis Risk Some traders try to collect funding while hedging price exposure — a cash-and-carry trade. Funding can flip. Basis can widen. Liquidation can hit the perp leg if margin is too thin. See margin mode and liquidation. } ]} /> Funding can flip from positive to negative. Perp and spot prices can diverge. Liquidation can happen on the perp leg. Execution costs can erase expected carry. Venue, oracle, and withdrawal risks all matter. The trade is **lower-directional-risk** than an outright position — it is not free money. ## How Funding Affects Stop Losses and Liquidation Funding payments change account equity. If you are paying funding, your margin cushion shrinks over time. That can bring your [liquidation](/learn/what-is-liquidation) price closer **even if the market price has not moved much**. For swing trades, your stop and take-profit plan should account for expected funding payments, current funding direction, whether funding is likely to remain stable, and how much funding affects margin at your chosen leverage. If a position only works when funding stays favourable, it is not just a directional trade — it is also a carry trade. ## Quick Reference - **Positive funding:** longs usually pay shorts. - **Negative funding:** shorts usually pay longs. - **Funding is not a platform fee:** it is generally exchanged between traders. - **Funding is based on notional:** not just posted margin. - **Frequency varies:** hourly and 8-hour models both exist. - **High funding is information:** it can reveal crowded positioning and carry cost. ## Further Reading - [Liquid docs: funding rates](https://docs.liquid.trade/trading/funding-rates) - [Liquid docs: fees](https://docs.liquid.trade/trading/fees) - [Liquid docs: liquidations](https://docs.liquid.trade/trading/liquidations) - [What Is Liquidation and How to Manage It](/learn/what-is-liquidation) ## Trade Perps on Liquid Liquid shows funding alongside position risk so you can understand the cost or credit of holding a trade. - **Create your account.** Sign up with email or connect a wallet. - **Fund your account.** Use supported funding methods or crypto deposits. - **Check funding before entry.** Know whether you are paying or receiving. - **Monitor over time.** Funding can change quickly when positioning becomes crowded. --- ## What Is a Short Squeeze? - URL: https://www.liquid.trade/learn/what-is-a-short-squeeze - Published: 2026-03-23 - Author: Liquid - Summary: How short squeezes work — why they happen, how to spot the setup, famous examples, and how to trade them with perpetual futures. A short squeeze happens when traders who are betting against an asset are forced to buy it back as the price rises. Their buying pushes the price higher, which forces more shorts to cover or get liquidated, creating a **feedback loop**. Squeezes can be fast, violent, and hard to fade. In perpetual futures, they can happen even faster because liquidation engines buy automatically when short positions run out of margin. ## The Basics — What Is Shorting? [Shorting](/learn/how-to-short-crypto) means you profit if price falls and lose if price rises. In a traditional stock short, a trader borrows shares, sells them, and hopes to buy them back lower. In a perp short, the trader opens a derivative position that gains when the reference price falls. Either way, **the short seller eventually needs to close. Closing a short means buying.** That is the key to understanding a squeeze. ## How a Short Squeeze Starts A squeeze usually needs three ingredients: **crowded short positioning**, **a price move higher**, and **forced or urgent buying**. The cycle above is what turns those ingredients into an explosion. Once price starts rising, shorts face increasing losses. Some buy back to reduce risk. Their buying pushes price higher. That higher price puts pressure on the next group of shorts. The loop continues until the forced buying is exhausted or new sellers overwhelm it. ## Why Short Squeezes Can Be So Violent Shorts have **asymmetric** price risk. A long's downside is bounded by zero in the underlying asset, while a short can keep losing as price rises. In leveraged perps, both longs and shorts can be liquidated before those theoretical endpoints — but the asymmetry shapes the *urgency*. When a short is wrong, the trader cannot always wait calmly for the thesis to play out. Margin requirements rise, losses compound, funding costs can increase, and liquidation risk gets closer. In perps, **the liquidation engine can remove the human decision entirely** — if a short's margin falls below maintenance, the system closes the position by buying into the market. ## GameStop · The Nuanced Example GameStop is the most famous modern squeeze example — but it is often oversimplified. In January 2021, GameStop had short interest *above* its public float, retail attention surged, options activity increased, and the stock price moved dramatically. The SEC's staff report on the episode found that GameStop was unusual because short interest exceeded shares outstanding — but it also emphasised that the price rise was **not explained by short covering alone**. Positive investor sentiment, retail buying, options activity, media attention, and market structure all mattered. A squeeze is not just "short interest high, price must go up." It is a *positioning setup* that needs a **trigger** and enough sustained buying pressure to force the crowded side to unwind. ## Short Squeezes in Crypto Perps Crypto squeezes can be especially sharp because: - markets trade 24/7 - leverage can be high - liquidation is automatic - liquidity can disappear during fast moves - funding reveals crowded positioning When a short perp gets liquidated, the system *buys* to close it. If many shorts are liquidated around the same price zone, each buy can help trigger the next one. That can send price through resistance quickly — even when the original catalyst was small. This is why traders watch liquidation maps, open interest, and [funding rates](/learn/what-are-funding-rates) **together**. Price alone does not show where forced buying may sit. ## How to Spot Squeeze Risk No indicator guarantees a squeeze, but these conditions raise the risk: ## Trading Around Squeezes ## Short Squeeze vs. Gamma Squeeze A **short squeeze** is driven by short sellers buying to cover. A **gamma squeeze** is driven by options market makers hedging short call exposure as price rises — if market makers sold calls, they may need to buy the underlying asset as it moves higher to stay hedged. The two can overlap. GameStop involved both. In crypto perp markets, the liquidation-driven short squeeze is often the more visible mechanism — though crypto options can matter for large assets like BTC and ETH. ## Further Reading - [SEC staff report on equity and options market structure conditions in early 2021](https://www.sec.gov/files/staff-report-equity-options-market-struction-conditions-early-2021.pdf) - [How to Short Crypto Using Perpetual Futures](/learn/how-to-short-crypto) - [Liquid docs: funding rates](https://docs.liquid.trade/trading/funding-rates) - [Liquid docs: liquidations](https://docs.liquid.trade/trading/liquidations) ## Trade Both Sides on Liquid Liquid lets you go long or short across supported markets while monitoring leverage, funding, liquidation price, and PnL. - **Create your account.** Sign up with email or connect a wallet. - **Fund your account.** Use supported funding methods or crypto deposits. - **Check positioning.** Funding and liquidation distance matter before entry. - **Use defined exits.** Squeeze risk is manageable only when the stop and position size are already planned. --- ## What Is a Stop Loss and How to Set One - URL: https://www.liquid.trade/learn/what-is-a-stop-loss - Published: 2026-03-23 - Author: Liquid - Summary: The essential guide to stop losses — what they are, how to set them, different stop loss types, and why they are the most important risk management tool in trading. A stop loss is an order designed to exit a position when the market moves against you. It is one of the most important tools in trading because it turns a vague risk limit into an *executable* instruction. On leveraged perps, a stop loss is not optional discipline. It is how you try to exit **before** [liquidation](/learn/what-is-liquidation) becomes the platform's forced exit. ## What Is a Stop Loss? A stop loss triggers when a chosen price condition is met. For a long position, the stop is usually below entry. For a short position, the stop is usually above entry. The goal is to define the loss while the trade is still rational. Without a stop, traders often wait, hope, widen risk, or freeze as the position gets worse. ## A Stop Is Not a Guaranteed Fill A stop loss does **not** guarantee you exit at the exact stop price. In fast markets, price can gap or move *through* the stop level. The final fill depends on liquidity, order type, trigger source, order-book depth, and market speed. A stop is **risk control**, not insurance. ## Stop Market vs. Stop Limit Most platforms offer two common stop types — and the right one depends on whether you prioritise *certainty of exit* or *certainty of price*. For leveraged perps, stop market orders are often safer for pure risk control because *exiting matters more than getting the perfect price*. Stop limits leave you exposed if the market keeps moving past your limit. ## Trigger Price · Mark, Last, or Index A stop can trigger from different price sources depending on the venue: Mark-price triggers can reduce false stops from one odd last trade. Last-price triggers can respond faster to actual traded momentum. **There is no universally best trigger** — know which one your platform uses. ## Stop Loss vs. Liquidation Liquidation is the platform reducing or closing your position because margin has fallen below requirements. A stop loss is your *own* planned exit. A good stop should trigger **before** liquidation. The gap between stop price and liquidation price is your emergency buffer. If your stop is only a few ticks away from liquidation, it is not doing enough — a fast move can blow through the stop and leave liquidation as the real exit. ## How to Place a Stop Good stops are tied to the trade thesis, volatility, and leverage. The four common framings: The strongest approach combines these: a logical invalidation level, volatility awareness, and a position size that keeps the dollar loss acceptable. ## Position Size Comes Before Stop Placement A common mistake is choosing a position size first and forcing the stop to fit. Better sequence: If the resulting position is smaller than you wanted, that is information. The trade needs too much room for the amount you wanted to risk. ## Funding and Stops Funding changes your effective breakeven over time. If you are paying [funding](/learn/what-are-funding-rates), your account equity declines **even if price is flat**. On high leverage, that can bring liquidation closer and make a tight stop less effective. For multi-day positions, account for expected funding payments, trading fees, slippage, whether funding could flip, and how close liquidation sits behind the stop. ## Common Stop Loss Mistakes **Stops too tight** — exiting good trades before they have room to work. **Stops too wide for the position size** — a wide stop is fine *only* if the position is smaller. **Moving the stop away** — usually means the original risk plan has been abandoned. **No reduce-only setting** — a stop intended to close shouldn't accidentally open the opposite side. **Ignoring liquidity** — thin markets can slip far through stop levels. **Ignoring liquidation** — your stop must sit far enough from liquidation to be useful. ## Trailing Stops A **trailing stop** moves in your favour as price moves in your favour. If you are long and price rises, the trailing stop rises behind it. If price reverses by the chosen trailing distance, the stop triggers. Trailing stops can help protect gains without manually updating the order. They work best in trending markets — they perform poorly in choppy ones where normal pullbacks trigger exits. Not every venue supports trailing stops. If it does, understand whether the trail is based on mark price, last price, percentage distance, or absolute price distance. ## Further Reading - [Liquid docs: liquidations](https://docs.liquid.trade/trading/liquidations) - [Liquid docs: leverage](https://docs.liquid.trade/trading/leverage) - [Liquid docs: funding rates](https://docs.liquid.trade/trading/funding-rates) - [What Is Liquidation and How to Manage It](/learn/what-is-liquidation) ## Trade Perps with Stops on Liquid Liquid lets you review leverage, liquidation price, and risk before confirming a trade. - **Create your account.** Sign up with email or connect a wallet. - **Fund your account.** Use supported funding methods or crypto deposits. - **Set the stop before entry.** The risk plan should exist before the trade does. - **Monitor the position.** Adjust only when the trade improves or your thesis changes — not because taking a loss feels uncomfortable. --- ## What Is Liquidation and How to Manage It - URL: https://www.liquid.trade/learn/what-is-liquidation - Published: 2026-03-23 - Author: Liquid - Summary: Everything you need to know about liquidation in perpetual futures — how it happens, how liquidation prices are calculated, and how to avoid getting liquidated. Liquidation is what happens when a leveraged position no longer has enough collateral to satisfy the platform's risk requirements. The position is reduced or closed so losses do not keep growing unchecked. If you trade perpetual futures, liquidation is not an edge case. It is part of the product's core risk engine. You should know where your liquidation price is, what price source can trigger it, and how much collateral is at risk before you enter any position. ## Liquidation in One Paragraph When you trade with leverage, you post margin to support a larger position. As the market moves, your unrealized PnL changes your equity. If your equity falls below the required **maintenance margin**, the platform can liquidate the position. Depending on venue rules and position size, liquidation may reduce part of the position first or close it entirely. The goal of the liquidation engine is to keep the system solvent. The cost to the trader is that liquidation is a *forced* exit — often at a bad time, sometimes with less collateral returned than expected, and usually with a liquidation fee on top. ## Initial Margin vs. Maintenance Margin Two margin concepts matter, and they are not the same number: Maintenance margin is usually lower than initial margin, but it is not zero. That is why a 10× position is not safely liquidated only after an exact 10% move against you. Fees, funding, maintenance margin, and mark-price movement can all bring liquidation closer than the simple headline leverage suggests. ## A Simple Example You have $1,000 and open a 10× long ETH perp at $3,000. Position notional is $10,000. If ETH keeps falling, the platform will not wait until every dollar of margin is gone. Once equity approaches the maintenance margin threshold, the position becomes liquidatable. Use the stress test below to see where that line sits: The exact liquidation price depends on venue parameters, mark price, fees, funding, position size, and margin mode. Treat liquidation price as a *live estimate* tied to risk parameters — not a decorative number on the order ticket. ## Mark Price vs. Last Price Liquidations are generally triggered by a **mark price** or fair reference price, not simply the last traded price. The last traded price is the most recent execution on a venue. It can be noisy, especially in thin markets. **Mark price** is designed to represent fair value using oracle / reference pricing — and, in some systems, order-book conditions. This reduces the chance that a single odd trade or temporary wick unfairly liquidates users. *The chart price you are watching may not be the exact trigger source.* Always check the platform's displayed liquidation price and mark-price methodology. The two prices usually move together, but in a sharp move or a flash wick, the gap can be the difference between getting liquidated and not. ## Partial Liquidation vs. Full Liquidation Liquidation does not always mean the entire position disappears immediately. Most modern venues — Liquid included — try to close *just enough* to restore margin first. ## Backstop Liquidation If a normal market liquidation cannot close the position safely, a venue may use a **backstop liquidation** mechanism — the position and its associated collateral are transferred to a designated liquidator, protocol backstop, or insurance vault. Backstop liquidation is a failsafe for fast markets and thin liquidity. It also means some or all of your maintenance margin may not be returned — the backstop needs a buffer to absorb execution and market risk. **Do not treat liquidation as a clean, fee-free stop loss.** It is a last-resort risk process and the worst path to exit a trade. ## What Determines Your Liquidation Price Liquidation price is not a single static number on your order ticket — it is the output of six live inputs: ## Cross Margin vs. Isolated Margin Liquidation With [isolated margin](/learn/cross-margin-vs-isolated-margin), only the collateral assigned to one position is directly at risk. With cross margin, positions share an account-level collateral pool — better survival on any single trade, more contagion if one really blows up. Cross margin lowers the chance of isolated-position liquidation. It does not lower *total* risk. It changes where the risk is pooled. ## How to Reduce Liquidation Risk Your stop loss is your chosen exit. Liquidation is the platform's forced exit. You want your stop to trigger first. }, { title: "Monitor liquidation distance, not just PnL", body: "A position can look manageable in dollar terms while sitting too close to liquidation. Always check the price gap, not just the unrealized loss." }, { title: "Account for funding", body: <>Funding payments can reduce margin over time, especially on large notional positions. See how funding rates work. }, { title: "Add collateral only with a plan", body: "Adding margin moves liquidation further away — but it also increases capital at risk if the thesis is wrong. Refusing to add is sometimes the better trade." }, { title: "Avoid high leverage during events", body: "Earnings, token unlocks, CPI prints, central-bank decisions, and major protocol events can move markets faster than normal stop logic expects." } ]} /> ## Liquidation Cascades A **liquidation cascade** happens when forced closures push price further in the direction of the move, causing more liquidations at nearby levels — and so on. For longs, liquidation means *selling into a falling market*. For shorts, liquidation means *buying into a rising market*, which can create or intensify a [short squeeze](/learn/what-is-a-short-squeeze). Crypto and perp markets can cascade quickly because leverage is high, trading is continuous, and liquidation engines operate automatically. Liquidation clusters become important liquidity zones. Price can accelerate sharply when a large cluster is triggered — and slow down when the cluster has been cleared. Many discretionary traders track open interest and funding alongside liquidation maps for exactly this reason. ## Further Reading - [Liquid docs: liquidations](https://docs.liquid.trade/trading/liquidations) - [Liquid docs: leverage and margin modes](https://docs.liquid.trade/trading/leverage) - [Liquid docs: funding rates](https://docs.liquid.trade/trading/funding-rates) ## Trade Perps on Liquid Liquid shows liquidation price, margin mode, unrealized PnL, and position risk so you can size trades before they become emergencies. - **Create your account.** Sign up with email or connect a wallet. - **Fund your account.** Use supported funding methods or crypto deposits. - **Check liquidation before entry.** If the liquidation level is within normal volatility, reduce leverage or position size. - **Manage the trade.** Use stops, monitor funding, and reduce exposure before liquidation becomes the exit plan. --- ## How Anthropic Perps Work - URL: https://www.liquid.trade/learn/how-anthropic-perps-work - Published: 2026-03-21 - Author: Liquid - Summary: Anthropic does not need to be publicly listed for a perp market to exist. The contract only needs a reliable oracle, with Nasdaq Private Market as the natural reference layer. Anthropic is private — but private does not mean *unpriceable*. A perpetual futures market can offer synthetic exposure to Anthropic's private-market value without transferring Anthropic shares. The key requirement is not a public ticker. The key requirement is a **reliable reference price** and a **transparent methodology** for how that price feeds mark pricing, funding, and liquidations. The market trades as **ANTH**, and it is quoted as a valuation rather than a share price: **each point of ANTH price stands for $1 billion of implied Anthropic valuation**, so the live price reads directly as the valuation the market is currently paying for, in billions. You can trade it directly on [Anthropic perps on Liquid](https://app.liquid.trade/trade/io:ANTH), or start from the [Anthropic market page](/markets/anthropic) here on the site. ## Current Anthropic Context As of the May 26, 2026 update, Anthropic remains a private-company exposure rather than a normally exchange-listed equity. For a private-company perp, stale fundraising headlines are not enough. The oracle should account for current primary rounds, secondary-market activity, valuation marks, liquidity, and company-specific events. ## The Mistake People Make About Private-Company Markets People often assume a market cannot exist until a company is listed on a public exchange. That is true for **ordinary spot trading** in public shares. It is *not* true for a cash-settled derivative. An Anthropic perp does not require Liquid to custody Anthropic stock, settle private-share transfers, or participate in a tender offer. **The contract tracks a reference price and settles PnL in margin.** Traders are taking price exposure — not becoming Anthropic shareholders. ## Why Traders Care About Anthropic Perps Anthropic sits at the centre of frontier AI, enterprise AI, coding agents, and AI safety. That creates two-sided trader interest: In the underlying private market, those views are difficult to express. Shares may be restricted, transfer approvals required, transaction sizes large, and ordinary traders generally cannot access the cap table. **A perp turns that interest into a liquid directional instrument.** ## Why the Oracle Matters Most For Anthropic, the oracle should be anchored in private-market infrastructure — not one-off social posts or stale broker screenshots. [Nasdaq Private Market](https://www.nasdaqprivatemarket.com/) and its [Tape D data products](https://www.nasdaqprivatemarket.com/product/tape-d-financial-data-products/) aggregate private-company pricing signals such as reported trade levels, bid and offer history, primary-round data, 409A valuations, mutual fund marks, and algorithmic daily price estimates for liquid private names. An Anthropic oracle should not blindly copy one number. It should publish a defensible methodology that weighs the **quality**, **recency**, and **relevance** of each signal. ## What the Anthropic Oracle Needs To Do That is enough for a perp market to function — even when the underlying private market updates more slowly than a public stock. ## Continuous Trading Is Still Possible Anthropic's underlying private-market reference may update periodically. The perp can still trade continuously. The oracle provides the anchor. Traders provide the live bid and offer around that anchor. **Funding** then encourages convergence when the traded perp drifts too far from the reference — if longs are crowded, longs pay shorts; if shorts are crowded, shorts pay longs. Same economic idea behind perps generally: the traded market is continuous, while the reference keeps it grounded. ## What Traders Get and What They Do Not The product is simpler because it is **not ownership**. It is synthetic price exposure. ## Key Risks **Private-market pricing is imperfect.** Private trades are less frequent and less standardised than public exchange trades. **Valuation marks can diverge.** Primary rounds, secondary trades, mutual fund marks, and 409A values can point to different numbers. **Funding can dominate short-term PnL.** Crowded positioning makes the cost of holding a side expensive. **Liquidity can change quickly.** Exiting during a fast repricing may involve slippage. **Event risk is high.** Model launches, enterprise adoption, regulatory pressure, safety incidents, funding rounds, and IPO news can move the market abruptly. ## Further Reading - [Anthropic: February 12, 2026 Series G announcement](https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation?pubDate=20250818) - [Nasdaq Private Market: Tape D data products](https://www.nasdaqprivatemarket.com/product/tape-d-financial-data-products/) - [Liquid docs: funding rates](https://docs.liquid.trade/trading/funding-rates) - [Liquid docs: leverage](https://docs.liquid.trade/trading/leverage) - [Anthropic (ANTH) market page](/markets/anthropic) - [How OpenAI Perps Work](/learn/how-openai-perps-work) - [How SpaceX Perps Work](/learn/how-spacex-perps-work) ## Trade Anthropic Perps on Liquid Anthropic perps are not Anthropic shares. They are a way to trade long or short exposure to Anthropic's private-market reference price. [Trade Anthropic Perps on Liquid](https://app.liquid.trade/trade/io:ANTH) --- ## How OpenAI Perps Work - URL: https://www.liquid.trade/learn/how-openai-perps-work - Published: 2026-03-21 - Author: Liquid - Summary: Why OpenAI can trade as a perp even without a public listing: the market only needs a credible oracle, and Nasdaq Private Market is the right reference layer. OpenAI is one of the largest private AI companies — but it still does not trade like AAPL or NVDA on a public exchange. There is no ordinary listed OpenAI common stock market with a continuous exchange tape available to everyone. That does not prevent a perpetual futures market from existing. A perp does not require physical delivery of OpenAI shares. **It requires a credible reference price, a mark-price methodology, a liquidation engine, and a funding mechanism** that keeps the traded market anchored to the reference over time. The market trades as **OAI**. If you want to trade it directly, you can open [OpenAI perps on Liquid](https://app.liquid.trade/trade/io:OAI). ## Current OpenAI Context As of the May 26, 2026 update, OpenAI remains a private-market exposure rather than a normally listed public equity. Reports about a possible IPO also need to be handled carefully. A confidential filing, reported preparation, or expected listing is **not** the same as a public stock already trading. Until exchange-listed shares actually trade, OpenAI exposure remains a private-market reference problem. ## A Perp Does Not Need Share Delivery A perpetual futures market is a derivative. When someone trades an OpenAI perp, they are not buying OpenAI shares, joining the cap table, or receiving shareholder rights. They are taking synthetic long or short exposure to a reference price. ## Why the Oracle Is the Product For private-company perps, the oracle is not a side detail — it is the **core of the market**. A credible oracle methodology should prefer institutional private-market data over social-media screenshots or isolated broker chatter. [Nasdaq Private Market](https://www.nasdaqprivatemarket.com/) and its [Tape D data products](https://www.nasdaqprivatemarket.com/product/tape-d-financial-data-products/) are built for private-company price discovery: secondary-market signals, reported trade levels, bid/offer history, 409A valuations, mutual fund marks, primary rounds, and related market intelligence. The point is not that any single private-market datapoint is perfect. The point is that a defensible OpenAI oracle should **triangulate** across multiple signals and publish a methodology users can understand. ## What the Oracle Should Consider Private-company prices are not as clean as public exchange prices. Different share classes, transfer restrictions, information rights, and transaction sizes can produce different implied values. **The oracle has to normalise those differences rather than pretending every private-market print is identical.** ## How OpenAI Perps Trade Between Oracle Updates Private markets do not print every second like listed equities. That is normal. The oracle provides the anchor. The Liquid market provides continuous price discovery around that anchor. If traders push the perp materially above the reference, funding can make longs pay shorts. If they push it below, shorts pay longs. **Same broad mechanism as every other perp market: traded price moves continuously, while funding and mark-price logic keep the contract tied to a reference.** ## What Traders Get A perp is a **trading instrument**, not private-share ownership. ## The Main Risks **Oracle lag** — private-market data can update slower than the traded perp market. **Valuation dispersion** — different share classes and transaction contexts can imply different values. **Liquidity risk** — a market can be directionally right but hard to exit during stress. **Funding risk** — funding can become expensive if one side is crowded. **Event risk** — funding rounds, lawsuits, governance changes, strategic partnerships, or IPO developments can move the reference quickly. **IPO transition risk** — if OpenAI eventually lists publicly, the reference methodology should migrate from private-market inputs toward public-market pricing; understand how that transition is handled. ## Further Reading - [OpenAI: March 31, 2026 funding announcement](https://openai.com/index/accelerating-the-next-phase-ai/) - [Nasdaq Private Market: Tape D data products](https://www.nasdaqprivatemarket.com/product/tape-d-financial-data-products/) - [Liquid docs: funding rates](https://docs.liquid.trade/trading/funding-rates) - [Liquid docs: liquidations](https://docs.liquid.trade/trading/liquidations) - [How Anthropic Perps Work](/learn/how-anthropic-perps-work) - [How SpaceX Perps Work](/learn/how-spacex-perps-work) ## Trade OpenAI Perps on Liquid OpenAI perps make sense when you understand the distinction: you are not buying OpenAI stock — you are trading synthetic exposure to a private-market reference. [Trade OpenAI Perps on Liquid](https://app.liquid.trade/trade/io:OAI) --- ## How SpaceX Perps Work - URL: https://www.liquid.trade/learn/how-spacex-perps-work - Published: 2026-03-21 - Author: Liquid - Summary: SpaceX is private, but a private company can still support a perp market. The contract only needs a robust oracle, and Nasdaq Private Market is the obvious anchor. SpaceX is no longer just a generic "private company with no public filing" example. On **May 20, 2026**, Space Exploration Technologies Corp. filed a Form S-1 registration statement with the SEC. That is important — but it does not eliminate the need for a reference methodology. **An S-1 filing is not the same as a live public stock market.** Until SpaceX shares are actually listed and trading, there is still no continuous public exchange price that a perp can simply mirror. If you want to trade the market directly, you can open [SpaceX perps on Liquid](https://app.liquid.trade/trade/xyz:SPCX). ## What Changed Before the S-1, SpaceX pricing was primarily a private-market problem: tender offers, secondary transactions, institutional marks, broker indications, and valuation estimates. After the S-1, the market gets more public information. But the *traded market* still doesn't exist yet. So the current state is: - SpaceX has **filed publicly** with the SEC. - SpaceX is **not yet equivalent** to a normal continuously traded public stock. - A SpaceX perp still needs a **pre-IPO or transition-period oracle** until a public exchange price exists. - Once public trading begins, the reference methodology should **migrate** toward public-market data. ## A Perp Tracks Price Exposure, Not Share Ownership When someone trades SpaceX perps on Liquid, they are not buying SpaceX shares. They are taking a synthetic long or short position on SpaceX's reference value. **The contract does not give ownership of SpaceX common stock, voting rights, information rights beyond public disclosures, tender-offer participation, IPO allocation, or direct cap-table exposure.** That distinction matters even more during an IPO transition — a perp can track economic exposure without making the trader a shareholder. ## What the Oracle Should Use Before Public Trading For a pre-IPO or transition-period SpaceX perp, the oracle should combine the strongest available signals rather than relying on one stale number. [Nasdaq Private Market](https://www.nasdaqprivatemarket.com/) and its [Tape D data products](https://www.nasdaqprivatemarket.com/product/tape-d-financial-data-products/) remain relevant — they're built around private-company price discovery: reported trade levels, bid and offer history, 409A valuations, mutual fund marks, and primary-round data. SEC filings add a new layer of official information. **Private-market data still matters until public trading creates a continuous tape.** ## How SpaceX Perps Trade During the Transition The market has two layers: - **Oracle layer** — the reference methodology determines the fair anchor. - **Trading layer** — users trade continuously around that anchor. If the perp trades materially above the reference, funding can make long exposure more expensive and short exposure more attractive. If it trades materially below the reference, funding can do the reverse. That mechanism lets the perp become a continuous price-discovery venue **even when the underlying pre-IPO reference updates less frequently than a listed stock.** ## What Happens After a Public Listing? If SpaceX shares begin trading publicly, the oracle methodology should change. The transition matters because pre-IPO marks and public-market prices **can diverge**. A useful perp market should be explicit about *when* the reference changes, *what* public market becomes primary, *how* opening auction or early trading volatility is handled, *whether* any smoothing or guardrails apply, and *how* funding and liquidation logic behave during the transition. ## Why Traders Care About SpaceX Perps SpaceX has the ingredients that make a pre-IPO perp tradeable: global recognition, intense investor and trader demand, meaningful private-market history, new public filing information, limited direct access before listing, and high uncertainty around valuation, growth, and risk. Those ingredients create two-sided interest. Bulls can express the view that SpaceX's value should rise. Bears can express the view that expectations are too aggressive. Hedgers can manage related exposure around space, defense, satellites, broadband, AI infrastructure, or Elon-Musk-linked assets. ## Key Risks **IPO transition risk** — the reference can change materially when public trading begins. **Valuation gap risk** — private marks, IPO pricing, and first-day trading can diverge sharply. **Liquidity risk** — perp liquidity can thin out during major news, and recovering during a wick can cost more than expected. **Funding risk** — crowded demand for one side can make the position expensive to hold. **Disclosure risk** — new S-1 amendments can change the market's view quickly. **Synthetic exposure risk** — a perp is not a share and does not provide shareholder rights. ## Further Reading - [SpaceX Form S-1 filed with the SEC on May 20, 2026](https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm) - [Nasdaq Private Market: Tape D data products](https://www.nasdaqprivatemarket.com/product/tape-d-financial-data-products/) - [Liquid docs: funding rates](https://docs.liquid.trade/trading/funding-rates) - [Liquid docs: liquidations](https://docs.liquid.trade/trading/liquidations) - [How Anthropic Perps Work](/learn/how-anthropic-perps-work) - [How OpenAI Perps Work](/learn/how-openai-perps-work) ## Trade SpaceX Perps on Liquid SpaceX perps are a way to trade synthetic exposure through the pre-IPO and IPO-transition period. **They are not SpaceX shares.** [Trade SpaceX Perps on Liquid](https://app.liquid.trade/trade/xyz:SPCX) --- ## Airdrop Farming: A Historical Strategy Case Study - URL: https://www.liquid.trade/learn/airdrop-farming - Published: 2025-10-26 - Author: Franklyn Wang - Summary: A dated case study of how traders evaluated points programs, trading costs, and hedged exposure — and the basis, funding, execution, liquidation, venue, oracle, and airdrop risks that could break the strategy. > **Historical context:** This article describes a strategy framework discussed in October 2025 and reviewed on September 3, 2026. Points rules, fees, market hours, venue access, and distribution plans can change or end without notice. Nothing here confirms that a token or airdrop will occur, estimates its value, or promises a return. Airdrop farming is the practice of using an early-stage protocol in the hope that the protocol may later reward users. The basic idea is simple: some projects use points or activity records to recognize early participation. The outcome is not simple. A points balance may never convert into a token, the conversion formula may change, and trading losses can exceed any eventual distribution. This case study explains the framework traders used to evaluate points programs in 2025. It is educational, not a recommendation to trade, borrow, bridge, or use leverage. ## What the Original Strategy Tried to Do The historical strategy had three goals: 1. Generate eligible activity under a protocol's published rules. 2. Keep explicit trading costs, such as fees and slippage, measurable. 3. Reduce unwanted market direction by holding offsetting positions on separate venues. That third step was often called delta-neutral farming. It could reduce exposure to a broad market move, but it could not make the trade neutral to every risk. Two instruments that appear similar can diverge, charge different funding, use different oracles, trade on different schedules, and liquidate independently. ## Start With the Program, Not the Projected Reward Before placing a trade, a participant needed to verify what the program actually measured. Depending on the protocol, points could be based on volume, open interest, collateral, referrals, holding time, or a mix of factors. Rules could also exclude self-trading, abusive volume, certain jurisdictions, or activity the protocol considered inauthentic. A responsible review asked: - Are the rules published by the protocol itself? - Is the program still active, and are the start and end dates clear? - Which products, wallets, regions, and types of activity qualify? - Can the protocol change the formula or disqualify activity? - Has a token or distribution been formally announced, or is the market only speculating? - What records would be needed for tax and compliance reporting? Points are not cash, equity, or a contractual claim on a future token unless the governing documents explicitly say so. A model that assigns them a future dollar value is a scenario, not an asset valuation. ## Build a Complete Cost Model The original case study focused on maker versus taker fees. That distinction still matters, but it is only one line in the cost model. A post-only order may receive a lower maker fee when it rests on the book and fills. It may also remain unfilled, fill only partially, or be cancelled when the price moves through it. No venue or interface can guarantee execution at the displayed price. Crossing the spread can improve fill probability, but it usually adds taker fees and slippage. A more complete estimate is: **Net result = any distribution received − trading fees − funding − spread and slippage − network and bridge costs − hedge divergence − realized trading losses − taxes** The first term may be zero. Several of the cost terms can rise while a position is open. ## Why an Offset Is Not Risk-Free A long position on one venue and a short position on another can reduce first-order directional exposure when both instruments track the same benchmark closely. The structure still carries material risks. | Risk | How it can affect the trade | | --- | --- | | Basis risk | The two contracts can trade at different prices or stop converging. | | Funding risk | One or both legs can charge funding, and rates can change sign or magnitude. | | Fee and slippage risk | Entry, rebalancing, and exit costs can consume the expected benefit. | | Oracle risk | Venues may use different indexes, update intervals, fallbacks, or disruption rules. | | Liquidation risk | One leg can liquidate before the offsetting leg produces a realizable gain. | | Execution risk | Orders can be rejected, delayed, partially filled, or filled at different times. | | Venue risk | A venue can pause markets, change margin rules, restrict access, or become unavailable. | | Smart-contract and network risk | Bugs, congestion, bridges, sequencers, or chain failures can block access to collateral. | | Airdrop risk | A distribution may not happen, may exclude the activity, or may be worth less than its costs. | Take-profit and stop orders do not remove these risks. Trigger prices can be skipped, an order can fail to fill, and separate venues do not coordinate their liquidations or outages. ## Leverage Makes the Hedge More Fragile Leverage reduces the collateral posted relative to notional exposure, but it also narrows the distance to liquidation. A temporary basis move, oracle difference, funding debit, or delayed fill can liquidate one side even if the pair later converges. For a two-venue hedge, sizing should be evaluated against the weaker leg, not the combined notional. Traders also need spare collateral for funding and margin changes. A position described as directionally hedged can still lose a substantial portion of its collateral. ## Market Hours and Weekend Gaps Market hours depend on the instrument and venue. Crypto perpetuals may trade continuously, while stock- or index-linked markets can pause, reduce available liquidity, or apply venue-specific rules outside the underlying market's regular session. Even when both legs are nominally available 24/7, depth, spreads, and oracle behavior can differ overnight or on weekends. Before opening an offsetting trade, confirm the current schedule for both legs and plan for periods when only one can be adjusted. Never infer current availability from an older article or a different market on the same platform. ## A Historical Evaluation Workflow A careful 2025-style evaluation could be organized as follows: 1. **Archive the current rules.** Save the official program terms, eligible products, and timestamp. 2. **Map both instruments.** Compare contract specifications, index and oracle sources, funding schedules, margin rules, and market hours. 3. **Estimate costs without an airdrop value.** Treat fees, funding, spreads, slippage, and network costs as known costs; treat any distribution as zero in the base case. 4. **Stress the basis.** Model one leg moving against the other, one venue pausing, and one order filling without its offset. 5. **Limit collateral at risk.** Assume a partial or total loss of the capital assigned to the strategy is possible. 6. **Monitor rule changes.** Re-check official sources rather than relying on screenshots, social posts, or historical assumptions. 7. **Plan the exit first.** Define how to unwind both legs if liquidity falls, funding becomes expensive, or the program ends. This process does not turn an airdrop into a predictable return. It makes the assumptions and failure modes visible before capital is committed. ## What Changed in This 2026 Review The original version used time-sensitive estimates for protocol valuations, weekly volumes, fees, points, and possible distributions. Those figures were removed because they were scenarios, not promised economics, and they became stale as programs and markets changed. The durable lesson is narrower: activity has a measurable cost, offsets introduce their own risks, and a speculative future reward should not be treated as guaranteed compensation for those costs. ## Bottom Line Airdrop farming can be studied as an early-user acquisition strategy, but it should not be presented as a guaranteed or mechanically hedged return. Maker orders do not guarantee fills. Cross-venue offsets do not guarantee zero exposure. Points do not guarantee a token, an allocation, or a dollar value. If the strategy only works after assigning an optimistic value to an unannounced distribution, it does not work in the base case.