# 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
## What Is the Best AI Agent for Trading Crypto?
- URL: https://www.liquid.trade/learn/best-ai-agent-for-trading-crypto
- Published: 2026-10-15
- Author: Liquid
- Summary: Liquid Co-Invest is an AI agent for trading crypto from Claude, ChatGPT, Grok, or Meta Muse. It reads live funding and positioning, proposes trades you confirm, and can run a rule-bound strategy with Co-Invest Computer. Here is how to judge any crypto trading agent.
**Liquid Co-Invest is an AI agent built for trading crypto: it runs inside Claude, ChatGPT, Grok, or Meta Muse, reads live crypto prices, funding, and positioning, and proposes trades on your Liquid account that you confirm with one tap.** Crypto perps on Liquid trade 24/7 with no expiry, in a non-custodial account, with up to 40x on crypto (and up to 50x on eligible FX and index markets). For an agent that keeps watching a strategy, Co-Invest Computer adds simulation, staged, and live modes within limits you set.
No agent guarantees returns. The "best" one is the agent whose data, permissions, and limits you can see and control.
## What is the best AI agent for trading crypto?
Judge any crypto agent on five things:
1. **Live data.** Does it read current prices, funding rates, open interest, and news, or only what you paste in?
2. **Account access.** Can it see your actual positions and margin before suggesting a trade?
3. **Execution control.** Does every order need your approval, or can it act alone? If it acts alone, what caps exist?
4. **Custody.** Who holds the funds the agent trades with?
5. **Testability.** Can you run it in paper mode on live prices before risking money?
Exchange bot features vary widely by provider. Check each one's current documentation and fees.
## Why perps suit an AI crypto agent
Crypto perps never close, so an agent can act on a weekend move or an overnight funding flip. A perp also lets the agent go **long or short** with one instrument and attach take-profit and stop-loss orders at entry. The extra data an agent should weigh is [funding](/learn/what-are-funding-rates): a crowded long can pay funding every interval, which eats into a slow trade.
## How Co-Invest handles a crypto trade
Ask "Is SOL overextended? If so, propose a $300 short at 3x with a stop." Co-Invest pulls price, funding, technical indicators, and positioning, explains its reasoning, and returns a trade card showing symbol, side, size, leverage, take-profit, and stop-loss. Nothing executes until you press Confirm. The connector cannot withdraw or transfer funds.
For a running strategy, such as "rebalance BTC and ETH exposure each day, max 5x, stops required," [Co-Invest Computer](https://www.liquid.trade/coinvest-computer) can run it in simulation first, stage orders for your review, and then go live inside those limits. Compare the two in [AI agent portfolio management](/learn/ai-agent-portfolio-management).
## Red flags in an AI crypto trading agent
Walk away from any agent that does one of these:
- **Promises returns.** No model knows the next move. Claims of guaranteed or "consistent" profit are marketing, not evidence.
- **Asks for your private keys or withdrawal rights.** An agent needs trading permission, not custody of your funds. Co-Invest cannot withdraw or transfer funds, and Liquid never asks for a private key in chat.
- **Hides its reasoning.** You should see the data behind each proposal: price, funding, and the condition that would invalidate the idea.
- **Has no off switch or limits.** Autonomous execution should come with caps on size, leverage, symbols, and daily orders, plus an expiry date.
- **Can't be tested.** If you can't run it on simulated funds first, you are testing it with real money.
A good agent makes your process more consistent: the same checks before every trade, a stop on every position, and a record you can review afterward.
## How to start with an AI crypto agent on Liquid
1. **Connect Co-Invest** to Claude or ChatGPT ([install guide](/learn/install-co-invest-claude-chatgpt)), or to [Grok](/learn/install-co-invest-grok) or [Muse](/learn/install-co-invest-muse).
2. **Start in paper mode** with a simulated $10,000: [paper trading on Liquid](/learn/how-to-start-paper-trading-on-liquid).
3. **Fund when ready** by card, transfer, or USDC: [how to fund your Liquid account](/learn/how-to-fund-your-liquid-account).
4. **Ask for one trade at a time**, with a size and stop, and review the card before confirming. App-side management: [how to trade on Liquid](/learn/how-to-trade-on-liquid).
Related: [which trading platforms connect to Claude or ChatGPT](/learn/trading-platforms-that-connect-to-claude-or-chatgpt) and [automated vs. agentic trading](/learn/automated-vs-agentic-trading).
## Sources and further reading
- [Co-Invest documentation](https://www.liquid.trade/coinvest-docs) · [Co-Invest Computer](https://www.liquid.trade/coinvest-computer)
- [Liquid leverage](https://docs.liquid.trade/trading/leverage) · [funding rates](https://docs.liquid.trade/trading/funding-rates)
Product information checked October 15, 2026. AI-generated trade ideas are not investment advice.
---
## What Is the Best AI Trading Platform?
- URL: https://www.liquid.trade/learn/best-ai-trading-platform
- Published: 2026-10-15
- Author: Liquid
- Summary: The best AI trading platform depends on whether you want stock scans, chart automation, or an agent that trades your account. Here is an honest comparison of Liquid Co-Invest, Trade Ideas, TrendSpider, Webull, and chat assistants.
**If you want AI that trades your own account from the assistant you already use, Liquid Co-Invest is the best fit. It runs inside Claude, ChatGPT, Grok, and Meta Muse, reads live markets and your portfolio, and places trades you confirm.** Your account is non-custodial and covers 300+ perpetual markets: crypto, stocks, indices, commodities, FX, and pre-IPO companies, all trading 24/7 including weekends, with up to 50x on eligible markets. Co-Invest itself is free.
It is not the best tool for every job. If you mainly want AI-driven US stock scanning, look at **Trade Ideas**. If you want automated chart pattern recognition and backtesting, look at **TrendSpider**. Neither is a substitute for the other, and none of them guarantees returns.
## What is the best AI trading platform?
### 1. Liquid Co-Invest: best for AI that trades your account
- **What it does:** Account-aware research (prices, funding, indicators, positioning, news), trade proposals with Confirm and Cancel cards, multi-position plans, and paper mode. [Co-Invest Computer](https://www.liquid.trade/coinvest-computer) adds rule-bound automation with simulation, staged, and live modes.
- **Best for:** Traders who want one AI workflow across crypto, stocks, gold, FX, and indices, 24/7 on every market.
- **Limitations:** Trades Liquid's markets, not shares or listed options. Perps carry funding and leverage risk.
### 2. Trade Ideas: best for AI stock scanning
- **What it does:** AI-assisted scanning of US equities for trade setups, with alerts.
- **Best for:** Active US stock day traders who want ideas surfaced in real time.
- **Limitations:** Stock-focused. Subscription-priced. Orders execute through a separate brokerage.
### 3. TrendSpider: best for automated technical analysis
- **What it does:** Automated trendline and pattern detection, multi-timeframe charting, alerts, and strategy backtesting.
- **Best for:** Chart-driven traders who want to test rules before trading them.
- **Limitations:** Analysis software, not a broker. Subscription-priced. You still place trades elsewhere.
### 4. Webull: best for AI inside a traditional brokerage
- **What it does:** A custodial broker with $0 stock, ETF, and options commissions, 24/5 overnight trading on select securities, and its own agentic AI feature.
- **Best for:** Investors who want shares and an AI layer in one brokerage app.
- **Limitations:** No weekend trading. Overnight sessions are limit-only, with no shorting or margin.
### 5. ChatGPT or Claude on their own: best for free research
- **What it does:** Summarizes filings, explains concepts, and drafts a thesis from what you paste in.
- **Limitations:** Without a connector, it cannot see live prices or your account, and it cannot place orders. Connect one: see [which trading platforms connect to Claude or ChatGPT](/learn/trading-platforms-that-connect-to-claude-or-chatgpt).
Trade Ideas and TrendSpider are described at the category level. Check their sites for current plans and broker integrations. Webull details come from Liquid's September 2026 comparison research.
## How to choose
Ask three questions. **What decision do you want help with:** finding setups, reading charts, or placing and managing trades? **What markets do you trade:** US stocks only, or crypto, commodities, and FX too? **How much control do you want to keep:** approve every order, or let an agent act within limits? For the difference between those last two, read [automated vs. agentic trading](/learn/automated-vs-agentic-trading).
## How to try Co-Invest on Liquid
1. **Install Co-Invest** in Claude or ChatGPT: [install guide](/learn/install-co-invest-claude-chatgpt).
2. **Practice in paper mode** with a simulated $10,000: [paper trading on Liquid](/learn/how-to-start-paper-trading-on-liquid).
3. **Fund when ready** by card, transfer, or USDC: [how to fund your Liquid account](/learn/how-to-fund-your-liquid-account).
4. **Ask for one sized idea, review the card, and confirm.** App side: [how to trade on Liquid](/learn/how-to-trade-on-liquid).
Related: [best AI agent for trading crypto](/learn/best-ai-agent-for-trading-crypto) and [best AI tools for market research](/learn/best-ai-tools-for-market-research-and-trading).
## Sources and further reading
- [Co-Invest documentation](https://www.liquid.trade/coinvest-docs) · [Co-Invest Computer](https://www.liquid.trade/coinvest-computer)
- [Trade Ideas](https://www.trade-ideas.com/) · [TrendSpider](https://trendspider.com/) · [Webull Agentic AI](https://www.webull.com/agentic) · [Webull pricing](https://www.webull.com/pricing)
Product information checked October 15, 2026. AI-generated ideas are not investment advice, and past performance does not predict future results.
---
## Can I Buy and Sell Stocks Outside of Market Hours?
- URL: https://www.liquid.trade/learn/buy-and-sell-stocks-outside-market-hours
- Published: 2026-10-15
- Author: Liquid
- Summary: Yes. Brokers offer pre-market, after-hours, and 24/5 overnight sessions for actual shares, and stock perps on Liquid let you trade a company's price, long or short, 24/7, including weekends.
**Yes. You can trade stocks outside regular market hours in two ways: through a broker's pre-market, after-hours, or overnight session for actual shares, or through stock perpetual futures on Liquid, which track a company's price and trade 24/7, including weekends, even when the stock exchange is closed.** Liquid stock perps let you go long or short in a non-custodial account, with no expiry and a market-specific multiplier shown on the order ticket. They do not give you share ownership.
Regular US trading runs 9:30 a.m. to 4 p.m. ET on weekdays. Everything before or after that is "outside market hours," and the rules change by session.
## How can I buy and sell stocks outside of market hours?
For actual shares, use one of three extended sessions:
| Session | Typical window (ET) | Who offers it |
| --- | --- | --- |
| **Pre-market** | From as early as 4 a.m. to 9:30 a.m. | Webull from 4 a.m.; Schwab from 7 a.m.; Fidelity from 7:30 a.m. |
| **After-hours** | 4 p.m. to 8 p.m. | Most major brokers, including Schwab, Fidelity, and Webull |
| **Overnight (24/5)** | 8 p.m. to the next pre-market, Sunday to Thursday nights | Schwab (thinkorswim, select stocks and ETFs), Robinhood 24 Hour Market, Webull (select securities) |
Windows come from each broker's published pages as checked for Liquid's comparison guides in September 2026. Extended sessions are usually limit-order only, cover a limited list of symbols, and can have wider spreads and thinner liquidity. [FINRA's guide to extended-hours trading](https://www.finra.org/investors/insights/extended-hours-trading) explains the risks.
## Stock perps: the fourth option
A stock perp is a derivative linked to a company's share price. On Liquid you can open one long or short, size it in dollars, and close it at any time, 24/7, including when the stock exchange is shut. Because it is a contract rather than a share, it pays or charges [funding](/learn/what-are-funding-rates) instead of dividends, and you have no voting rights.
## Which should you use?
If you want **to own the shares**, use a broker's extended or overnight session, and check the stock is on its eligible list. If you want **to trade the price move**, including a short, with dollar sizing and access on nights and weekends, a stock perp is the more flexible tool. Many traders use both: shares for the long-term position and a perp to hedge an overnight event. See [how to hedge Apple stock 24/7](/learn/how-to-hedge-apple-stock-24-7) for a worked example.
## What to check before trading after hours
- **Price reference:** a perp can drift from the last close when the exchange is shut. Expect a reprice at the open.
- **Earnings and news:** after-hours moves can reverse at the open. Size for a gap.
- **Order type:** use limit orders in thin sessions. On Liquid, attach a [stop-loss](/learn/what-is-a-stop-loss) and take-profit when you open the trade.
## How to trade stocks outside market hours on Liquid
1. **Fund your account** by card, transfer, or USDC: [how to fund your Liquid account](/learn/how-to-fund-your-liquid-account).
2. **Rehearse an overnight trade** in [paper mode](/learn/how-to-start-paper-trading-on-liquid).
3. **Open the stock perp** and confirm what multiplier it allows.
4. **Size in dollars, set exits, and confirm.** Walkthrough: [how to trade on Liquid](/learn/how-to-trade-on-liquid).
More: [where to trade stocks 24/7](/learn/where-to-trade-stocks-24-7) and [where to trade stock perps](/learn/where-to-trade-stock-perps).
## Sources and further reading
- [NYSE hours and calendars](https://www.nyse.com/trade/hours-calendars) · [FINRA: extended-hours trading](https://www.finra.org/investors/insights/extended-hours-trading)
- [Schwab extended-hours trading](https://www.schwab.com/stocks/extended-hours-trading) · [Robinhood 24 Hour Market](https://robinhood.com/us/en/support/articles/24hour-market/) · [Webull 24/5 trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading)
- [Fidelity extended-hours trading](https://www.fidelity.com/webxpress/help/topics/help_notes_ecn.shtml) · [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php)
Liquid product information checked October 15, 2026.
---
## Can I Trade Futures on the Weekend?
- URL: https://www.liquid.trade/learn/can-you-trade-futures-on-the-weekend
- Published: 2026-10-15
- Author: Liquid
- Summary: Yes. Every Liquid perp, from crypto to stocks and commodities, trades through Saturday and Sunday, and a few CME crypto and metals futures now have weekend sessions. Most dated futures still close from Friday evening to Sunday evening.
**Yes. You can trade futures on the weekend with perpetual futures on Liquid, where every market stays open through Saturday and Sunday.** Liquid's perps have no expiry and settle on-chain in a non-custodial account, with multipliers of up to 50x on eligible markets. Stock, index, commodity, and FX perps are listed in the same account and also trade 24/7, including weekends.
Most dated exchange futures do not trade on weekends. The usual CME schedule runs from Sunday evening to Friday afternoon (US Central time). The exceptions are a small set of CME crypto and metals contracts that now trade 24/7 with maintenance windows.
## Can I trade futures on the weekend?
It depends on the contract:
- **Crypto perpetuals on Liquid:** open 24/7, including weekends and holidays.
- **Other Liquid perps (stocks, indices, gold, oil, FX):** listed alongside crypto and open 24/7, including weekends.
- **CME crypto futures and options, plus 1-Ounce Gold and 100-Ounce Silver futures:** listed by [CME as 24/7](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html), with scheduled maintenance windows. Spot-Quoted futures are excluded.
- **Most other dated futures (E-mini index, crude oil, Treasury, agricultural):** closed from Friday's close until the Sunday evening reopen.
## Which platforms offer weekend futures trading?
Competitor details come from each provider's published pages as checked for Liquid's comparison guides in September 2026. Confirm the session for your exact contract and account.
## How weekend perps differ from weekend futures
A weekend CME contract is still a dated future, with an expiry month, exchange margin, and settlement rules. A perp has no expiry. It uses [funding payments](/learn/what-are-funding-rates) to stay close to its reference price, and its hours are set by the venue, not an exchange. That is why a perp can list an asset whose home market is shut for the weekend.
That flexibility has a cost. When the reference market is closed, there is no live exchange price, so perp prices reflect trader supply and demand until the reopen. Spreads can widen and liquidity can thin. A weekend position in a stock or gold perp can gap when the cash market opens on Monday.
## Practical weekend checklist
- Check the spread and depth, not just the last quote.
- Size the position for a Monday gap, not only for weekend volatility.
- Attach a [stop-loss](/learn/what-is-a-stop-loss), and remember a stop can fill past its trigger in a gap.
- Note when funding is charged so a multi-day hold has no surprises.
## Why most dated futures close on weekends
Exchange futures inherit their schedules from the markets they hedge. Banks, commodity producers, and fund managers do most of their hedging during the business week, and clearing houses settle margin daily, so exchanges built their sessions around that cycle. The weekend gap also gives exchanges time for system maintenance.
Crypto changed the expectation, because the underlying asset never stops trading. That is why CME's first 24/7 products are crypto contracts, followed by small precious-metals contracts. Perpetual venues went further: a perp's hours are set by the venue rather than an exchange calendar, so one account can list crypto, stocks, and commodities side by side. The catch is that, for a stock or commodity perp, weekend prices come from traders alone. No exchange is printing the underlying price until Monday.
## How to trade futures on the weekend on Liquid
1. **Fund your account** with card, transfer, or USDC: [how to fund your Liquid account](/learn/how-to-fund-your-liquid-account).
2. **Rehearse in paper mode** before going live: [start paper trading](/learn/how-to-start-paper-trading-on-liquid).
3. **Open the market.** Every Liquid market, crypto or not, is open 24/7, including weekends.
4. **Set size, multiplier, and exits, then confirm.** Follow [how to trade on Liquid](/learn/how-to-trade-on-liquid).
For a broader look at weekend markets beyond futures, see [which platforms let you trade on weekends](/learn/weekend-trading-platforms). For around-the-clock futures access during the week, read [where can I trade futures 24/7](/learn/where-to-trade-futures-24-7).
## Sources and further reading
- [CME Group: 24/7 crypto, energy, and metals](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html) and [trading hours](https://www.cmegroup.com/trading-hours.html)
- [Robinhood: 24 Hour Market](https://robinhood.com/us/en/support/articles/24hour-market/) · [Schwab pricing](https://www.schwab.com/pricing)
- [Liquid documentation](https://docs.liquid.trade/)
Liquid product information checked October 15, 2026.
---
## Can I Trade Index Futures Around the Clock?
- URL: https://www.liquid.trade/learn/can-you-trade-index-futures-around-the-clock
- Published: 2026-10-15
- Author: Liquid
- Summary: Index perpetuals on Liquid give you S&P 500-style and Nasdaq-style exposure without contract months, with up to 50x on eligible index markets. CME E-mini and Micro E-mini futures trade nearly 24 hours, Sunday to Friday.
**Yes. You can trade index exposure around the clock on Liquid with index perpetual futures, which have no expiry and offer up to 50x on eligible index markets.** They sit in the same non-custodial account as crypto, stock, commodity, and FX perps. Like every Liquid market, index perps trade 24/7, including weekends, so you can trade a night or weekend move.
Dated index futures, such as CME's E-mini and Micro E-mini S&P 500 and Nasdaq-100 contracts, trade nearly 24 hours a day, Sunday evening to Friday afternoon, with a daily maintenance break. They do not trade on Saturday.
## Can I trade index futures around the clock?
Close to it, during the week. The [CME Micro E-mini FAQ](https://www.cmegroup.com/articles/faqs/micro-e-mini-equity-index-futures-frequently-asked-questions.html) lists the current Globex schedule. That schedule covers most of each weekday night, but stops for a daily break, the weekend, and some holidays.
For access that does not depend on an exchange calendar, an index perpetual is the alternative. A Liquid index perp tracks an index reference and trades 24/7, including weekends. When the cash index and its futures are closed, the perp price reflects trader supply and demand rather than a live index print.
## How do the platforms compare?
Competitor details come from each provider's published pages as checked for Liquid's comparison guides in September 2026.
## Index futures vs. index perps
| | E-mini / Micro E-mini | Index perp on Liquid |
| --- | --- | --- |
| Expiry | Quarterly (Mar, Jun, Sep, Dec); roll or cash-settle | None |
| Size | Fixed dollar multiplier per index point | Any dollar notional |
| Holding cost | Basis, rolled quarterly | [Funding](/learn/what-are-funding-rates) |
| Hours | Nearly 24 hours, Sunday to Friday | 24/7, including weekends |
| Regulation | CME-listed, cleared | Venue rules; not a CME contract |
Liquid does not list CME index futures. An index perp and an ES or MES contract are different instruments, even when they track the same benchmark.
## When the overnight price matters
Most index news lands outside New York trading hours: earnings after the close, Asian and European sessions, and weekend policy headlines. An index perp lets you act on that news at any hour, but the price can move again at the cash open. Plan for a gap when you size a position, and set a [stop-loss](/learn/what-is-a-stop-loss) knowing it may fill past its trigger.
## A worked example: index perp vs. Micro E-mini
Here is an illustrative comparison, not a quote. Suppose you want about $10,000 of S&P 500 exposure overnight.
- **Micro E-mini:** each contract is a fixed multiple of the index, so one contract can be well above $10,000 of notional at current index levels. You can't buy a fraction, so your exposure jumps in contract-sized steps. Your broker sets the exchange margin per contract.
- **Index perp on Liquid:** you enter $10,000 of notional directly. At 5x, that needs about $2,000 of margin. A 1% index move is roughly $100 of profit or loss either way, before fees and funding.
The perp lets you size exactly, but its funding can add up on a multi-week hold. The micro contract costs a few dollars per round trip, but it rolls quarterly and stops trading on weekends. Pick the one whose costs match how long you plan to hold.
## How to trade index perps on Liquid
1. **Fund the account** with card, transfer, or USDC: [how to fund your Liquid account](/learn/how-to-fund-your-liquid-account).
2. **Practice an overnight trade** in [paper mode](/learn/how-to-start-paper-trading-on-liquid).
3. **Open the index market**, check the reference, and choose a multiplier up to the ticket's maximum.
4. **Set exits and confirm.** Walkthrough: [how to trade on Liquid](/learn/how-to-trade-on-liquid).
Related: [where can I trade futures 24/7](/learn/where-to-trade-futures-24-7) and [futures vs. perpetual futures](/learn/futures-vs-perpetual-futures).
## Sources and further reading
- [CME Micro E-mini equity index FAQ](https://www.cmegroup.com/articles/faqs/micro-e-mini-equity-index-futures-frequently-asked-questions.html) and [trading hours](https://www.cmegroup.com/trading-hours.html)
- [Schwab extended-hours trading](https://www.schwab.com/stocks/extended-hours-trading) · [Robinhood 24 Hour Market](https://robinhood.com/us/en/support/articles/24hour-market/)
- [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php) · [NinjaTrader pricing](https://ninjatrader.com/pricing/)
- [Liquid documentation](https://docs.liquid.trade/)
Liquid product information checked October 15, 2026.
---
## How Do I Start Trading Futures Online?
- URL: https://www.liquid.trade/learn/how-to-start-trading-futures-online
- Published: 2026-10-15
- Author: Liquid
- Summary: Pick the contract type, open an account that carries it, practice with simulated funds, then trade small with a written exit plan. Here is the route for perpetual futures on Liquid and for dated futures at a broker.
**To start trading futures online on Liquid, sign up, fund your account with a card, transfer, or USDC, practice in paper mode, and then open a small perpetual futures position.** Liquid perps have no expiry, are sized in dollars rather than whole contracts, and sit in a non-custodial account. All Liquid markets trade 24/7, including weekends, and eligible markets offer multipliers of up to 50x. You can get from sign-up to a practice trade in minutes.
If you need dated exchange futures, such as CME E-minis or crude oil contracts, the route is a futures-enabled brokerage account. That usually involves a futures application, an approval step, and exchange margin per contract.
## How do I start trading futures online?
### 1. Choose the contract type
Decide whether you want a **perpetual** (no expiry, funding instead of rolling, 24/7 trading) or a **dated future** (expiry month, exchange clearing, exchange hours). The [futures vs. perpetual futures guide](/learn/futures-vs-perpetual-futures) explains the differences. If you want one account covering crypto, stocks, gold, FX, and indices, perps are the simpler start.
### 2. Open an account that carries it
Competitor details come from each provider's published pages as checked for Liquid's comparison guides in September 2026. Futures brokers typically ask about experience and finances before approving futures trading.
### 3. Learn the four numbers that matter
Before any trade, know your **notional** (total exposure), **margin** (collateral posted), **liquidation or margin-call level**, and **all-in cost** (fees plus funding or roll). On Liquid, the order ticket shows notional and margin together as you change the multiplier. Read [what is liquidation](/learn/what-is-liquidation) and [cross vs. isolated margin](/learn/cross-margin-vs-isolated-margin).
### 4. Practice with simulated funds
Paper trading uses live prices with simulated money. Practice opening a position, moving a stop, and closing, then compare the result with what you expected. On Liquid, [paper trading](/learn/how-to-start-paper-trading-on-liquid) starts you with a simulated $10,000 balance.
### 5. Start small, with a written exit plan
Your first live trade should be small enough that a full stop-out is a lesson, not a setback. Write down the entry reason, the stop, the target, and when you will close regardless. Attach the [stop-loss](/learn/what-is-a-stop-loss) when you open the trade.
## Common first-month mistakes
- **Using the maximum multiplier.** A high multiplier shrinks the move needed to wipe out your margin. Start at a low multiplier and raise it only once you understand your liquidation price.
- **Skipping the stop.** Decide where you are wrong before entering, and place the stop with the order.
- **Ignoring holding costs.** Funding on perps and roll costs on dated futures turn a flat trade into a loss over time.
- **Trading every session.** Around-the-clock access does not mean you should trade around the clock. Set the hours you will actually watch positions.
- **Not reviewing.** Keep a short log of entry reason, size, exit, and result. Patterns show up within a few weeks.
## How to start on Liquid
1. **Create an account and fund it** by card, transfer, or USDC: [how to fund your Liquid account](/learn/how-to-fund-your-liquid-account).
2. **Switch on paper mode** and run three practice trades: [paper trading on Liquid](/learn/how-to-start-paper-trading-on-liquid).
3. **Place a small live trade** with a stop and target: [how to trade on Liquid](/learn/how-to-trade-on-liquid).
4. **Review it afterward.** Compare fees, funding, and fill against your plan.
Prefer to work in a chat? [Co-Invest](/learn/install-co-invest-claude-chatgpt) lets you research and place confirmed trades from Claude or ChatGPT.
Still comparing brokers? Read [what is the best platform for futures trading](/learn/best-futures-trading-platform-for-retail-traders) and [the lowest fee futures trading platforms](/learn/lowest-fee-futures-trading-platforms).
## Sources and further reading
- [CME: definition of a futures contract](https://www.cmegroup.com/education/courses/introduction-to-futures/definition-of-a-futures-contract)
- [Liquid: what are perpetual futures](https://docs.liquid.trade/about-liquid/what-are-perpetual-futures) · [paper trading](https://docs.liquid.trade/trading/paper-trading)
- [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php) · [Schwab pricing](https://www.schwab.com/pricing) · [NinjaTrader pricing](https://ninjatrader.com/pricing/)
Liquid product information checked October 15, 2026.
---
## What Are the Lowest Fee Futures Trading Platforms?
- URL: https://www.liquid.trade/learn/lowest-fee-futures-trading-platforms
- Published: 2026-10-15
- Author: Liquid
- Summary: The cheapest futures platform depends on your contract, size, and trade count. Here are published futures commissions from IBKR, Schwab, E*TRADE, TradeStation, and NinjaTrader, compared with Liquid perpetual fees.
**For perpetual futures, Liquid charges a percentage of notional: 0.095% taker and 0.065% maker all-in at Tier 0, falling with volume, with no platform subscription or data fee.** For dated exchange futures, the lowest published per-contract commissions come from brokers such as Interactive Brokers and NinjaTrader's paid plans. Exchange, clearing, and NFA fees are added on top. Which is cheaper depends on contract size and how often you trade.
Liquid perps are non-custodial, trade 24/7 on every market, including weekends, and offer multipliers of up to 50x on eligible markets. They are not CME contracts. If you need a specific exchange-listed future, compare the brokers below.
## What are the lowest fee futures trading platforms?
All broker figures come from each provider's pricing page as checked for Liquid's comparison guides in September 2026. Prices change, and some tiers require high monthly volume or a paid plan.
## Per-contract vs. percentage fees: a worked example
The two fee models only compare once you convert them into dollars for the same exposure. Here is an illustrative case, not a quote:
- **Dated micro futures:** one Micro E-mini S&P contract controls roughly 5 × the index level. At an index level of 6,000 that is about $30,000 of notional. At $0.39 per side plus, say, $0.60 of exchange and clearing fees per side, a round trip costs about $2.
- **Perpetual:** $30,000 of notional on a Liquid index perp at the 0.095% taker rate costs about $28.50 per side, or $57 round trip as a taker. Maker orders cost less, and higher volume tiers cut the rate further.
For active intraday trading of a liquid CME contract, a low per-contract broker is usually cheaper on commissions. A perp can make more sense when you value 24/7 access, no roll, multi-asset markets in one account, or non-custodial settlement. Futures-broker costs that are easy to miss include data subscriptions, platform plans, and inactivity fees.
## How dated futures and perps differ on cost
| Cost | Dated future | Perpetual |
| --- | --- | --- |
| Trading fee | Per contract, plus exchange and clearing | % of notional, maker or taker |
| Holding cost | Basis and roll cost at each expiry | [Funding](/learn/what-are-funding-rates), paid or received |
| Platform | Data and plan fees may apply | None on Liquid |
Expiry, regulation, and hours also differ. See [futures vs. perpetual futures](/learn/futures-vs-perpetual-futures). For the full Liquid fee table and how volume tiers work, read [perpetual futures fees](/learn/perpetual-futures-fees).
## Hidden costs to add to any futures fee comparison
Headline commissions leave out several costs that can matter more:
- **Exchange, clearing, and NFA fees** on dated futures, charged per contract on top of the broker commission.
- **Market data subscriptions** for real-time CME quotes, often billed monthly per exchange.
- **Platform or plan fees**, such as a monthly or lifetime license that lowers per-contract rates.
- **Inactivity, transfer, and liquidation fees** that some brokers charge.
- **Spread and slippage**, which apply on every venue and grow in thin sessions.
- **Funding (perps) or roll cost (dated futures)** for positions held longer than a day.
Add the ones that apply to your trading plan for a month, then divide by your expected number of round trips. That per-trade number is the one to compare.
## How to keep fees low on Liquid
1. **Use limit orders where you can.** Maker fills cost 0.065% at Tier 0, compared with 0.095% for taker fills. The order screens are covered in [how to trade on Liquid](/learn/how-to-trade-on-liquid).
2. **Watch funding on longer holds.** Check the current rate before holding through several funding intervals.
3. **Practice for free.** [Paper trading](/learn/how-to-start-paper-trading-on-liquid) lets you test order types with no fees.
4. **Fund in USDC** to skip conversion steps: [how to fund your Liquid account](/learn/how-to-fund-your-liquid-account).
## Sources and further reading
- [Liquid fee schedule](https://docs.liquid.trade/trading/fees)
- [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php) · [NinjaTrader pricing](https://ninjatrader.com/pricing/) · [TradeStation pricing](https://www.tradestation.com/pricing/)
- [E*TRADE pricing](https://us.etrade.com/what-we-offer/pricing-and-rates) · [Schwab pricing](https://www.schwab.com/pricing)
- [CME Micro E-mini FAQ](https://www.cmegroup.com/articles/faqs/micro-e-mini-equity-index-futures-frequently-asked-questions.html)
Liquid fees checked October 15, 2026.
---
## Which Trading Platforms Connect to Claude or ChatGPT?
- URL: https://www.liquid.trade/learn/trading-platforms-that-connect-to-claude-or-chatgpt
- Published: 2026-10-15
- Author: Liquid
- Summary: Liquid connects to Claude and ChatGPT through Co-Invest, a free connector that researches markets, reads your portfolio, and places trades you confirm. It also works in Grok, Meta Muse, and iMessage. Here is how it compares and how to install it.
**Liquid connects to Claude and ChatGPT through Co-Invest, a free connector that brings your real Liquid account into the chat.** You can research a market, check positions, and place trades from the conversation, and every order waits for you to press Confirm. Co-Invest also works in Grok, Meta Muse, and iMessage, and in other MCP clients such as Cursor and Codex. It cannot withdraw or transfer funds.
Behind the connector is the full Liquid account: 300+ perpetual markets across crypto, stocks, indices, commodities, FX, and pre-IPO companies, non-custodial, with every market trading 24/7, including weekends, and multipliers of up to 50x on eligible markets. Setup takes about five minutes. Follow the [Claude and ChatGPT install guide](/learn/install-co-invest-claude-chatgpt).
## Which trading platforms connect to Claude or ChatGPT?
Many apps let you paste a chart into ChatGPT. Far fewer give the assistant **live, account-aware tools**: market data, your portfolio, and an order path. Co-Invest uses the Model Context Protocol (MCP), the standard both Claude and ChatGPT use for connectors, so the assistant calls Liquid's tools directly instead of guessing from text.
Competitor details come from Liquid's published comparison guides as checked in September 2026. Integrations change quickly, so check each provider's current documentation.
## What Co-Invest can do in a chat
- **Research:** prices, funding, technical indicators, news, and positioning for listed markets.
- **Portfolio:** balances, open positions, orders, and PnL from your actual account.
- **Trade proposals:** a card showing symbol, direction, size, leverage, and take-profit and stop-loss levels, with Confirm and Cancel buttons. Pressing Confirm is the only way an order reaches the exchange.
- **Baskets and plans:** multi-position allocations approved with one "Place all" confirmation.
- **Paper mode:** say "switch to paper mode" to practice with a simulated $10,000 balance.
For an agent that monitors a strategy and acts within limits you set, [Co-Invest Computer](https://www.liquid.trade/coinvest-computer) adds simulation, staged, and live modes, with caps on notional, leverage, symbols, and daily orders. Grok uses Co-Invest Computer.
## Claude vs. ChatGPT setup
| | Claude | ChatGPT |
| --- | --- | --- |
| How to add | Settings → Connectors → Add custom connector | Plugin directory → Co-Invest → Connect |
| Server | `https://coinvest.liquid.trade` | Listed in the directory |
| Plan | Custom connectors require a paid Claude plan | Available from the plugin directory |
| Use in chat | Available once connected | Type @Co-Invest to attach it |
Full steps: [install Co-Invest in Claude and ChatGPT](/learn/install-co-invest-claude-chatgpt). For Grok, see [install Co-Invest in Grok](/learn/install-co-invest-grok). For Meta's assistant, see [install Co-Invest in Muse](/learn/install-co-invest-muse).
## How to trade from Claude or ChatGPT with Liquid
1. **Install the connector** using the [install guide](/learn/install-co-invest-claude-chatgpt) and sign in to Liquid.
2. **Fund your account** by card, transfer, or USDC ([how to fund](/learn/how-to-fund-your-liquid-account)), or start in [paper mode](/learn/how-to-start-paper-trading-on-liquid).
3. **Ask for a trade idea** with a size and risk limit, for example: "Propose a $200 ETH long at 3x with a 5% stop."
4. **Review the card and confirm.** You can manage the position in chat or in the app. [How to trade on Liquid](/learn/how-to-trade-on-liquid) covers the app side.
Related: [can ChatGPT place trades](/learn/can-chatgpt-place-trades) and [the best AI trading platform](/learn/best-ai-trading-platform).
## Sources and further reading
- [Co-Invest documentation](https://www.liquid.trade/coinvest-docs) · [Co-Invest](https://www.liquid.trade/coinvest) · [Co-Invest Computer](https://www.liquid.trade/coinvest-computer)
- [Webull Agentic AI](https://www.webull.com/agentic)
- [Liquid documentation](https://docs.liquid.trade/)
Product information checked October 15, 2026. AI-generated ideas are not investment advice, and every trade carries risk.
---
## What Markets Can I Trade When the Stock Market Is Closed?
- URL: https://www.liquid.trade/learn/what-to-trade-when-the-stock-market-is-closed
- Published: 2026-10-15
- Author: Liquid
- Summary: Crypto trades 24/7, FX trades 24/5, and many futures trade nearly around the clock on weekdays. On Liquid you can trade crypto, stock, index, gold, oil, FX, and pre-IPO perps from one account when the stock market is shut.
**When the stock market is closed, you can trade crypto 24/7, forex 24 hours a day on weekdays, many futures nearly around the clock, and perpetual futures on Liquid, which put crypto, stocks, indices, gold, oil, FX, and pre-IPO companies in one non-custodial account.** Liquid's crypto perps never close. Its other perps also trade 24/7, including weekends, outside their home market's hours. Eligible markets offer multipliers of up to 50x, and Liquid's prediction markets are unleveraged event contracts.
The US stock market is closed on weekday nights after 8 p.m. ET (once after-hours ends), all weekend, and on exchange holidays. Here is what still trades.
## What markets can I trade when the stock market is closed?
| Market | When it trades | Where |
| --- | --- | --- |
| **Crypto** | 24/7, including weekends and holidays | Liquid crypto perps; crypto exchanges such as Coinbase and Kraken |
| **Forex** | 24 hours, Sunday evening to Friday evening | Liquid FX perps (24/7, including weekends); FX brokers |
| **Index, gold, and oil futures** | Nearly 24 hours, Sunday to Friday; some CME crypto and metals contracts 24/7 | Futures brokers; Liquid index and commodity perps (24/7, including weekends) |
| **Select US stocks and ETFs (shares)** | 24/5 overnight on weekdays only | Schwab, Robinhood, Webull overnight sessions |
| **Stock and pre-IPO perps** | 24/7, including weekends | Liquid |
| **Prediction markets** | Event-dependent | Liquid (unleveraged) |
FX hours follow the global interbank market. Futures hours follow [CME's calendar](https://www.cmegroup.com/trading-hours.html). Broker sessions are from each provider's published pages as checked for Liquid's comparison guides in September 2026.
## Platforms compared
## Picking a market for a closed-market idea
Match the market to the news:
- **Company news after the close** (earnings, guidance): a stock perp on Liquid, which trades 24/7, or the broker's overnight session for shares.
- **Macro or central-bank headlines:** an index or FX perp, or index futures on weekdays.
- **Geopolitical or supply shocks:** gold or oil perps. See [trading gold and oil at night](/learn/trade-gold-and-oil-at-night).
- **Weekend risk on a crypto or stock position:** a perp hedge. See the [24/7 hedging guides](/learn/how-to-hedge-bitcoin-24-7).
Remember that perp prices for closed underlying markets are set by traders, not a live exchange print. Expect a reprice when the home market reopens, and size for that gap.
## How prices behave when the stock market is closed
Off-hours markets are thinner. Fewer participants means wider spreads, larger price jumps on news, and orders that can move the price. For perps tied to closed markets, such as a stock or index perp on a Saturday, there is no live exchange price to anchor to. The perp trades on what buyers and sellers expect the reopening price to be.
Three habits help. Use limit orders rather than market orders when the book looks thin. Trade smaller than you would during peak hours. And treat the first minutes after the home market reopens as a separate event: the perp often converges quickly toward the new cash price, which can trigger stops.
## How to trade on Liquid when the market is closed
1. **Fund your account** by card, transfer, or USDC: [how to fund your Liquid account](/learn/how-to-fund-your-liquid-account).
2. **Build a watchlist** of the markets above and practice in [paper mode](/learn/how-to-start-paper-trading-on-liquid).
3. **Check the market is live**, pick a size and multiplier, and attach a [stop-loss](/learn/what-is-a-stop-loss).
4. **Confirm and manage the trade.** Walkthrough: [how to trade on Liquid](/learn/how-to-trade-on-liquid).
Related: [which platforms let you trade on weekends](/learn/weekend-trading-platforms), [which brokers offer 24/7 trading](/learn/which-brokers-offer-24-7-trading), and [can I trade futures on the weekend](/learn/can-you-trade-futures-on-the-weekend).
## Sources and further reading
- [CME trading hours](https://www.cmegroup.com/trading-hours.html) · [CME 24/7 products](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html)
- [NYSE hours and calendars](https://www.nyse.com/trade/hours-calendars)
- [Schwab extended-hours trading](https://www.schwab.com/stocks/extended-hours-trading) · [Robinhood 24 Hour Market](https://robinhood.com/us/en/support/articles/24hour-market/)
- [Liquid documentation](https://docs.liquid.trade/)
Liquid product information checked October 15, 2026.
---
## Where Can I Trade Futures 24/7?
- URL: https://www.liquid.trade/learn/where-to-trade-futures-24-7
- Published: 2026-10-15
- Author: Liquid
- Summary: Liquid offers perpetual futures with 24/7 trading, including weekends, on every listed market. Dated exchange futures trade on product-specific sessions. Here is how the two routes compare.
**You can trade futures 24/7 on Liquid through perpetual futures: contracts with no expiry date that you can open and close at any hour.** Liquid's crypto perps trade around the clock, including weekends and holidays, and its stock, index, commodity, FX, and pre-IPO perps are listed in the same non-custodial account. Those non-crypto markets also trade 24/7, including weekends. Eligible markets offer multipliers of up to 50x.
Dated exchange futures are a separate product. CME now lists some crypto and metals futures seven days a week, but most dated contracts, including the major index, energy, and agricultural futures, follow Sunday-to-Friday sessions with daily breaks.
## Where can I trade futures 24/7?
There are two routes, and they suit different traders:
- **Perpetual futures on Liquid.** One account, 300+ markets, no contract months to roll. Crypto perps never close. Other listed perps also trade 24/7, including weekends, outside their underlying market's hours.
- **Dated futures through a futures broker.** CME's [24/7 trading page](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html) lists cryptocurrency futures and options (excluding Spot-Quoted futures), plus 1-Ounce Gold and 100-Ounce Silver futures, as trading 24/7 with maintenance windows. You need a broker that carries those exact contracts.
If you want an always-on futures-style market across asset classes, a perpetual venue is the more direct answer. If you need a regulated exchange contract with a fixed settlement date, use a futures broker and confirm which contract months are open on weekends.
## How do the platforms compare?
Competitor figures come from each provider's published pricing as checked for Liquid's comparison guides in September 2026. Exchange, clearing, and data fees are extra where noted. Recheck before you trade.
## How do dated futures and perpetuals differ?
| | Dated future | Perpetual future |
| --- | --- | --- |
| Expiry | Fixed contract month; roll or settle | None; hold while margin allows |
| Holding cost | Basis to spot, priced into the contract | Funding payments between longs and shorts |
| Hours | Set by the exchange per product | 24/7 on every Liquid market, including weekends |
| Regulation | Exchange-listed, cleared through an FCM | Venue rules; not a CME contract |
The trade-off is simple. A dated future gives you a standardized exchange contract and a known settlement process. A perpetual gives you continuous access with no roll, paid for through [funding rates](/learn/what-are-funding-rates). Liquid does not offer CME futures. For more detail, see [futures vs. perpetual futures](/learn/futures-vs-perpetual-futures).
## What changes at night and on weekends?
Liquidity and spreads can change when the underlying market is closed. A stock or commodity perp trading on a Saturday has no live exchange price to anchor to, so its price reflects what traders are willing to pay until the cash market reopens. Size positions with that in mind, and use a stop-loss you would be comfortable with if the market gapped at Monday's open.
## How to trade futures 24/7 on Liquid
1. **Fund your account.** Deposit with a card, a transfer, or USDC. See [how to fund your Liquid account](/learn/how-to-fund-your-liquid-account).
2. **Practice first.** Switch to [paper trading](/learn/how-to-start-paper-trading-on-liquid) and run a night or weekend trade with simulated funds.
3. **Pick a market.** Every Liquid market, crypto or not, trades 24/7, including weekends.
4. **Size it and set exits.** Choose a multiplier, review notional and margin, and attach a take-profit and stop-loss. The full walkthrough is in [how to trade on Liquid](/learn/how-to-trade-on-liquid).
Choosing between broker types? Read [what is the best platform for futures trading](/learn/best-futures-trading-platform-for-retail-traders) or [can you trade futures on the weekend](/learn/can-you-trade-futures-on-the-weekend).
## Sources and further reading
- [Liquid documentation](https://docs.liquid.trade/) and [fee schedule](https://docs.liquid.trade/trading/fees)
- [CME Group: 24/7 crypto, energy, and metals](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html)
- [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php) · [Schwab pricing](https://www.schwab.com/pricing) · [Kraken fee schedule](https://www.kraken.com/features/fee-schedule)
Liquid product information checked October 15, 2026. Perpetual futures carry leverage risk, and losses can exceed your expectations in fast markets.
---
## Where Can I Trade Gold and Oil Futures?
- URL: https://www.liquid.trade/learn/where-to-trade-gold-and-oil-futures
- Published: 2026-10-15
- Author: Liquid
- Summary: Trade gold and oil as perpetual futures on Liquid, with no expiry and no delivery, or trade dated CME gold and WTI contracts through a futures broker. Here is how the routes compare on hours, size, fees, and custody.
**You can trade gold and oil futures on Liquid as perpetual futures: long or short contracts with no expiry and no physical delivery, held in a non-custodial account alongside crypto, stocks, and FX.** You can size positions in dollars rather than whole contracts, use multipliers on eligible markets (each market's maximum is shown on its order ticket), and trade outside regular exchange hours. Commodity perps trade 24/7, including weekends.
If you need a specific exchange contract, such as CME Gold, Micro Gold, or WTI crude, use a futures broker that carries it. Liquid does not offer CME futures.
## Where can I trade gold and oil futures?
Broker details come from each provider's published pricing as checked for Liquid's comparison guides in September 2026. Recheck for your account.
## Contract size matters more than the label
Dated futures come in fixed sizes. CME [Micro Gold](https://www.cmegroup.com/education/lessons/micro-gold-and-micro-silver-futures-product-overview) represents 10 troy ounces. [Micro WTI crude](https://www.cmegroup.com/education/articles-and-reports/micro-wti-crude-oil-futures-faq) represents 100 barrels, and the standard contracts are much larger. CME's 1-Ounce Gold contract is listed for [24/7 trading](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html) with maintenance windows.
A perp has no contract unit to round to. You choose a dollar notional, and the margin you post sets the multiplier. That makes a small trial position simple to build, but it also makes it easy to over-size. Convert both products into dollar exposure before you compare them.
## How dated gold and oil futures differ from perps
| | Dated gold or oil future | Gold or oil perp on Liquid |
| --- | --- | --- |
| Expiry | Monthly or quarterly contract; roll or settle | None |
| Delivery | Contract-specific; physical delivery possible on some | Never; cash PnL only |
| Holding cost | Roll cost between contract months | [Funding](/learn/what-are-funding-rates), paid or received |
| Hours | Exchange session per product | 24/7, including weekends |
| Regulation | Exchange-listed, cleared through an FCM | Venue rules; not an exchange future |
Oil benchmarks differ too. WTI and Brent are separate benchmarks, so check which reference a market tracks before comparing prices.
## Who should use which
Choose a **futures broker** if you are hedging a physical exposure to a specific settlement date, need exchange clearing, or trade CME contracts actively at scale. Choose **Liquid perps** if you want gold or oil next to your crypto and stock positions in one non-custodial account, prefer dollar sizing, or want access outside the exchange session.
## What moves gold and oil outside exchange hours
Gold reacts to US dollar strength, real interest rates, and safe-haven demand during geopolitical stress. Many of those headlines land during Asian or European hours, or over a weekend. Oil reacts to supply news: producer-group decisions, pipeline or shipping disruptions, and inventory data. Producer-group meetings and conflicts don't follow the CME calendar.
That is the main reason traders look for access outside regular sessions. If a major supply headline lands on a Saturday, a dated futures trader has to wait for the Sunday reopen. A perp trader can act on it, since Liquid's gold and oil perps trade 24/7. Either way, expect fast price moves and wide spreads around those headlines, and size the position so a gap through your stop is survivable.
## How to trade gold and oil on Liquid
1. **Fund your account** with card, transfer, or USDC: [how to fund your Liquid account](/learn/how-to-fund-your-liquid-account).
2. **Try it in paper mode** first: [paper trading on Liquid](/learn/how-to-start-paper-trading-on-liquid).
3. **Open the gold or oil market.** Check its reference and the maximum multiplier on the ticket.
4. **Size in dollars, set a stop, and confirm.** Step-by-step: [how to trade on Liquid](/learn/how-to-trade-on-liquid).
Read more on [gold and oil leverage](/learn/gold-and-oil-leverage-trading) and [trading gold and oil at night](/learn/trade-gold-and-oil-at-night).
## Sources and further reading
- [CME Micro Gold](https://www.cmegroup.com/education/lessons/micro-gold-and-micro-silver-futures-product-overview) · [Micro WTI FAQ](https://www.cmegroup.com/education/articles-and-reports/micro-wti-crude-oil-futures-faq) · [CME 24/7 products](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html)
- [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php) · [Schwab pricing](https://www.schwab.com/pricing) · [NinjaTrader pricing](https://ninjatrader.com/pricing/)
- [Liquid fee schedule](https://docs.liquid.trade/trading/fees)
Liquid product information checked October 15, 2026.
---
## Which Brokers Offer 24/7 Trading?
- URL: https://www.liquid.trade/learn/which-brokers-offer-24-7-trading
- Published: 2026-10-15
- Author: Liquid
- Summary: Most brokers that advertise round-the-clock trading offer 24/5 overnight sessions on select stocks. Crypto exchanges and perpetual platforms like Liquid trade 24/7. Here is who offers what, and when.
**Liquid offers 24/7 trading, including weekends, on every market it lists: crypto, stock, index, commodity, FX, and pre-IPO perps in the same non-custodial account.** There is no overnight session to opt into and no expiry to roll. Eligible markets offer multipliers of up to 50x.
Traditional brokers rarely offer true seven-day trading. Schwab, Robinhood, and Webull run **24/5** overnight sessions on a select list of US stocks and ETFs, from Sunday evening to Friday evening. Fidelity offers pre-market and after-hours sessions only. Crypto exchanges such as Coinbase and Kraken trade crypto 24/7.
## Which brokers offer 24/7 trading?
Competitor details come from each provider's published pages as checked for Liquid's comparison guides in September 2026. Session lists and eligible symbols change, so confirm with the provider.
## 24/7 vs. 24/5: why the difference matters
A **24/5 overnight session** lets you buy and sell actual shares between the evening close and the next morning, Sunday night through Friday. You own the stock, but only symbols on the broker's list trade, orders are usually limit-only, and Saturday is closed.
A **24/7 market** never closes. On Liquid, every perp is always open, including through nights and weekends. A perp gives you long or short price exposure, not share ownership or voting rights, and it carries [funding payments](/learn/what-are-funding-rates) while open.
Futures sit in between. Most CME contracts trade nearly 24 hours, Sunday to Friday, and a few crypto and metals contracts trade 24/7. See [where can I trade futures 24/7](/learn/where-to-trade-futures-24-7).
## Which should you pick?
- **You want to own shares and react overnight on weekdays:** a broker with a 24/5 session, such as Schwab, Robinhood, or Webull.
- **You want to trade crypto, gold, FX, indices, and stocks in one place, including weekends, long or short:** Liquid.
- **You only trade crypto spot:** a crypto exchange.
- **You need exchange-listed futures:** a futures broker. Check the exact contract's session.
## What to check before trading overnight or on weekends
- **Is the symbol eligible?** Overnight share sessions cover a published list of stocks and ETFs, not every ticker.
- **Which order types work?** Overnight sessions are usually limit-only, and some brokers block shorting or margin overnight.
- **What is the price reference?** Overnight share trades print on alternative venues. Perps on closed markets trade on their own order book.
- **How liquid is it right now?** Check the spread and book depth before sizing.
- **What happens at the reopen?** Prices can gap when the primary market opens, and stops can fill past their trigger.
[FINRA's extended-hours guide](https://www.finra.org/investors/insights/extended-hours-trading) covers the risks for shares. For perps, add [funding](/learn/what-are-funding-rates) to the cost of a multi-day hold.
## How to trade 24/7 on Liquid
1. **Fund your account** by card, transfer, or USDC: [how to fund your Liquid account](/learn/how-to-fund-your-liquid-account).
2. **Practice a weekend trade** in [paper mode](/learn/how-to-start-paper-trading-on-liquid).
3. **Open a market.** Every Liquid market trades 24/7, including weekends.
4. **Set size, multiplier, and exits.** Follow [how to trade on Liquid](/learn/how-to-trade-on-liquid).
Read next: [the best platform for around-the-clock trading](/learn/best-24-7-trading-platform) and [what you can trade when the stock market is closed](/learn/what-to-trade-when-the-stock-market-is-closed).
## Sources and further reading
- [Schwab extended-hours trading](https://www.schwab.com/stocks/extended-hours-trading) · [Robinhood 24 Hour Market](https://robinhood.com/us/en/support/articles/24hour-market/) · [Webull 24/5 trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading)
- [Fidelity extended-hours trading](https://www.fidelity.com/webxpress/help/topics/help_notes_ecn.shtml) · [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php)
- [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) · [FINRA: extended-hours trading](https://www.finra.org/investors/insights/extended-hours-trading)
- [Liquid documentation](https://docs.liquid.trade/)
Liquid product information checked October 15, 2026.
---
## How to Start Paper Trading on Liquid
- URL: https://www.liquid.trade/learn/how-to-start-paper-trading-on-liquid
- Published: 2026-10-07
- Author: Liquid
- Summary: Trade real markets with simulated funds. Learn how to turn on paper trading mode, which markets it covers, how to reset your practice balance, and where its limits are.
**To start paper trading on Liquid, sign in to your account, open Settings, select the Trading tab, and turn on Paper trading mode.** Your account switches to a simulated balance — $10,000 to start — and every order you place fills against live market prices without touching real funds.
Paper trading is the fastest way to learn the trading controls, because the practice environment is the same terminal you will use for real. This guide covers how to turn it on, which markets it simulates, how to reset your balance, and the few things it does not cover. It uses the web layout at [app.liquid.trade](https://app.liquid.trade); mobile layouts and controls can differ.
## 1. Check which markets paper trading covers
Paper mode simulates the markets that run on Liquid's own trading engine. Search automatically hides unsupported markets while paper mode is on, and if you open one — for example from a saved link — the app moves you to a supported perp market for the same asset instead.
Trading contests also run on simulated balances, but contest entries are separate from free paper mode. Prediction markets are not available inside contests, and contest balances follow the contest's rules — you cannot reset them yourself.
## 2. Turn on paper trading mode
1. Sign in to the account you want to practice with.
2. Open **Settings** and select the **Trading** tab.
3. Scroll to **Paper trading mode** and turn the switch on.
A green **PAPER TRADING ACTIVE** banner appears across the top of the terminal, and **Available to Trade** shows your simulated balance instead of your real one. Your real funds are not moved or locked — paper mode only changes which engine your orders go to.
If a paper trading contest is active, the toggle is paused until the contest ends or you leave it — contests take precedence over free paper mode.
## 3. Place a practice trade
Practice trades use the same order form and the same account tabs as live trading. Pick a market you actually follow, enter a size, and check the margin, leverage, and liquidation estimate before you select Buy or Sell.
- For a full walkthrough of the order form — direction, order types, size and leverage, take-profit and stop-loss, and confirming a fill — follow [How to trade on Liquid](/learn/how-to-trade-on-liquid).
- For event contracts, follow [How to trade prediction markets](/learn/how-to-trade-prediction-markets).
After you submit, check **Positions** for the filled position and **Open Orders** for anything unfilled. Everything in Positions, Balances, Trade History, and Order History reflects your paper account while the banner is up, so you can practice the full workflow — entry, exits, partial closes — end to end.
## 4. Reset your practice balance
If your paper account runs low or you want a clean slate:
1. Open **Settings** and select the **Trading** tab.
2. Select **Reset balance** under Paper trading.
3. Confirm the reset.
Resetting wipes your paper positions, orders, and fills and returns the balance to the starting amount. It is permanent — there is no undo. Reset is only available in free paper mode; contest balances are fixed by the contest.
## 5. Turn it off when you are done
Turn the **Paper trading mode** switch off in Settings, or press the green banner itself. The banner disappears and Positions and Balances show your real account again. Your paper positions stay stored, so they are still there if you turn paper mode back on.
Before a real trade, confirm the PAPER TRADING ACTIVE banner is gone and Available to Trade shows your real balance. Before a practice trade, confirm the banner is up. The order form is identical either way — the banner is the only sign of which money you are using.
## What paper trading does not teach you
Paper mode fills at live market prices, but it is still a simulation:
- **Fills are guaranteed liquidity.** A large real order can move the market or fill partially; the simulation assumes your order fills. Real fills can also slip on price.
- **The stakes are missing.** Reading about a 50% drawdown and watching your own balance drop 50% feel completely different. Practice sizing as if the money were real, or the habits will not transfer.
- **Fees and funding are modeled, not exact.** Check the live market's rates before assuming a real trade's costs match what you saw in practice.
When the mechanics feel second nature — you can enter, exit, and set stops without thinking — the next step is a small, real position. Follow the [funding guide](/learn/how-to-fund-your-liquid-account) when you are ready, and keep sizes small at first.
[Start paper trading free →](https://app.liquid.trade) · [Read the beginner's guide →](/learn/the-beginners-guide-to-trading)
---
## How to Trade on Liquid
- URL: https://www.liquid.trade/learn/how-to-trade-on-liquid
- Published: 2026-10-05
- Author: Liquid
- Summary: Place and manage your first trade on Liquid. Learn how to choose a market, read size and margin, set exit orders, confirm a fill, and close a position.
**To place a trade on Liquid, open Trade, choose a market, and complete the order form beside the chart.** Before you submit, check what you are trading, how much exposure you are taking, and how you plan to exit. After you submit, check what filled.
This guide follows a **BTC perpetual trade in the web app**, from market selection to closing the position. The recordings show the controls in use. Their prices, sizes, and exit presets are examples, not suggested trade settings.
A perpetual future, or **perp**, lets you trade an asset's price without owning the asset. Spot trading lets you buy and sell the token itself. A BTC perp does not put Bitcoin in your wallet, and a stock perp does not give you company shares.
If this is your first trade, the [beginner guide](/learn/the-beginners-guide-to-trading) explains how to practice with simulated funds. This tutorial uses the web layout at [app.liquid.trade](https://app.liquid.trade); mobile layouts and controls can differ.
## 1. Open Trade and check your balance
Sign in to the account you want to use, then open **Trade** or the [trading terminal](https://app.liquid.trade/trade). If you need to add funds, follow the [funding guide](/learn/how-to-fund-your-liquid-account) first.
The terminal has four main areas:
- **Market selector:** the asset name at the top-left. Use it to change markets.
- **Chart:** price history for the selected market.
- **Order form:** the controls beside the chart for direction, order type, size, and exits.
- **Account tabs:** Positions, Balances, Open Orders, and history below the chart.
Start with the market selector at the top-left.
Check **Available to Trade** after you select your market. This is the balance available for that order. Complete any trading setup or balance transfer the app requests before you continue.
## 2. Choose the right market
Select the asset name at the top-left. You can also open search with **⌘K on Mac** or **Ctrl+K on Windows**. Enter an asset name, such as BTC, or use the category filters.
**Check the market type before you select a result.** Search can show different products for the same asset. A leverage badge shows the market's maximum leverage, not the leverage you have chosen for your order.
Prediction markets use event contracts and a separate trading flow. For those, follow [How to trade prediction markets](/learn/how-to-trade-prediction-markets). For more detail on other products, read [What every market on Liquid actually is](/learn/what-every-market-on-liquid-is).
For the steps below, select **BTC perp**. Check that the asset name above the chart and in the order form is BTC. Minimum size, order types, and margin rules can differ by market.
## 3. Build, review, and submit your order
### Choose your direction and entry price
On a perp, **Buy / Long** opens or increases exposure that gains when the price rises. **Sell / Short** opens or increases exposure that gains when it falls. If you already hold a position, an opposite order can reduce or reverse it, depending on size. Check **Current Position** first.
Select **Market** or **Limit**:
- **Market** attempts to trade now at available prices. The fill can differ from the chart price because of the spread and slippage. Check the result for the price and quantity that filled.
- **Limit** sets your price boundary. A buy can fill at your limit or lower; a sell can fill at your limit or higher. It can fill at once if matching orders are available, or remain in **Open Orders**. A fill is not guaranteed.
For example, a BTC limit buy at **$80,000** can fill at $80,000 or less. It does not buy at $81,000. Even if the chart reaches $80,000, your order can remain partly or fully unfilled.
The **Advanced** menu contains other order types for the selected market. Learn the Market and Limit controls before using them.
### Set size, leverage, and margin mode
Enter **Size** and check its unit. In Liquid's BTC perp form, **USD size sets the margin you commit**. Leverage turns that margin into a larger position. If you switch to BTC, size is the token quantity of the position. Check **Order Value** and **Margin Required** after changing the unit or leverage.
On a perp, leverage sets how much margin supports that exposure. Adjust leverage, then read **Margin Required** and **Est. Liquidation**. The liquidation estimate is the price at which insufficient margin can cause the position to be closed. It can change as the position and account change.
In the BTC perp form, entering $100 in USD Size at 5x leverage shows $100 Margin Required and $500 Order Value. A 1% price move changes gross profit or loss by about $5, or 5% of that margin, before costs. If you keep USD Size at $100 and raise leverage to 10x, exposure rises to $1,000. Use the live form's estimates for your actual trade.
Check the margin mode where offered. **Isolated** allocates margin to that position. **Cross** shares collateral across positions in the relevant margin account, so one position can affect the others. See [cross vs isolated margin](/learn/cross-margin-vs-isolated-margin) before you change it.
Leave **Reduce Only** off for a new position. Enable it when an order must only reduce an existing position. It prevents that order from opening exposure in the opposite direction.
### Set your take-profit and stop-loss
Enable **TP/SL** to add exit orders where supported:
- **Take-profit (TP):** attempts to close at a profit when its trigger is reached.
- **Stop-loss (SL):** attempts to close when the price moves against you to its trigger.
Use a preset or enter a price or percentage. Then read the resulting **trigger prices** and estimated profit or loss. Check those values after changing direction, size, or leverage. A percentage alone does not tell you the dollar loss or exact trigger.
In the BTC perp form, the percentage includes leverage. At 5x, a **5% stop-loss** corresponds to about a **1% adverse price move**. With $100 of margin and $500 of exposure, that is about $5 of loss before costs. It does not mean waiting for BTC to fall 5%.
For a long, a typical take-profit is above entry and a stop-loss is below it. For a short, the directions reverse. The basic entry-form exits use market orders when triggered. Where offered, the position's **TP/SL** editor also supports limit prices and partial exits.
A market stop can fill worse than its trigger price. A limit stop can remain unfilled. Liquidation can occur before an exit completes. Compare your stop trigger with the liquidation estimate, and choose a size whose possible loss you can accept.
### Review before you select Buy or Sell
Check the **market, direction, order type, size unit, order value, margin, leverage, exit triggers, and displayed fee**. For a limit order, check the limit price too.
In the BTC market-order flow below, selecting **Buy BTC** submits the order without a separate confirmation dialog. Finish your review before you select the button.
Read the result notification. Check **Positions** for filled perp exposure and **Open Orders** for any unfilled amount. Use **Trade History** to check the execution price and size. For a spot purchase, check **Balances** for the token you bought.
**Confirm your exits too.** Check the position's TP/SL controls and Open Orders for the exit orders. After a partial fill or cancellation, check that the remaining position has the exits you intended. Do not submit the entry again just because the screen has not updated.
## 4. Manage and close your position
Find your perp in **Positions** below the chart. Check its size, profit or loss (**PnL**), margin, liquidation price, and funding where shown. PnL is still unrealized while the position is open.
Perpetual positions can pay or receive funding while you hold them. Read the market's rate and payment timing; these can vary by venue. Funding, execution fees, spread, and slippage affect your result. Check the [fee schedule](https://docs.liquid.trade/trading/fees) for your route. Spot can have venue fees even when Liquid adds no fee.
Use **TP/SL** on the position row to review or change exits. Confirm that the new orders appear after you save.
To close a position:
1. Select **Close** on its row.
2. Choose **Market** to attempt an immediate exit, or **Limit** to set an exit price.
3. Check the quantity. Use **100%** for the full position or a smaller percentage for a partial close.
4. Review the details and submit the close order.
5. Confirm the fill in **Trade History** and check the remaining size in **Positions**.
**A submitted close order is not the same as a closed position.** A limit close can remain in Open Orders while the position stays open. After a partial close, review the exits for the remaining size. After a full close, check for orders you no longer want, including unfilled entry orders that could open exposure again.
## If an order needs attention
- **Buy or Sell is disabled:** check the minimum, size unit, Available to Trade balance, required fields, and market status. A limit order needs a price.
- **A limit order has not filled:** check Open Orders and the remaining quantity. Review its price before changing or canceling it.
- **No new position appears:** check the result notification, Open Orders, Trade History, and Order History before trying again. For spot, check Balances.
- **TP/SL is missing:** review the position's exit controls and Open Orders. If no exit order exists, set it from the position row and check again.
- **Direction or size is wrong:** use Close to reduce or close the position. If you use the order form, select Reduce Only and check the quantity.
- **The close order is pending:** the position can still be open. Check its remaining size and the unfilled close order before submitting another exit.
If the result remains unclear, use **Support** in the app or [Liquid support](/support). Include the market, order type, size, approximate time, and order ID if available. Never share a private key or recovery phrase.
You have completed the trade when you have confirmed the entry, checked the exit orders, and verified the final close. Use the same checks each time.
[Open Trade and review your order →](https://app.liquid.trade/trade)
---
## How to Fund Your Liquid Account
- URL: https://www.liquid.trade/learn/how-to-fund-your-liquid-account
- Published: 2026-10-01
- Author: Liquid
- Summary: A step-by-step on-ramping tutorial: add money with a card or bank transfer, move crypto from another app or wallet, and check when your funds are ready.
**To fund your Liquid account, sign in, open Deposit, and choose Cash or Crypto.** Cash takes you to the available card, bank, and payment-app options. Crypto lets you send a supported token from another wallet or exchange.
Moving regular money, such as dollars or euros, into crypto is called **on-ramping**. A payment provider handles the purchase or conversion along the way. If you already own crypto, you can use the Crypto deposit path instead.
This guide follows the web app at [app.liquid.trade](https://app.liquid.trade). The methods you see depend on your location, account, and provider availability. On mobile, labels and layout may differ. Use the options and instructions shown in your own Deposit screen.
## 1. Sign in and open Deposit
Open [Liquid](https://app.liquid.trade) and sign in to the account you want to fund. If you are new, create an account with one of the available sign-up methods. If you already have an account, use your original sign-in method so your deposit reaches the right account.
Select **Deposit**, or open the [deposit screen directly](https://app.liquid.trade/deposit).
Deposit sits in the top bar of the trading terminal
Have your payment method or sending wallet ready. Cash providers may ask for personal details and identity verification before you can continue. Review their terms and complete any requested verification in the provider's flow.
## 2. Choose where your funds are coming from
Liquid's [funding FAQ](/support) lists the supported types of deposit. Availability is specific to your account: if a method is missing, choose another displayed option or contact support.
## 3. Complete your chosen deposit
Follow the section below that matches your source of funds.
### Pay with a card, Apple Pay, or Google Pay
1. Select **Cash**, then **Debit Card**, **Credit Card**, or another available provider. Where Stripe is offered, its checkout may include Apple Pay or Google Pay on supported devices.
2. Enter the amount you want to deposit. Check the minimum shown for that method, then select **Continue**.
3. Complete the checkout that opens inside Liquid or in a separate provider window. Add your payment details and finish any verification the provider requests.
4. Review the currency, total charge, fees, and crypto amount you will receive. Your payment amount and the amount credited can differ because of fees or conversion.
5. Confirm the payment when the details are correct. Keep the receipt or payment reference, then return to Liquid to check the deposit status and balance.
If the provider window does not open, check whether your browser blocked it and use the option to reopen checkout. Check an existing payment's status before starting a new one.
### Transfer from a bank account
1. Under **Cash**, choose an available bank method: **ACH** for USD, **SEPA** for EUR, or **wire** for USD.
2. Complete the bank provider's verification and terms steps. If verification is under review, wait for approval before continuing.
3. Enter your deposit amount and review the transfer instructions generated for that deposit.
4. In your banking app, use the exact recipient, account or IBAN, currency, and payment reference shown. Use the matching transfer type: ACH, SEPA, and wire instructions are not interchangeable.
5. Send the transfer and retain your bank confirmation. Return to Liquid to follow its status until the funds are credited.
Follow any instructions about the sender's account name, minimum amount, and transfer deadline. Bank processing and verification can affect arrival time; use the estimate for your selected method.
### Move funds from another payment or crypto app
Under **Cash**, select **External Apps** to see the supported source apps, or **CashApp** if that option is available. Enter an amount, continue to the provider, and follow the instructions for the app you select. Review the amount and fees before approving the payment there.
You can also withdraw supported crypto from an exchange using the Crypto path below. The exchange's withdrawal network must match the chain selected in Liquid.
### Send crypto from a wallet or exchange
1. Select **Crypto** in Deposit.
2. Choose the **Token** you will send and the **Chain** you will send it on. Only use a combination offered by the app.
3. Read the minimum-deposit and network notices. Acknowledge them to reveal the deposit address and QR code.
4. Copy that address into the send or withdraw screen of your wallet or exchange. Select the same token and network there, then compare the pasted address with Liquid's address.
5. Enter the amount. Account for withdrawal or network fees so the amount arriving still meets the deposit minimum. If you make a small test transfer first, it must also meet that minimum.
6. Review and confirm the transfer in your sending app. Save the transaction hash and wait for Liquid to credit the deposit.
For example, if you choose **USDC on Base** in Liquid, select **USDC on Base** at the sending exchange too, provided that combination is available in both apps. USDC on another network is a different transfer route.
Use the address generated by Liquid for your selected token and chain. Do not substitute an address from another account screen or an earlier deposit on a different network. Sending an unsupported asset, using the wrong network, or sending below the minimum can result in funds not being credited and may cause permanent loss.
## 4. Confirm your funds have arrived
Return to Liquid and check the deposit status and your balance. A card payment being approved, a bank marking a transfer as sent, or a blockchain confirming the first transaction does not necessarily mean the full deposit route has finished.
Wait for the funds to appear in Liquid. Before placing an order, check the amount **Available to Trade** for the market you have selected. If the app asks you to enable trading, review and complete that setup separately.
Your credited balance is the useful number to check against the quote. Keep the payment receipt or transaction hash until you have confirmed that the deposit arrived.
## If your deposit needs attention
- **The payment method is missing:** check the methods available after signing in. Your location, account setup, or provider eligibility may limit the choices.
- **Continue is disabled:** check the amount, displayed minimum, and any incomplete verification or required fields.
- **A card payment is declined:** read the provider's error and check with your card issuer. Confirm whether the attempted payment failed or is still pending before trying again.
- **A bank transfer is delayed:** compare the currency, recipient details, and reference with the instructions for that deposit. Keep the bank confirmation available.
- **Crypto was sent but has not arrived:** check the transaction hash in the sending wallet or exchange, then compare its token, network, destination, and received amount with Liquid's instructions.
- **The provider says complete but Liquid has not credited it:** check Liquid's status and the displayed arrival estimate. If it remains unresolved, contact support before sending a replacement deposit.
Open [Liquid support](/support) or use **Support** in the app. Include the method, amount, approximate time, and payment reference or transaction hash so the team can investigate. Never send a recovery phrase, private key, password, or one-time sign-in code.
Once your balance is credited, your account is funded. If you are still learning the trading controls, the [beginner guide](/learn/the-beginners-guide-to-trading) explains how to practice with simulated funds first.
[Open Deposit →](https://app.liquid.trade/deposit)
---
## Bitget Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/bitget-alternatives
- Published: 2026-09-24
- Author: Franklyn Wang
- Summary: Compare Bitget alternatives by fees, custody, derivatives access, and multi-asset coverage — including a non-custodial, 24/7 option with 50x multipliers.
## The short answer
The best Bitget alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset perpetuals with up to 50x multipliers; **Bybit** for derivatives depth; **OKX** for a broad product ecosystem; and **Kraken** for a long security track record. Bitget remains a leading choice for copy trading and crypto derivatives.
## Why traders look beyond Bitget
- **Custodial model.** Bitget holds customer assets on the centralised exchange; a separate self-custody wallet exists, but exchange balances are custodial. [Bitget Terms of Use](https://www.bitget.com/support/articles/360014944032-terms-of-use) (accessed 2026-09-24).
- **Restricted jurisdictions.** Bitget lists the United States, Canada, Singapore, and several other markets among its prohibited jurisdictions, and its EU (MiCA) position was still developing as of 2026. [Bitget Terms of Use](https://www.bitget.com/support/articles/360014944032-terms-of-use) (accessed 2026-09-24).
- **Crypto-first product mix.** Bitget's core is spot, futures, and copy trading; stock, commodity, and index exposure is offered through TradFi futures, and coverage varies by region. [Bitget fee schedule](https://www.bitget.com/fee) (accessed 2026-09-24).
- **Copy-trading profit share.** Bitget is known for copy trading; following a trader can add a profit-share fee on top of trading fees. [Bitget fee schedule](https://www.bitget.com/fee) (accessed 2026-09-24).
- **Fee structure.** Standard rates are 0.10% maker / 0.10% taker on spot and 0.02% maker / 0.06% taker on futures, with reductions tied to VIP tiers, PRO status, and BGB token holdings. [Bitget fee schedule](https://www.bitget.com/fee) (accessed 2026-09-24).
## Compare Bitget alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Bybit** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, options, copy trading | No | Derivatives depth + copy trading |
| **OKX** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, options, Web3 | No | Deep derivatives liquidity |
| **Kraken** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, some equities | No | Security track record |
| **Bitget** | Custodial | 24/7 crypto; TradFi futures 24/5 | Derivatives limits vary | Spot, futures, margin, copy trading, TradFi futures | No | Copy trading |
## Fees compared
Every platform's published schedule in the **same format**: entry tier, top tier, and tier basis. Compare like-for-like — spot, futures, and perpetual fees are different products. Full ladders are linked.
| Platform | Product | Entry tier (maker / taker) | Top tier (maker / taker) | Tier basis |
|---|---|---|---|---|
| **Liquid** | Perps (all-in) | 0.065% / 0.095% | 0.050% / 0.074% | 14-day weighted volume |
| **Liquid** | Spot (all-in) | 0.040% / 0.070% | 0.000% / 0.025% | 14-day weighted volume |
| **Bitget** | Spot | 0.10% / 0.10% | Negative maker at top market-maker tiers | 30-day volume / BGB |
| **Bitget** | Futures | 0.02% / 0.06% | 0.000% / 0.015% (PRO6) | 30-day volume |
| **Bybit** | Spot | 0.100% / 0.100% | 0.030% / 0.045% (Supreme VIP) | Asset balance / 30-day volume |
| **Bybit** | Perps & futures | 0.020% / 0.055% | 0.000% / 0.030% (Supreme VIP) | Asset balance / 30-day volume |
| **OKX** | Spot | 0.08% / 0.10% | Negative maker at VIP 7+ | 30-day volume |
| **OKX** | Futures | 0.02% / 0.05% | Negative maker at VIP 7+ | 30-day volume |
| **Kraken** | Spot | 0.40% / 0.80% | 0.00% / 0.05% | 30-day volume / assets on platform |
| **Kraken** | Futures | 0.02% / 0.05% | −0.006% / 0.0125% | 30-day volume |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [Bitget fee schedule](https://www.bitget.com/fee) · [Bybit](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) · [OKX](https://www.okx.com/en-us/fees) · [Kraken](https://www.kraken.com/features/fee-schedule)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders who want non-custodial control and multi-asset coverage in one account.
**Fees:** Perps 0.095% / 0.065% (Tier 0); spot 0.070% / 0.040%; 14-day weighted volume tiers.
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7, including nights, weekends, and holidays.
**Limitations:** No fiat custody (by design). Availability and eligibility vary by jurisdiction. Perps are derivatives, not ownership. Copy trading, news, and vaults/staking (Earn) are available as secondary features.
---
## 2. Bybit
**Overview:** Global derivatives exchange offering spot, margin, futures, options, and copy trading.
**Best for:** Derivatives traders who want deep liquidity and copy trading.
**Fees:** Spot 0.100% / 0.100% and perps/futures 0.020% / 0.055% at VIP 0; tiered by 30-day volume or asset balance. [Bybit fee structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Fees and product availability vary by region; derivatives are restricted in some jurisdictions.
---
## 3. OKX
**Overview:** Global exchange with deep derivatives liquidity, an integrated Web3 wallet, and a broad product ecosystem.
**Best for:** Derivatives traders who want depth and a wide product set.
**Fees:** Spot entry 0.08% / 0.10%; futures 0.02% / 0.05%; tiered by 30-day volume. [OKX fees](https://www.okx.com/en-us/fees).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Complex interface. Perpetual futures and advanced derivatives are not available to US users.
---
## 4. Kraken
**Overview:** Founded in 2011; one of the longest-running exchanges, publishing proof-of-reserves reviews.
**Best for:** Traders who prioritize a long security track record.
**Fees:** Spot entry 0.40% / 0.80%; futures 0.02% / 0.05%. [Kraken fee schedule](https://www.kraken.com/features/fee-schedule).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Futures restricted in some jurisdictions. Lower derivatives liquidity than Bitget.
---
## How we evaluated these platforms
We compared platforms on **fees, custody, derivatives access, market coverage, and account fit** for traders considering a move from Bitget. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation, cited inline; verified 2026-09-24. We did not independently test execution quality or liquidity.
## Verdict
If you want **self-custody, 24/7 multi-asset markets, and AI-assisted trading**, choose **Liquid**. For derivatives depth, **Bybit**; a broad product ecosystem, **OKX**; a long security track record, **Kraken**. Stay with **Bitget** if copy trading and its crypto derivatives suite are your priority.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [Bitget fee schedule](https://www.bitget.com/fee) — accessed 2026-09-24
- [Bitget Terms of Use](https://www.bitget.com/support/articles/360014944032-terms-of-use) — accessed 2026-09-24
- [Bybit trading fee structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) — accessed 2026-09-24
- [OKX fees](https://www.okx.com/en-us/fees) — accessed 2026-09-24
- [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) — accessed 2026-09-24
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-24
- [Liquid security documentation](https://docs.liquid.trade/security) — accessed 2026-09-24
- Related: [Best perpetual futures platforms](/learn/best-perpetual-futures-platforms) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## Bybit Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/bybit-alternatives
- Published: 2026-09-24
- Author: Franklyn Wang
- Summary: Compare Bybit alternatives by fees, custody, derivatives access, and multi-asset coverage — including a non-custodial 24/7 option with 50x multipliers.
## The short answer
The best Bybit alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset trading with up to 50x multipliers; **OKX** for deep derivatives liquidity; **Kraken** for a long security track record; and **Binance** for broad crypto market coverage. Bybit remains a strong choice for derivatives and copy trading.
## Why traders look beyond Bybit
- **Custodial model.** Bybit holds customer funds in centralized custody, so access and withdrawals depend on a single centralized entity.
- **VIP-tiered pricing.** Bybit's published base rates are **0.10% maker / 0.10% taker** for crypto spot and **0.020% maker / 0.055% taker** for perpetuals and futures, with lower rates at higher VIP levels. [Bybit fee structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) (accessed 2026-09-24).
- **Region-dependent fees.** Bybit notes its base table applies globally but that actual fee rates may vary depending on your region. [Bybit fee structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) (accessed 2026-09-24).
- **Product coverage.** Bybit's listed products center on crypto spot, perpetuals, futures, and options; the platform also offers copy trading as a feature.
- **Jurisdictional availability.** Licensing, product availability, and eligibility vary by jurisdiction, so current access should be verified before relying on a product.
## Compare Bybit alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **OKX** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, options, Web3 | No | Deep derivatives liquidity |
| **Kraken** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, some equities | No | Security track record |
| **Binance** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, futures, margin, options | No | Broad crypto market coverage |
| **Bybit** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, futures, options | No | Derivatives + copy trading |
## Fees compared
Fees differ by product, so we show every platform's published schedule in the **same format**: entry tier, top tier, and how tiers are set. Compare like-for-like — a spot fee, a futures fee, and a perpetual-contract fee are different products. Full ladders are linked per platform.
| Platform | Product | Entry tier (maker / taker) | Top tier (maker / taker) | Tier basis |
|---|---|---|---|---|
| **Liquid** | Perps (all-in) | 0.065% / 0.095% | 0.050% / 0.074% | 14-day weighted volume |
| **Liquid** | Spot (all-in) | 0.040% / 0.070% | 0.000% / 0.025% | 14-day weighted volume |
| **Bybit** | Spot | 0.10% / 0.10% | 0.030% / 0.045% | 30-day volume / asset balance |
| **Bybit** | Perps & futures | 0.02% / 0.055% | 0.000% / 0.030% | 30-day volume / asset balance |
| **OKX** | Spot | 0.08% / 0.10% | Negative maker at VIP 7+ | 30-day volume |
| **OKX** | Futures | 0.02% / 0.05% | Negative maker at VIP 7+ | 30-day volume |
| **Kraken** | Spot | 0.40% / 0.80% | 0.00% / 0.05% | 30-day volume / assets on platform |
| **Kraken** | Futures | 0.02% / 0.05% | −0.006% / 0.0125% | 30-day volume |
| **Binance** | Spot | 0.10% / 0.10% | Lower with volume + BNB | 30-day volume / BNB holdings |
| **Binance** | USDⓈ-M futures | 0.02% / 0.05% | Lower with volume | 30-day volume |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [Bybit](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) · [OKX](https://www.okx.com/en-us/fees) · [Kraken](https://www.kraken.com/features/fee-schedule) · [Binance](https://www.binance.com/en/fee/schedule)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders who want 24/7 access to multi-asset markets with leverage, without handing custody to a centralized exchange.
**Fees:** Perps 0.095% / 0.065% (Tier 0); spot 0.070% / 0.040%; tiered by 14-day weighted volume.
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7 across listed markets.
**Limitations:** No fiat custody (by design). Available markets, features, and eligibility vary by jurisdiction. Perpetual contracts are derivatives and do not confer ownership. Additional features include copy trading, integrated news, and vaults/staking (Earn).
---
## 2. OKX
**Overview:** A global exchange offering spot, margin, futures, options, and an integrated Web3 wallet.
**Best for:** Derivatives traders who want depth and a wide product set.
**Fees:** Spot entry 0.08% / 0.10%; futures 0.02% / 0.05%; negative maker rates at higher VIP tiers. [OKX fees](https://www.okx.com/en-us/fees).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Complex VIP/token-tier structure. Perpetual futures and advanced derivatives not available to US users.
---
## 3. Kraken
**Overview:** Founded in 2011, Kraken is one of the longest-running exchanges and publishes proof-of-reserves reviews.
**Best for:** Traders who prioritize a long operating history and security track record.
**Fees:** Spot entry 0.40% maker / 0.80% taker; futures 0.02% / 0.05%; tiers by 30-day volume or assets on platform. [Kraken fee schedule](https://www.kraken.com/features/fee-schedule).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Futures not available in all jurisdictions. Higher spot fees for low-volume traders.
---
## 4. Binance
**Overview:** A global crypto exchange offering spot, margin, futures, and options, with a broad listed-asset universe.
**Best for:** Traders who want broad crypto market coverage and deep spot liquidity.
**Fees:** Spot entry 0.10% maker / 0.10% taker; USDⓈ-M futures 0.02% / 0.05%; tiers by 30-day volume and BNB holdings. [Binance fee schedule](https://www.binance.com/en/fee/schedule).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Regulatory restrictions and market exits in several jurisdictions. Availability and listed products vary by region.
---
## How we evaluated these platforms
We compared platforms on **fees, custody, derivatives access, market coverage, and account fit** for traders considering a move from Bybit. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation, cited inline, and verified 2026-09-24; it is subject to change. We did not independently test execution quality or liquidity for every platform.
## Verdict
If you want **self-custody, 24/7 multi-asset markets, and AI-assisted trading**, choose **Liquid**. For deep derivatives liquidity, **OKX**; a long security track record, **Kraken**; broad crypto market coverage, **Binance**. Bybit remains a reasonable fit for traders who want a well-established derivatives venue with copy trading and are comfortable with centralized custody — if those are your priorities, stay with Bybit.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [Bybit trading fee structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) — accessed 2026-09-24
- [OKX fees](https://www.okx.com/en-us/fees) — accessed 2026-09-24
- [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) — accessed 2026-09-24
- [Binance fee schedule](https://www.binance.com/en/fee/schedule) — accessed 2026-09-24
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-24
- [Liquid security documentation](https://docs.liquid.trade/security) — accessed 2026-09-24
- Related: [Where to trade perpetual futures](/learn/best-perpetual-futures-platforms) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## Can You Trade on Liquid with TradingView?
- URL: https://www.liquid.trade/learn/can-you-trade-on-liquid-with-tradingview
- Published: 2026-09-24
- Author: Liquid
- Summary: Yes. The free Co-Invest extension for Chrome adds a Trade button to TradingView charts, so you can go long or short on Liquid for the symbol you are charting without leaving the tab.
**Yes. Install [Co-Invest for Chrome](/coinvest-extension), and TradingView charts get a Trade button that places orders on your Liquid account.** Press it, pick Long or Short, set your size and multiplier, and confirm. The order goes to Liquid as a market order, and you never leave the chart.
Co-Invest is Liquid's free Chrome extension. On TradingView it adds its own **Trade** button to the chart's top toolbar, right next to Replay, and reads the symbol you are charting to find the matching Liquid market. It does not go through TradingView's Trading Panel or its broker connections, so there is nothing to link inside TradingView itself.
## How Do You Trade on Liquid from TradingView?
Setup takes a few minutes, and you only do it once.
## What Happens When You Press Trade?
The Trade button opens a compact card that floats over the chart. Its header shows the market, the live price, and the 24-hour change. Drag the header to move the card anywhere on screen, and it remembers where you left it. Press Trade again, or the ✕, to close it.
Inside the card:
- **Long or Short.** Tabs at the top set the direction. Picking one sends nothing.
- **Size.** Type a dollar amount or tap $15, $50, $100, or Max. Your saved default decides whether that amount is margin or notional.
- **Multiplier.** A slider from 1x up to that market's own maximum. If you already hold the market, the card uses your open position's multiplier instead.
- **TP / SL.** Optional take-profit and stop-loss levels, off by default and attached to the order when you turn them on.
- **Confirm.** The only button that sends an order. It reads Confirm Long or Confirm Short, so the direction is spelled out on the button you press.
As you adjust the size and multiplier, the card keeps the position's dollar value and an estimated liquidation price up to date, so you see the exposure before you send it.
The card also follows the chart. Switch symbols in TradingView and it reloads for the new market. Switch to a symbol Liquid does not list, and the card closes and the Trade button greys out, with a tooltip saying that symbol is not tradeable.
Choosing Long or Short only sets up the card. The order goes out when you press Confirm, as a market order on your Liquid account, and the fill lands in the same account you use on web and mobile. You can manage or close the position from the extension's side panel, the Liquid web app, or your phone.
## Which TradingView Symbols Can You Trade?
The Trade button works when the symbol on your chart matches a market Liquid lists. TradingView often names a market differently from Liquid, so Co-Invest translates the common spellings: an exchange pair like BTCUSDT becomes the BTC perpetual, and a forex-style ticker like XAUUSD maps to gold.
If the button stays grey, hover it: the tooltip names the symbol it read and tells you it is not tradeable on Liquid. The full list of what Liquid offers is on the [markets page](/markets), and our guide to [every market on Liquid](/learn/what-every-market-on-liquid-is) explains what each one gives you exposure to.
## Is It Safe to Trade from a TradingView Chart?
A button that places real orders inside another website should be held to a high bar. Co-Invest is built so that the page around the card cannot act for you:
Liquid is also non-custodial. Your funds stay in your own wallet, and the extension can place the orders you confirm but cannot withdraw or transfer your money.
## When Should You Use the Liquid App Instead?
The TradingView button is built for one job: acting on a chart the moment you read it. For anything more involved, open Liquid directly. Both use the same account, so a position opened from TradingView shows up in the app, and the other way around.
The extension does more than TradingView, too. It puts the same trade card under posts on X and Reddit and beside tickers in CNBC and Bloomberg articles; our [guide to Co-Invest for Chrome](/learn/trading-chrome-extension) covers every site it works on. If you would rather talk a trade through before you place it, [Co-Invest](/coinvest) brings the same account into ChatGPT and Claude.
## Start Trading from Your Charts
[Install Co-Invest for Chrome](https://chromewebstore.google.com/detail/co-invest/ffhgmkblpncmofpjnlfbcannemmobmlh), connect your Liquid account from the side panel, and open a chart on TradingView. The Trade button is waiting next to Replay. New to Liquid? [Create an account](https://app.liquid.trade) first; the extension, the web app, and the mobile apps all share it.
---
## dYdX Alternatives: Best Perpetual Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/dydx-alternatives
- Published: 2026-09-24
- Author: Franklyn Wang
- Summary: Compare dYdX alternatives by fees, custody, and market coverage — Liquid, Bybit, OKX, and Kraken versus the dYdX crypto perp DEX.
## The short answer
The best dYdX alternatives in 2026 are **Liquid** for 24/7, non-custodial perpetuals across stocks, pre-IPO, commodities, FX, indices, and crypto; **Bybit** and **OKX** for deep crypto derivatives liquidity and tiered fees; and **Kraken** for a long security track record. dYdX remains a well-regarded crypto-native perp DEX.
## Why traders look beyond dYdX
- **Crypto-only market coverage.** dYdX lists crypto perpetual markets; traders who also want stocks, pre-IPO companies, commodities, FX, or indices as perpetuals need a venue that lists those. ([dYdX docs](https://docs.dydx.exchange/), accessed 2026-09-24)
- **Wallet-and-bridge onboarding.** Trading on dYdX means connecting a self-custody wallet and funding the dYdX Chain rather than opening a single account that also covers fiat and multi-asset markets. ([dYdX docs](https://docs.dydx.exchange/), accessed 2026-09-24)
- **Governance-set parameters.** Fee tiers, rewards, and market listings are adjustable by governance, so the schedule and the available market set can change over time. ([dYdX docs](https://docs.dydx.exchange/), accessed 2026-09-24)
- **Conditional fee discounts.** Lower fees depend on 30-day trailing volume plus staked DYDX, and staking discounts apply only to net positive trading fees, not maker rebates. ([dYdX docs](https://docs.dydx.exchange/), accessed 2026-09-24)
- **Front-end and API access.** Traders interact through dYdX front-ends or APIs, which suits technical users but is a different account and product fit from a single multi-asset account. ([dYdX docs](https://docs.dydx.exchange/), accessed 2026-09-24)
## Compare dYdX alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Bybit** | Custodial | 24/7 crypto | Varies by market | Crypto spot, perps, futures, options; some TradFi perps | No | Deep crypto derivatives liquidity |
| **OKX** | Custodial | 24/7 crypto | Varies by market | Spot, margin, futures, options, Web3 | No | Deep derivatives liquidity |
| **Kraken** | Custodial | 24/7 crypto | Varies by market | Spot, margin, futures, some equities | No | Security track record |
| **dYdX** | **Non-custodial** | 24/7 crypto | Varies by market | Crypto perpetuals | No | Crypto-native perp DEX |
## Fees compared
Every platform's published schedule in the **same format**: entry tier, top tier, and tier basis. Compare like-for-like — spot, futures, and perpetual fees are different products. Full ladders are linked.
| Platform | Product | Entry tier (maker / taker) | Top tier (maker / taker) | Tier basis |
|---|---|---|---|---|
| **Liquid** | Perps (all-in) | 0.065% / 0.095% | 0.050% / 0.074% | 14-day weighted volume |
| **Liquid** | Spot (all-in) | 0.040% / 0.070% | 0.000% / 0.025% | 14-day weighted volume |
| **Bybit** | Perps / Futures | 0.0200% / 0.0550% | 0.0000% / 0.0300% | 30-day volume or asset balance |
| **Bybit** | Spot (crypto) | 0.1000% / 0.1000% | 0.0300% / 0.0450% | 30-day volume or asset balance |
| **OKX** | Spot | 0.08% / 0.10% | Negative maker at VIP 7+ | 30-day volume |
| **OKX** | Futures | 0.02% / 0.05% | Negative maker at VIP 7+ | 30-day volume |
| **Kraken** | Spot | 0.40% / 0.80% | 0.00% / 0.05% | 30-day spot volume or assets on platform |
| **Kraken** | Futures | 0.02% / 0.05% | −0.006% / 0.0125% | 30-day futures/spot volume or assets on platform |
| **dYdX** | Perps | Tiered maker / taker (see dYdX docs) | Maker rebates at top tiers | 30-day trailing volume (+ staked DYDX discounts) |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [dYdX docs](https://docs.dydx.exchange/) · [Bybit](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) · [OKX](https://www.okx.com/en-us/fees) · [Kraken](https://www.kraken.com/features/fee-schedule)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders who want multi-asset perpetuals — including stocks, pre-IPO, commodities, FX, and indices — in one non-custodial account with an AI interface.
**Fees:** Perps 0.095% / 0.065% (Tier 0); spot 0.070% / 0.040%; 14-day weighted volume tiers; maker rebates paid continuously. [Fee docs](https://docs.liquid.trade/trading/fees).
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security).
**Trading hours:** 24/7, including nights, weekends, and holidays.
**Limitations:** No fiat custody by design; markets, features, and eligibility vary by jurisdiction; perps are derivatives, not ownership.
---
## 2. Bybit
**Overview:** Large global crypto exchange offering spot, perpetuals, futures, and options, with a VIP program.
**Best for:** Crypto derivatives traders who want deep liquidity and a broad set of crypto products.
**Fees:** Perps/futures VIP 0 maker 0.0200% / taker 0.0550%; spot crypto VIP 0 0.1000% / 0.1000%; tiers by 30-day volume or asset balance. [Bybit fee structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial; fee rates vary by region; product availability, including TradFi instruments, differs by jurisdiction.
---
## 3. OKX
**Overview:** Global exchange with deep derivatives liquidity, an integrated Web3 wallet, and a broad product ecosystem.
**Best for:** Derivatives traders who want depth and a wide crypto product set.
**Fees:** Spot entry 0.08% / 0.10%; futures 0.02% / 0.05%. [OKX fees](https://www.okx.com/en-us/fees).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial; complex interface; perpetual futures and advanced derivatives not available to US users.
---
## 4. Kraken
**Overview:** Founded in 2011; one of the longest-running exchanges, publishing proof-of-reserves reviews.
**Best for:** Traders who prioritize a long security track record.
**Fees:** Spot Tier 1 0.40% / 0.80%; futures Tier 1 0.02% / 0.05%. [Kraken fee schedule](https://www.kraken.com/features/fee-schedule).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial; futures restricted in some jurisdictions; product coverage varies by account and jurisdiction.
---
## How we evaluated these platforms
We compared platforms on **fees, custody, market coverage, asset-class breadth, and account fit** for traders considering a move from dYdX. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation, cited inline; verified 2026-09-24. We did not independently test execution quality or liquidity.
## Verdict
If you want a crypto-native, governance-driven perpetual DEX, stay with **dYdX** — it is purpose-built for that and does it well. Choose **Liquid** if you want multi-asset perpetuals — stocks, pre-IPO, commodities, FX, indices, and crypto — in one non-custodial account with an AI-native Co-Invest interface. **Bybit** and **OKX** suit traders who want deep crypto derivatives liquidity on a centralized venue, and **Kraken** remains a fit for those who prioritize a long security track record and fiat rails.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [dYdX documentation](https://docs.dydx.exchange/) — accessed 2026-09-24
- [dYdX trading app](https://dydx.trade/) — accessed 2026-09-24
- [Bybit trading fee structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) — accessed 2026-09-24
- [OKX fees](https://www.okx.com/en-us/fees) — accessed 2026-09-24
- [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) — accessed 2026-09-24
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-24
- [Liquid security documentation](https://docs.liquid.trade/security) — accessed 2026-09-24
- Related: [Best perpetual futures platforms](/learn/best-perpetual-futures-platforms) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## E*TRADE Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/etrade-alternatives
- Published: 2026-09-24
- Author: Franklyn Wang
- Summary: Comparing E*TRADE alternatives in 2026 by fees, custody, trading hours, and market coverage — including Liquid's 24/7, non-custodial, multi-asset perps.
## The short answer
The best E*TRADE alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset trading with up to 50x multipliers; **Charles Schwab** and **Fidelity** for full-service brokerage, $0 online stock and ETF commissions, and retirement accounts; and **Webull** for commission-free trading with 24/5 overnight sessions. E*TRADE remains a fit for custodial brokerage and banking.
## Why traders look beyond E*TRADE
- **Custodial, with crypto held separately.** Brokerage accounts sit with Morgan Stanley Smith Barney LLC, while digital assets are transacted and custodied by Zero Hash LLC in a separate, non-brokerage account; those digital assets are not FDIC-insured or SIPC-protected. [E*TRADE pricing and rates](https://us.etrade.com/what-we-offer/pricing-and-rates) (accessed 2026-09-24).
- **Margin borrowing is priced off a 10.20% base rate.** The base rate effective 09/21/2026 is 10.20%, and retail tiers run from 12.70% for balances under $10,000 down to 10.70% at $250,000–$499,999.99, with higher balances quoted by phone. [E*TRADE pricing and rates](https://us.etrade.com/what-we-offer/pricing-and-rates) (accessed 2026-09-24).
- **Per-product fees persist.** Options cost $0.65 per contract ($0.50 with 30+ trades per quarter), futures $1.50 per contract per side, online OTC stock trades $6.95, and crypto 0.50% of notional. [E*TRADE pricing and rates](https://us.etrade.com/what-we-offer/pricing-and-rates) (accessed 2026-09-24).
- **Ancillary costs.** Broker-assisted trades add $25, a full outgoing account transfer is $75, outgoing wires are $25, and paper statements carry a $2 handling fee per quarter unless an exemption applies. [E*TRADE pricing and rates](https://us.etrade.com/what-we-offer/pricing-and-rates) (accessed 2026-09-24).
- **No 24/7 or weekend session cited.** E*TRADE's own pricing page references extended-hours and overnight trading (a 4–7 a.m. ET broker-assisted window) but does not document around-the-clock or weekend sessions. [E*TRADE pricing and rates](https://us.etrade.com/what-we-offer/pricing-and-rates) (accessed 2026-09-24).
## Compare E*TRADE alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Charles Schwab** | Custodial | 24/5 overnight (select) | Margin (varies) | Stocks, ETFs, options, futures, funds, bonds | No | Full-service + thinkorswim |
| **Fidelity** | Custodial | Premarket + after-hours | Margin (varies) | Stocks, ETFs, options, funds, bonds | No | Full-service + retirement |
| **Webull** | Custodial | 24/5 overnight (select) | Margin (varies) | Stocks, ETFs, options, futures | Yes (Agentic) | Charting + overnight |
| **E*TRADE** | Custodial | Extended hours + overnight broker-assisted window | Margin (varies) | Stocks, ETFs, options, futures, crypto (via Zero Hash) | No | Brokerage + banking |
## Fees compared
Fees differ by product, so every platform below is shown in the **same format**: product basis, headline rate, structure, and other costs. Compare like-for-like — a stock commission and a perpetual-contract fee are not the same product.
| Platform | Product basis | Headline rate | Structure | Other costs |
|---|---|---|---|---|
| **Liquid** | Perps & spot | Perps 0.095% taker / 0.065% maker (Tier 0); spot 0.070% / 0.040% | Tiered by rolling 14-day weighted volume; maker rebates paid continuously | Funding on perps; spreads |
| **E*TRADE** | Stocks/ETFs/options | $0 online; options $0.65/contract ($0.50 with 30+ trades/quarter) | Flat, per product | Futures $1.50/contract; crypto 0.50%; margin tiers from 10.70% |
| **Charles Schwab** | Stocks/ETFs/options | $0 online; options $0.65/contract | Flat, per product | Futures $2.25/contract; OTC $6.95; +$25 broker-assisted |
| **Fidelity** | Stocks/ETFs/options | $0 online; options $0.65/contract | Flat, per product | Margin as low as 7.75%; $50 foreign settlement fee |
| **Webull** | Stocks/ETFs/options | $0; index options from $0.50/contract | Flat, per product | Regulatory fees; $75 outgoing stock transfer |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [Charles Schwab](https://www.schwab.com/pricing) · [Fidelity](https://www.fidelity.com/trading/commissions) · [Webull](https://www.webull.com/pricing) · [E*TRADE](https://us.etrade.com/what-we-offer/pricing-and-rates)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders who want the same markets to trade 24/7 — including weekends — with leverage and without handing custody to a broker.
**Fees:** Perps all-in 0.095% taker / 0.065% maker at Tier 0; spot 0.070% / 0.040%; tiered by rolling 14-day weighted volume, with maker rebates paid continuously. [Fee guide](/learn/perpetual-futures-fees).
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security).
**Trading hours:** 24/7 across listed markets, including nights, weekends, and holidays. Liquidity, spreads, and reference pricing can differ when the underlying market is closed.
**Limitations:** No fiat custody (by design). Available markets, features, and eligibility vary by jurisdiction. Perpetual contracts are derivatives and do not confer share ownership. Additional features include copy trading, integrated news, and vaults/staking (Earn).
---
## 2. Charles Schwab
**Overview:** A full-service brokerage (Charles Schwab & Co., Inc.) with broad products, research, and the thinkorswim platform suite.
**Best for:** Traders who want a full-service broker, a professional desktop platform, and 24/5 overnight access.
**Fees:** $0 online for US stocks and ETFs; options $0.65/contract; futures $2.25/contract; OTC equities $6.95. [Schwab pricing](https://www.schwab.com/pricing).
**Custody:** Custodial.
**Trading hours:** Pre-market 7:00–9:25 a.m. ET, after-hours 4:05–8:00 p.m. ET, and 24/5 overnight on thinkorswim for all S&P 500, Nasdaq 100, and Dow 30 stocks plus 600+ ETFs (not weekends or holidays). [Schwab extended hours](https://www.schwab.com/stocks/extended-hours-trading).
**Limitations:** Custodial. Overnight is 24/5, not weekends. Availability varies by security and platform, and extended-hours sessions accept limit orders only.
---
## 3. Fidelity
**Overview:** A full-service brokerage with $0 online commissions, a broad fund lineup, and a strong retirement offering.
**Best for:** Long-term investors and retirement accounts that also want options and extended-hours trading.
**Fees:** $0 online for US stocks and ETFs; options $0.65/contract; margin as low as 7.75% for balances over $1,000,000. [Fidelity commissions](https://www.fidelity.com/trading/commissions).
**Custody:** Custodial.
**Trading hours:** Premarket 7:30–9:15 a.m. ET (display and execution after 8 a.m.) and after-hours 4:00–8:00 p.m. ET via the ECN; not full weekend trading. [Fidelity extended hours](https://www.fidelity.com/webxpress/help/topics/help_notes_ecn.shtml).
**Limitations:** Custodial. No 24/7 weekend access; extended-hours sessions are limit-order only with a 5,000-share maximum.
---
## 4. Webull
**Overview:** A commission-free brokerage aimed at more technical retail traders, with strong charting and overnight sessions.
**Best for:** Traders who want advanced charts and 24/5 overnight trading without commissions.
**Fees:** $0 commissions on US-listed stocks, ETFs, and options; index options from $0.50/contract; $75 outgoing stock transfer. [Webull pricing](https://www.webull.com/pricing).
**Custody:** Custodial (cleared through Apex).
**Trading hours:** Premarket 4:00–9:30 a.m. ET, regular 9:30 a.m.–4:00 p.m. ET, after-hours 4:00–8:00 p.m. ET, and overnight 8:00 p.m.–4:00 a.m. ET Sunday–Thursday (24/5, select securities). [Webull overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading).
**Limitations:** Custodial. Overnight is 24/5, not weekends; overnight trades are limit-order only, and shorting and margin are unavailable in that session.
---
## How we evaluated these platforms
We compared platforms on **fees, custody model, trading hours, asset coverage, and account fit** for traders considering a move from E*TRADE. Fees use each platform's published schedule, shown in a uniform format. Data comes from platform documentation, cited inline, and was verified 2026-09-24; figures change often, so check the linked source before trading. We did not independently test execution quality or liquidity.
## Verdict
Move to an alternative if you want **weekend trading, leverage, non-custodial control, or broader multi-asset coverage**: **Liquid** covers these with 24/7 perpetual markets, up to 50x multipliers, and AI-assisted research. If you want a full-service broker, choose **Charles Schwab** (especially for thinkorswim and 24/5 overnight access) or **Fidelity** (for retirement accounts and a low margin rate); for commission-free trading with 24/5 overnight sessions, choose **Webull**. Stay with E*TRADE if you want a custodial brokerage with integrated banking, retirement accounts, and the familiarity of an incumbent platform.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [E*TRADE pricing and rates](https://us.etrade.com/what-we-offer/pricing-and-rates) — accessed 2026-09-24
- [Charles Schwab pricing](https://www.schwab.com/pricing) — accessed 2026-09-24
- [Schwab extended hours trading](https://www.schwab.com/stocks/extended-hours-trading) — accessed 2026-09-24
- [Fidelity commissions](https://www.fidelity.com/trading/commissions) — accessed 2026-09-24
- [Fidelity extended hours trading (ECN)](https://www.fidelity.com/webxpress/help/topics/help_notes_ecn.shtml) — accessed 2026-09-24
- [Webull pricing](https://www.webull.com/pricing) — accessed 2026-09-24
- [Webull Agentic AI](https://www.webull.com/agentic) — accessed 2026-09-24
- [Webull overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading) — accessed 2026-09-24
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-24
- [Liquid security documentation](https://docs.liquid.trade/security) — accessed 2026-09-24
- Related: [Where can I trade stocks 24/7?](/learn/where-to-trade-stocks-24-7) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## Fidelity Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/fidelity-alternatives
- Published: 2026-09-24
- Author: Franklyn Wang
- Summary: Comparing Fidelity alternatives by fees, custody, trading hours and market coverage — including a non-custodial, 24/7 perps platform.
## The short answer
The best Fidelity alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset perpetual trading with up to 50x multipliers; **Charles Schwab** for full-service brokerage and thinkorswim's 24/5 overnight sessions; **Interactive Brokers** for global market access at low commissions; and **Webull** for commission-free stocks with overnight trading. Fidelity still suits long-term investors and retirement accounts.
## Why traders look beyond Fidelity
- **Custodial model.** Fidelity holds customer assets, so access depends on a centralized broker-dealer rather than self-custody. [Fidelity commissions](https://www.fidelity.com/trading/commissions) (accessed 2026-09-24).
- **No weekend trading.** Fidelity's extended-hours trading runs as a Premarket session and an After Hours session through an ECN — premarket orders can be placed from 7:30 a.m. ET and after-hours orders from 4 to 8 p.m. ET — but markets close for the weekend. [Fidelity extended hours](https://www.fidelity.com/webxpress/help/topics/help_notes_ecn.shtml) (accessed 2026-09-24).
- **Per-contract options fee.** Online US stock and ETF trades are $0, but online options trades carry a $0.65 per-contract fee. [Fidelity commissions](https://www.fidelity.com/trading/commissions) (accessed 2026-09-24).
- **Full-service focus.** Fidelity is built around long-term investing, retirement accounts, and advisory services rather than around 24/7 leveraged or multi-asset derivatives trading. [Fidelity commissions](https://www.fidelity.com/trading/commissions) (accessed 2026-09-24).
- **Foreign and specialty costs.** Foreign exchange wires can cost up to 3% of principal, and a $50 foreign settlement fee applies per trade on foreign ordinary stock that is not DTC-eligible. [Fidelity commissions](https://www.fidelity.com/trading/commissions) (accessed 2026-09-24).
## Compare Fidelity alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Charles Schwab** | Custodial | 24/5 overnight (thinkorswim) | Margin (varies) | Stocks, ETFs, options, futures, funds | No | Full-service + thinkorswim |
| **Interactive Brokers** | Custodial | Extended hours 04:00–20:00 ET | Margin (varies) | Global stocks, options, futures, FX, bonds, funds | No | Global access, low cost |
| **Webull** | Custodial | 24/5 overnight (select) | Margin (varies) | Stocks, ETFs, options, futures | Yes (Agentic) | Commission-free + overnight |
| **Fidelity** | Custodial | Premarket + after-hours ECN; no weekends | Margin (varies) | Stocks, ETFs, options, funds, bonds | No | Full-service + retirement |
## Fees compared
Fees differ by product, so we show every platform's published schedule in the **same format**: headline rate, structure, and other costs. Compare like-for-like — a stock commission and a perpetual-contract fee are not the same product.
| Platform | Product basis | Headline rate | Structure | Other costs |
|---|---|---|---|---|
| **Liquid** | Perps & spot | Perps 0.095% taker / 0.065% maker (Tier 0); spot 0.070% / 0.040% | Tiered by 14-day weighted volume; maker rebates paid continuously | Funding on perps; spreads |
| **Charles Schwab** | Stocks/ETFs/options | $0 online; options $0.65/contract | Flat | Broker-assisted trades +$25; regulatory/industry fees |
| **Interactive Brokers** | Stocks/ETFs | $0 (Lite); $0.0005–$0.0035/share (Pro Tiered) or $0.005 fixed | Tiered or fixed | Regulatory fees; market data |
| **Webull** | Stocks/ETFs/options | $0; index options from $0.50/contract | Flat | Regulatory pass-throughs; $75 outgoing stock transfer |
| **Fidelity** | Stocks/ETFs/options | $0 online; options $0.65/contract | Flat — no tiers | Additional Assessment on sells (~$0.01–$0.03 per $1,000); margin interest |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [Charles Schwab](https://www.schwab.com/pricing) · [Interactive Brokers](https://www.interactivebrokers.com/en/pricing/commissions-home.php) · [Webull](https://www.webull.com/pricing) · [Fidelity](https://www.fidelity.com/trading/commissions)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders who want the same markets 24/7 — including weekends — with leverage, without handing custody to a broker.
**Fees:** Perps all-in 0.095% taker / 0.065% maker at Tier 0; spot 0.070% / 0.040%; tiered by rolling 14-day weighted volume. [Fee guide](/learn/perpetual-futures-fees).
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security).
**Trading hours:** 24/7 across listed markets, including weekends and holidays. Liquidity, spreads, and reference pricing can differ when the underlying market is closed.
**Limitations:** No fiat custody (by design). Available markets, features, and eligibility vary by jurisdiction. Perpetual contracts are derivatives and do not confer share ownership.
---
## 2. Charles Schwab
**Overview:** Full-service brokerage offering stocks, ETFs, options, futures, and funds, with the thinkorswim platform suite.
**Best for:** Traders who want a full-service broker with overnight access and a professional desktop platform.
**Fees:** $0 online for US-listed stocks and ETFs; options $0.65/contract; futures $2.25/contract. [Schwab pricing](https://www.schwab.com/pricing).
**Custody:** Custodial.
**Trading hours:** 24/5 overnight on thinkorswim for all S&P 500, Nasdaq 100, and Dow 30 stocks plus 600+ ETFs; pre-market 7:00–9:25 a.m. ET, after-hours 4:05–8:00 p.m. ET. [Schwab extended hours](https://www.schwab.com/stocks/extended-hours-trading).
**Limitations:** Custodial. Overnight is 24/5, not weekends. Extended hours accept limit orders only, and availability varies by security and platform.
---
## 3. Interactive Brokers
**Overview:** Global brokerage known for low commissions and broad market access across stocks, options, futures, currencies, bonds, and funds.
**Best for:** Active and international traders who need many global exchanges and products in one account.
**Fees:** $0 (IBKR Lite) for US stocks and ETFs; $0.0005–$0.0035/share (Pro Tiered) or $0.005 fixed; options $0.15–$0.65/contract. [IBKR pricing](https://www.interactivebrokers.com/en/pricing/commissions-home.php).
**Custody:** Custodial.
**Trading hours:** Outside regular trading hours 04:00–20:00 ET on listed products, under program rules.
**Limitations:** Custodial. No weekend trading. Pricing plans and product availability vary by account and region.
---
## 4. Webull
**Overview:** Commission-free brokerage aimed at active retail traders, with strong charting and an overnight session.
**Best for:** Traders who want commission-free stocks and ETFs plus 24/5 overnight access from a mobile-first app.
**Fees:** $0 commissions on US-listed stocks, ETFs, and options; index options from $0.50/contract; $75 outgoing stock transfer. [Webull pricing](https://www.webull.com/pricing).
**Custody:** Custodial (cleared through Apex).
**Trading hours:** Overnight 8:00 p.m.–4:00 a.m. ET Sunday–Thursday (24/5, select securities). [Webull overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading).
**Limitations:** Custodial. Overnight is 24/5, not weekends. The overnight session is limit-orders only, does not support shorting or margin usage, and covers select securities only.
---
## How we evaluated these platforms
We compared platforms on **fees, custody model, trading hours, market coverage, and account fit** for traders considering a move from Fidelity. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation, cited inline; verified 2026-09-24. We did not independently test execution quality or liquidity.
## Verdict
For long-term investing and retirement accounts, Fidelity remains a strong choice. Move to an alternative if you need **weekend trading, non-custodial control, or broad multi-asset leverage**: Liquid covers all of these with 24/7 perpetual markets and up to 50x multipliers. If you want a full-service broker with thinkorswim's overnight sessions, choose **Charles Schwab**; for global market access at low commissions, **Interactive Brokers**; for commission-free stocks with 24/5 overnight trading, **Webull**.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [Fidelity commissions](https://www.fidelity.com/trading/commissions) — accessed 2026-09-24
- [Fidelity extended hours trading](https://www.fidelity.com/webxpress/help/topics/help_notes_ecn.shtml) — accessed 2026-09-24
- [Charles Schwab pricing](https://www.schwab.com/pricing) — accessed 2026-09-24
- [Charles Schwab extended hours trading](https://www.schwab.com/stocks/extended-hours-trading) — accessed 2026-09-24
- [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php) — accessed 2026-09-24
- [Webull pricing](https://www.webull.com/pricing) — accessed 2026-09-24
- [Webull Agentic AI](https://www.webull.com/agentic) — accessed 2026-09-24
- [Webull overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading) — accessed 2026-09-24
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-24
- [Liquid security documentation](https://docs.liquid.trade/security) — accessed 2026-09-24
- Related: [Where can I trade stocks 24/7?](/learn/where-to-trade-stocks-24-7) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## NinjaTrader Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/ninjatrader-alternatives
- Published: 2026-09-24
- Author: Franklyn Wang
- Summary: NinjaTrader alternatives compared by futures fees, custody, trading hours, and market coverage — plus a 24/7 non-custodial platform with 50x multipliers.
## The short answer
The best NinjaTrader alternatives in 2026 are **Liquid** for 24/7, non-custodial perpetuals across 300+ markets with up to 50x multipliers; **Interactive Brokers** for global multi-asset brokerage and low commissions; **TradeStation** for active futures and options traders; and **Webull** for commission-free stocks, options and futures with 24/5 overnight sessions. NinjaTrader remains a strong fit for dedicated futures traders.
## Why traders look beyond NinjaTrader
- **Plan-based commissions.** NinjaTrader's per-side rates depend on a plan: the Free plan charges $0.39 per micro contract and $1.29 per standard contract, the $99/month Monthly plan $0.29 and $0.99, and the $1,499 Lifetime plan $0.09 and $0.59. [NinjaTrader pricing](https://ninjatrader.com/pricing/) (accessed 2026-09-24).
- **Commissions are charged per side.** NinjaTrader states commissions are per entry or exit, so a round trip is double the listed rate, and exchange, clearing, and NFA fees apply on top at every regulated U.S. futures broker. [NinjaTrader pricing](https://ninjatrader.com/pricing/) (accessed 2026-09-24).
- **Additional account and data fees.** The pricing page notes that market-data selections, trade management, and account-level inactivity can add fees beyond commissions. [NinjaTrader pricing](https://ninjatrader.com/pricing/) (accessed 2026-09-24).
- **Custodial, futures-focused brokerage.** NinjaTrader Clearing, LLC (NFA ID 0309379) is a CFTC-registered FCM that holds account funds and clears trades, and the platform is built around futures and single stock futures. [NinjaTrader pricing](https://ninjatrader.com/pricing/) (accessed 2026-09-24).
- **Session-based hours and carry rules.** Futures sessions close daily and around holidays, and carrying a position overnight requires meeting initial margin 15 minutes before the close. [NinjaTrader pricing](https://ninjatrader.com/pricing/) (accessed 2026-09-24).
## Compare NinjaTrader alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Interactive Brokers** | Custodial | Regular 09:30–16:00 ET; outside RTH 04:00–20:00 | Margin (varies) | Global stocks, options, futures, FX, bonds, funds | No | Global access, low cost |
| **TradeStation** | Custodial | US market sessions; futures exchange hours | Margin; up to 4x intraday | Stocks, ETFs, options, futures, futures options, mutual funds | No | Active futures + options |
| **Webull** | Custodial | Overnight 8 p.m.–4 a.m. ET Sun–Thu (24/5, select) | Margin (varies) | Stocks, ETFs, options, futures, crypto, fixed income | Yes (Agentic) | Commission-free + overnight |
| **NinjaTrader** | Custodial (NTC FCM) | Futures sessions; holiday early closes | Futures margin (per contract) | Futures, single stock futures | No | Dedicated futures trading |
## Fees compared
NinjaTrader charges futures commissions per contract, per side, under a plan rather than a volume ladder, so we show every platform's published schedule in the **same format**: product basis, headline rate, structure, and other costs. Compare like-for-like — a per-contract futures commission and a perpetual-contract fee are different products.
| Platform | Product basis | Headline rate | Structure | Other costs |
|---|---|---|---|---|
| **Liquid** | Perps & spot | Perps 0.095% taker / 0.065% maker (Tier 0); spot 0.070% / 0.040% | Tiered by 14-day weighted volume; maker rebates paid continuously | Funding on perps; spreads |
| **Interactive Brokers** | Stocks/ETFs | $0 (IBKR Lite); $0.0005–$0.0035/share (Pro Tiered) or $0.005 fixed | Tiered or fixed | Regulatory fees; market data |
| **TradeStation** | Stocks/ETFs; options; futures | Stocks $0/share; options $0–$0.80 single-leg; futures $0.50–$1.75 regular / $0.25–$0.50 micros | Tiered by monthly volume, per asset class | Clearing, routing, assignment, and liquidation fees; account fees |
| **Webull** | Stocks/ETFs/options | $0; index options from $0.50/contract | Flat — no tiers | Regulatory pass-throughs (FINRA TAF, SEC, CAT); $75 outgoing transfer |
| **NinjaTrader** | Futures (per contract, per side) | $0.39 micro / $1.29 standard (Free); $0.29 / $0.99 (Monthly); $0.09 / $0.59 (Lifetime) | Plan-based (Free, Monthly, Lifetime) — not volume tiers | Exchange, clearing & NFA fees; market-data & account fees |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [NinjaTrader](https://ninjatrader.com/pricing/) · [TradeStation](https://www.tradestation.com/pricing/) · [Interactive Brokers](https://www.interactivebrokers.com/en/pricing/commissions-home.php) · [Webull](https://www.webull.com/pricing)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders who want 24/7 multi-asset access with leverage and self-custody, without a futures-only account.
**Fees:** Perps all-in 0.095% taker / 0.065% maker at Tier 0; spot 0.070% / 0.040%; tiered by rolling 14-day weighted volume. [Fee guide](/learn/perpetual-futures-fees).
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7 across listed markets, including weekends and holidays. Liquidity, spreads, and reference pricing can differ when the underlying market is closed.
**Limitations:** No fiat custody (by design). Available markets, features, and eligibility vary by jurisdiction. Perpetual contracts are derivatives and do not confer share ownership. Additional features include copy trading, integrated news, and vaults/staking (Earn).
---
## 2. Interactive Brokers
**Overview:** A global brokerage known for low commissions, broad market access, and professional-grade tools.
**Best for:** Active and international traders who need global exchanges, options, futures, and FX in one account.
**Fees:** $0 (IBKR Lite) or $0.0005–$0.0035/share (Pro Tiered) / $0.005 fixed; options $0.15–$0.65/contract; futures $0.25–$0.85/contract. [IBKR pricing](https://www.interactivebrokers.com/en/pricing/commissions-home.php).
**Custody:** Custodial.
**Trading hours:** Regular trading hours 09:30–16:00 ET; outside regular trading hours 04:00–20:00. [IBKR pricing](https://www.interactivebrokers.com/en/pricing/commissions-home.php).
**Limitations:** Custodial. IBKR Lite is limited to eligible US and Singapore residents. Complex interface for beginners.
---
## 3. TradeStation
**Overview:** A broker-dealer and futures commission merchant offering stocks, ETFs, options, futures, and futures options, with tiered pricing by asset class.
**Best for:** Active traders who want tiered futures and options pricing alongside equities in one brokerage.
**Fees:** Stocks $0/share; options $0–$0.80 single-leg (index options $0.60–$1.00); futures $0.50–$1.75 regular / $0.25–$0.50 micros per contract, per side. [TradeStation pricing](https://www.tradestation.com/pricing/).
**Custody:** Custodial (TradeStation Securities, a member of SIPC).
**Trading hours:** US market sessions; futures trade on exchange hours.
**Limitations:** Custodial. Account fees apply, including a $10/month inactivity fee, $125 outgoing transfer, and $75 liquidation. Tiers are set per asset class. Availability varies by entity and jurisdiction.
---
## 4. Webull
**Overview:** A commission-free brokerage aimed at active retail traders, with strong charting, desktop and mobile platforms, and an overnight session.
**Best for:** Cost-conscious traders who want commission-free US stocks, ETFs, and options with 24/5 overnight access.
**Fees:** $0 commissions on US-listed stocks, ETFs, and options; index options from $0.50/contract; regulatory pass-throughs; $75 outgoing stock transfer. [Webull pricing](https://www.webull.com/pricing).
**Custody:** Custodial (cleared through Apex).
**Trading hours:** Pre-market 4:00–9:30 a.m. ET, regular 9:30 a.m.–4:00 p.m. ET, after-hours 4:00–8:00 p.m. ET, overnight 8:00 p.m.–4:00 a.m. ET Sun–Thu (24/5, select securities). [Webull overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading).
**Limitations:** Custodial. Overnight is 24/5, not weekends. In the overnight session only limit orders are available, shorting and margin are unavailable, and select securities only.
---
## How we evaluated these platforms
We compared platforms on **fees, custody model, trading hours, asset coverage, and account fit** for traders considering a move from NinjaTrader. Fees use each platform's own published schedule, shown in a uniform format, and platform documentation is cited inline. Verified 2026-09-24; figures change often — check the linked source before trading. We did not independently test execution quality or liquidity.
## Verdict
If you want **self-custody, 24/7 multi-asset markets, and AI-assisted trading**, choose **Liquid**. For global exchanges and low commissions, choose **Interactive Brokers**; for tiered futures and options pricing inside a US brokerage, choose **TradeStation**; for commission-free stocks with 24/5 overnight sessions, choose **Webull**. Stay with NinjaTrader if you want a dedicated futures platform with plan-based per-contract commissions and exchange-native futures access.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [NinjaTrader pricing](https://ninjatrader.com/pricing/) — accessed 2026-09-24
- [TradeStation pricing](https://www.tradestation.com/pricing/) — accessed 2026-09-24
- [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php) — accessed 2026-09-24
- [Webull pricing](https://www.webull.com/pricing) — accessed 2026-09-24
- [Webull Agentic AI](https://www.webull.com/agentic) — accessed 2026-09-24
- [Webull 24/5 overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading) — accessed 2026-09-24
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-24
- [Liquid security & custody](https://docs.liquid.trade/security) — accessed 2026-09-24
- Related: [Which platforms let me trade on weekends?](/learn/weekend-trading-platforms) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## Charles Schwab Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/schwab-alternatives
- Published: 2026-09-24
- Author: Franklyn Wang
- Summary: Comparing Charles Schwab alternatives by fees, custody, trading hours and market coverage: Liquid, Interactive Brokers, Fidelity, Webull and Schwab.
## The short answer
The best Charles Schwab alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset trading with up to 50x multipliers; **Interactive Brokers** for global market access and low commissions; **Fidelity** for full-service brokerage and retirement accounts; and **Webull** for commission-free stocks with 24/5 overnight sessions. Schwab still suits investors who want a full-service broker.
## Why traders look beyond Charles Schwab
- **No weekend trading.** Schwab's extended + overnight (EXTO) session runs 24 hours a day, each market day, five days a week — markets still close for the weekend. [Schwab extended hours](https://www.schwab.com/stocks/extended-hours-trading) (accessed 2026-09-24).
- **Overnight access is limited.** 24/5 overnight trading covers select securities — all S&P 500, Nasdaq 100, and Dow 30 stocks plus 600+ ETFs — and is available only on thinkorswim platforms. [Schwab extended hours](https://www.schwab.com/stocks/extended-hours-trading) (accessed 2026-09-24).
- **Extended-hours orders are constrained.** Only limit orders are accepted in extended sessions, and Schwab notes lower liquidity, wider spreads, uncertain prices, and no guarantee of execution. [Schwab extended hours](https://www.schwab.com/stocks/extended-hours-trading) (accessed 2026-09-24).
- **Options and futures cost per contract.** Online stock and ETF trades are $0, but options carry a $0.65 per-contract fee and futures $2.25 per contract; broker-assisted trades add a $25 service charge. [Schwab pricing](https://www.schwab.com/pricing) (accessed 2026-09-24).
- **OTC and foreign equities cost extra.** Over-the-counter equities are $6.95 per online trade, and foreign stock transactions placed on the U.S. OTC market add a $50 foreign transaction fee. [Schwab pricing](https://www.schwab.com/pricing) (accessed 2026-09-24).
- **Custodial model.** As a full-service broker, Schwab holds client assets in brokerage accounts rather than letting you self-custody. [Schwab pricing](https://www.schwab.com/pricing) (accessed 2026-09-24).
## Compare Charles Schwab alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Interactive Brokers** | Custodial | Extended 04:00–20:00 ET; no weekends | Margin (varies) | Global stocks, options, futures, FX, bonds, funds | No | Global access, low cost |
| **Fidelity** | Custodial | Premarket + after-hours ECN; no weekends | Margin (varies) | Stocks, ETFs, options, funds, bonds | No | Full-service + retirement |
| **Webull** | Custodial | 24/5 overnight (select); no weekends | Margin (varies) | Stocks, ETFs, options, futures | Yes (Agentic) | Charting + overnight |
| **Charles Schwab** | Custodial | 24/5 overnight on thinkorswim (select); no weekends | Margin (varies) | Stocks, ETFs, options, futures, funds, bonds, FX | No | Full-service + thinkorswim |
## Fees compared
Fees differ by product, so we show every platform's published schedule in the **same format**: headline rate, structure, and other costs. Where a platform charges a single flat rate, we say so. Compare like-for-like — a stock commission and a perpetual-contract fee are not the same product.
| Platform | Product basis | Headline rate | Structure | Other costs |
|---|---|---|---|---|
| **Liquid** | Perps & spot | Perps 0.095% taker / 0.065% maker (Tier 0); spot 0.070% / 0.040% | Tiered by 14-day weighted volume; maker rebates paid continuously | Funding on perps; spreads |
| **Interactive Brokers** | Stocks/ETFs/options | $0 (Lite); $0.0005–$0.0035/share (Pro Tiered) or $0.005 fixed; options $0.15–$0.65/contract | Tiered or fixed | Regulatory, exchange, and clearing fees; market data |
| **Fidelity** | Stocks/ETFs/options | $0 online; options $0.65/contract | Flat — no tiers | Margin interest; regulatory fees; $50 foreign settlement |
| **Webull** | Stocks/ETFs/options | $0; index options from $0.50/contract | Flat — no tiers | Regulatory pass-throughs; $75 outgoing transfer |
| **Charles Schwab** | Stocks/ETFs/options | $0 online; options $0.65/contract | Flat — no tiers | Futures $2.25/contract; OTC $6.95; $25 broker-assisted |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [Interactive Brokers](https://www.interactivebrokers.com/en/pricing/commissions-home.php) · [Fidelity](https://www.fidelity.com/trading/commissions) · [Webull](https://www.webull.com/pricing) · [Charles Schwab](https://www.schwab.com/pricing)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders who want to trade the same markets 24/7 — including weekends — with leverage, without handing custody to a broker, and with an AI assistant for research.
**Fees:** Perps all-in 0.095% taker / 0.065% maker at Tier 0; spot 0.070% / 0.040%; tiered by rolling 14-day weighted volume; maker rebates paid continuously. [Fee guide](/learn/perpetual-futures-fees).
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7 across listed markets, including weekends and holidays. Liquidity, spreads, and reference pricing can differ when the underlying market is closed.
**Limitations:** No fiat custody (by design). Available markets, features, and eligibility vary by jurisdiction. Perpetual contracts are derivatives and do not confer share ownership. Additional features include copy trading, integrated news, and vaults/staking (Earn).
---
## 2. Interactive Brokers
**Overview:** A global brokerage known for low commissions, broad market access, and professional-grade tools.
**Best for:** Active and international traders who need global exchanges, options, futures, and FX in one account.
**Fees:** $0 (IBKR Lite, eligible US residents) or $0.0005–$0.0035/share (Pro Tiered) / $0.005 fixed; options $0.15–$0.65/contract. [IBKR pricing](https://www.interactivebrokers.com/en/pricing/commissions-home.php).
**Custody:** Custodial.
**Trading hours:** Extended sessions from 04:00 to 20:00 ET on eligible US stocks and ETFs; no weekend session.
**Limitations:** Custodial. Complex interface for beginners. Outside-regular-hours access has program rules and eligibility limits, and it does not run on weekends.
---
## 3. Fidelity
**Overview:** A full-service brokerage with $0 online commissions, a strong retirement offering, and margin rates as low as 7.75%.
**Best for:** Long-term investors and retirement accounts that also want options and extended-hours trading.
**Fees:** $0 online for US stocks and ETFs; options $0.65/contract. [Fidelity commissions](https://www.fidelity.com/trading/commissions).
**Custody:** Custodial.
**Trading hours:** Premarket and after-hours ECN sessions (7:30–9:15 a.m. and 4–8 p.m. ET) on eligible securities; limit orders only; no weekend session. [Fidelity extended hours](https://www.fidelity.com/webxpress/help/topics/help_notes_ecn.shtml).
**Limitations:** Custodial. No 24/7 weekend access. Extended-hours trading uses ECN limit orders with per-order size limits, and there is no 24/5 overnight session.
---
## 4. Webull
**Overview:** A commission-free brokerage aimed at more technical retail traders, with strong charting and overnight sessions.
**Best for:** Traders who want advanced charts and 24/5 overnight trading without commissions.
**Fees:** $0 commissions on US-listed stocks, ETFs, and options; index options from $0.50/contract; $75 outgoing stock transfer. [Webull pricing](https://www.webull.com/pricing).
**Custody:** Custodial (cleared through Apex).
**Trading hours:** Premarket 4–9:30 a.m. ET, after-hours 4–8 p.m. ET, overnight 8 p.m.–4 a.m. ET Sun–Thu (24/5, select securities). [Webull overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading).
**Limitations:** Custodial. Overnight is 24/5, not weekends. Overnight sessions accept limit orders only; shorting and margin are not available overnight; coverage varies by account and jurisdiction.
---
## How we evaluated these platforms
We compared platforms on fees, custody, trading hours, asset coverage, and account fit for traders considering a move from Charles Schwab. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation, cited inline; verified 2026-09-24. We did not independently test execution quality or liquidity.
## Verdict
If you want **self-custody, 24/7 multi-asset markets, and AI-assisted trading**, choose **Liquid**. Move to an alternative if you need weekend trading, leverage, non-custodial control, or multi-asset coverage: Liquid covers all of these with 24/7 perpetual markets and up to 50x multipliers. For global access and low commissions, choose **Interactive Brokers**; for full-service brokerage and retirement, **Fidelity**; for commission-free trading with overnight sessions, **Webull**. Stay with Charles Schwab if you want a full-service broker with thinkorswim, in-person branches, and direct share ownership with fiat custody.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [Schwab pricing](https://www.schwab.com/pricing) — Charles Schwab, accessed 2026-09-24
- [Schwab extended hours trading](https://www.schwab.com/stocks/extended-hours-trading) — Charles Schwab, accessed 2026-09-24
- [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php) — IBKR, accessed 2026-09-24
- [Fidelity commissions](https://www.fidelity.com/trading/commissions) — Fidelity, accessed 2026-09-24
- [Fidelity extended hours trading](https://www.fidelity.com/webxpress/help/topics/help_notes_ecn.shtml) — Fidelity, accessed 2026-09-24
- [Webull pricing](https://www.webull.com/pricing) — Webull, accessed 2026-09-24
- [Webull Agentic AI](https://www.webull.com/agentic) — accessed 2026-09-24
- [Webull overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading) — Webull, accessed 2026-09-24
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — Liquid, accessed 2026-09-24
- [Liquid security documentation](https://docs.liquid.trade/security) — Liquid, accessed 2026-09-24
- Related: [Where can I trade stocks 24/7?](/learn/where-to-trade-stocks-24-7) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## TradeStation Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/tradestation-alternatives
- Published: 2026-09-24
- Author: Franklyn Wang
- Summary: Compare TradeStation alternatives by futures fees, custody, trading hours, and market coverage — including a non-custodial, 24/7 platform with up to 50x.
## The short answer
The best TradeStation alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset perpetuals with up to 50x multipliers; **Interactive Brokers** for global markets and low all-in commissions; **NinjaTrader** for low-cost futures execution; and **Webull** for commission-free stocks and options with overnight sessions. TradeStation still suits US futures and options traders who want its platform.
## Why traders look beyond TradeStation
- **Custodial model.** Securities and futures are offered through TradeStation Securities, a US broker-dealer and FCM; customer assets sit with a centralized entity, with securities accounts covered by SIPC up to $500,000. ([TradeStation pricing](https://www.tradestation.com/pricing/), accessed 2026-09-24)
- **Per-contract costs on active futures trading.** Futures commissions are tiered by monthly volume: $1.75 down to $0.50 per contract, per side for regular contracts and $0.50 down to $0.25 for micros, plus a $0.10 clearing fee per contract, per side. ([TradeStation pricing](https://www.tradestation.com/pricing/), accessed 2026-09-24)
- **Platform and data fees.** The TradeStation platform with RadarScreen costs $99.99/month for non-professionals ($199.99 for professionals) and Portfolio Maestro $59.95/month; a $10 monthly inactivity fee applies, and additional market-data fees may apply. ([TradeStation pricing](https://www.tradestation.com/pricing/), accessed 2026-09-24)
- **Commissions differ sharply by product.** Options run $0.80 per contract, per side single-leg at the entry tier (multi-leg $0.40), while stocks and ETFs are $0, with sub-dollar/OTC at $0.005/share and direct routing from $0.0048/share. ([TradeStation pricing](https://www.tradestation.com/pricing/), accessed 2026-09-24)
- **No 24/7 or weekend access.** TradeStation's equities and futures markets follow their underlying exchange calendars — the pricing page lists CME Group, ICE, and US equity-exchange memberships — so there is no continuous weekend trading. ([TradeStation pricing](https://www.tradestation.com/pricing/), accessed 2026-09-24)
## Compare TradeStation alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **TradeStation** | Custodial | Exchange sessions; no weekends | Margin (varies) | Stocks, ETFs, options, futures, futures options, mutual funds, fixed income | No | Active futures/options traders |
| **Interactive Brokers** | Custodial | Extended 04:00–20:00; global sessions | Margin (varies) | Global stocks, options, futures, FX, bonds, funds | No | Global access, low cost |
| **NinjaTrader** | Custodial | Exchange futures calendars; no weekends | Futures margin (varies) | Futures, micro futures, single stock futures | No | Low-cost futures execution |
| **Webull** | Custodial | 24/5 overnight (select); not weekends | Margin (varies) | Stocks, ETFs, options, index options, futures, crypto | Yes (Agentic) | Commission-free stocks/options |
## Fees compared
Fees differ by product, so we show every platform's published schedule in the **same format**: product basis, headline rate, structure, and other costs. For TradeStation and NinjaTrader we lead with per-contract futures pricing and platform/data fees, since those dominate active-trader costs. Compare like-for-like — a futures commission and a perpetual-contract fee are not the same product.
| Platform | Product basis | Headline rate | Structure | Other costs |
|---|---|---|---|---|
| **Liquid** | Perps & spot | Perps 0.095% taker / 0.065% maker (Tier 0); spot 0.070% / 0.040% | Tiered by 14-day weighted volume; maker rebates paid continuously | Funding on perps; spreads |
| **TradeStation** | Futures (per contract, per side) | $1.75 regular / $0.50 micro entry; down to $0.50 / $0.25 above 10,000 contracts/mo | Tiered by monthly contracts; FuturesPlus $1.75/contract | $0.10 clearing/side, exchange & regulatory fees; $10/mo inactivity; platform $99.99/mo |
| **Interactive Brokers** | Futures (per contract) | Tiered $0.25–$0.85; fixed $0.85 | Tiered or fixed; stocks $0.0005–$0.0035/share (Tiered) | Exchange, clearing & regulatory fees; market data |
| **NinjaTrader** | Futures (per contract, per side) | $0.39 micro / $1.29 standard (Free plan) | Plan-based: Free, $99/mo, or $1,499 lifetime | Exchange, clearing & NFA fees |
| **Webull** | Stocks/ETFs/options | $0 commissions; $0.50/contract certain index options | Flat | Regulatory fees; $75 outgoing transfer; $0.0050/share algo orders |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [TradeStation](https://www.tradestation.com/pricing/) · [Interactive Brokers](https://www.interactivebrokers.com/en/pricing/commissions-home.php) · [NinjaTrader](https://ninjatrader.com/pricing/) · [Webull](https://www.webull.com/pricing)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders who want to trade the same markets 24/7 — including weekends — with leverage, without handing custody to a broker, and with an AI assistant for research.
**Fees:** Perps all-in 0.095% taker / 0.065% maker at Tier 0; spot 0.070% / 0.040%; tiered by rolling 14-day weighted volume; maker rebates paid continuously. [Fee guide](/learn/perpetual-futures-fees).
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7 across listed markets, including weekends and holidays. Liquidity, spreads, and reference pricing can differ when the underlying market is closed.
**Limitations:** No fiat custody (by design). Markets, features, and eligibility vary by jurisdiction. Perpetual contracts are derivatives and do not confer share ownership. Copy trading is available as a secondary feature.
---
## 2. Interactive Brokers
**Overview:** A global brokerage known for broad market access and professional-grade tools.
**Best for:** Active and international traders who need global exchanges, options, futures, and FX in one account.
**Fees:** Stocks/ETFs $0 (IBKR Lite) or $0.0005–$0.0035/share (Pro Tiered) / $0.005 fixed; options $0.15–$0.65/contract; futures $0.25–$0.85/contract tiered, $0.85 fixed. [IBKR pricing](https://www.interactivebrokers.com/en/pricing/commissions-home.php).
**Custody:** Custodial.
**Trading hours:** Extended-hours access 04:00–20:00 alongside global exchange sessions; regular US hours are 09:30–16:00. [IBKR pricing](https://www.interactivebrokers.com/en/pricing/commissions-home.php).
**Limitations:** Custodial. Complex interface for beginners. Margin and futures access vary by account and jurisdiction.
---
## 3. NinjaTrader
**Overview:** A futures-focused platform and brokerage — accounts are held and cleared by NinjaTrader Clearing, LLC, a CFTC-registered FCM (NFA ID 0309379) — built around its own desktop, web, and mobile software and part of Payward, the parent of Kraken.
**Best for:** Active futures traders who want low per-contract commissions and advanced charting.
**Fees:** Per contract, per side: Free plan $0.39 micro / $1.29 standard; $99/month plan $0.29 / $0.99; $1,499 lifetime plan $0.09 / $0.59. Exchange, clearing, and NFA fees apply on top. [NinjaTrader pricing](https://ninjatrader.com/pricing/).
**Custody:** Custodial — held and cleared by NinjaTrader Clearing, LLC.
**Trading hours:** Follows the underlying futures exchange calendars (e.g., CME, Eurex), including holiday early closes and daily session breaks — not 24/7. [NinjaTrader pricing](https://ninjatrader.com/pricing/).
**Limitations:** Custodial. Futures and single stock futures only. The plans with the lowest commissions carry a monthly or one-time fee.
---
## 4. Webull
**Overview:** A commission-free brokerage aimed at more technical retail traders, with strong charting and overnight sessions.
**Best for:** Traders who want advanced charts and 24/5 overnight trading without commissions.
**Fees:** $0 commissions on US-listed stocks, ETFs, and options; $0.50/contract for certain index options; $75 outgoing stock transfer. [Webull pricing](https://www.webull.com/pricing).
**Custody:** Custodial (cleared through Apex).
**Trading hours:** Pre-market 4–9:30 a.m. ET, after-hours 4–8 p.m. ET, overnight 8 p.m.–4 a.m. ET Sun–Thu (24/5, select securities). [Webull overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading).
**Limitations:** Custodial. Overnight is 24/5, not weekends. Product coverage varies by account and jurisdiction.
---
## How we evaluated these platforms
We compared platforms on **fees, custody, trading hours, market coverage, and account fit** for traders considering a move from TradeStation, leading with per-contract futures pricing and platform/data fees because TradeStation and NinjaTrader primarily serve active futures traders. Fees use each platform's published schedule, shown in a uniform format, and every competitor fact is linked to the platform's own pricing or support documentation and cited inline. Verified 2026-09-24; figures change often — check the linked source before trading. We did not independently test execution quality, liquidity, or spreads.
## Verdict
TradeStation remains a reasonable home for active US futures and options traders who want a single regulated brokerage with its own platform and charting, and NinjaTrader is the lower-cost pick for pure futures execution. Move to an alternative if you want **non-custodial control, 24/7 multi-asset markets including weekends, and AI-assisted trading** — Liquid covers all three in one account. If you need global exchanges and the lowest all-in commissions, choose **Interactive Brokers**; for commission-free stocks and options with 24/5 overnight sessions, **Webull** is a fit.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [TradeStation pricing](https://www.tradestation.com/pricing/) — accessed 2026-09-24
- [NinjaTrader pricing](https://ninjatrader.com/pricing/) — accessed 2026-09-24
- [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php) — accessed 2026-09-24
- [Webull pricing](https://www.webull.com/pricing) — accessed 2026-09-24
- [Webull Agentic AI](https://www.webull.com/agentic) — accessed 2026-09-24
- [Webull 24/5 overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading) — accessed 2026-09-24
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-24
- [Liquid security documentation](https://docs.liquid.trade/security) — accessed 2026-09-24
- Related: [Where can I trade stocks 24/7?](/learn/where-to-trade-stocks-24-7) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## How to Trade Prediction Markets: A Beginner's Guide
- URL: https://www.liquid.trade/learn/how-to-trade-prediction-markets
- Published: 2026-09-21
- Author: Liquid
- Summary: Learn how to trade prediction markets, read event prices as probabilities, size a position, and manage risk before an outcome resolves.
To trade prediction markets, choose an event, read the market price as an implied probability, buy the outcome you think is underpriced, and manage the position until you sell or the market resolves. On Liquid, prediction-market shares are unleveraged: the most you can lose on a share is what you paid for it, and a winning share pays $1 at settlement.
The important distinction is that you are trading a defined outcome, not a continuously moving asset such as BTC or a stock perp. The question, resolution rules, deadline, and current price all matter.
## What do you trade in a prediction market?
A prediction market lists contracts tied to a future event. A soccer market might ask whether Barcelona beats Real Madrid; an NFL market might ask whether the Chiefs defeat the Eagles; a tournament market might ask which nation wins the championship. If a share backing an outcome trades at $0.65, the market is implying roughly a 65% chance that outcome happens. Winning shares generally settle at $1, while losing shares settle at $0.
That payoff structure makes the arithmetic simple, but the research is not. You need to understand exactly what the market is asking, which source determines the result, and when trading stops.
## How do you trade prediction markets step by step?
On Liquid those steps live one tab across from the trading terminal. The same BTC you can trade as a perp also has event markets written on it, and every card states its price in cents next to what a dollar turns into if that side wins — the probability and the payout, side by side, before you commit anything.
## How should a beginner size a prediction-market trade?
Size a prediction-market position from the amount you can afford to lose, not from the maximum possible payout. If you buy 100 shares backing the Chiefs at $0.40, you spend $40. If the Chiefs win, the shares pay $100 before fees; if they lose, the $40 purchase can go to zero. The $60 difference is the maximum gross profit in that example, not a guaranteed return.
Your estimate should also leave room for uncertainty. A market at $0.52 is not automatically a bargain just because you think one team is slightly more likely to win. If your real estimate is 54%, the edge may be too small to justify the spread, fees, and the chance that your research is wrong.
Treat every prediction-market purchase as a fully funded risk. Leverage is unnecessary, and you should not size a position as if a likely outcome were certain.
## Can you sell prediction-market shares before the event ends?
You can sell a prediction-market position before resolution if there is a buyer at a price you accept. Selling early lets you lock in a gain after the market moves in your favor, reduce a loss when your thesis changes, or free capital for another market. The trade-off is that the final settlement value may be higher or lower than the price at which you exit.
Selling early depends on liquidity. A market with a wide spread or limited depth may fill at a worse price than the headline quote. Check the order book and use an order size that matches the market's available liquidity.
## Are prediction markets the same as leveraged trading markets?
Prediction markets settle on a discrete event, while a perpetual trading market tracks a continuously changing reference price. Prediction shares on Liquid are not leveraged and do not have liquidation in the same way a perpetual position does.
| Feature | Prediction market | Perpetual market |
| --- | --- | --- |
| What settles | A defined event outcome | Your position when you close it |
| Price range | Usually $0 to $1 per share | Moves with the underlying reference price |
| Leverage | Not used | May be available, depending on market and jurisdiction |
| Main risks | Wrong forecast, rules, liquidity, settlement timing | Price movement, leverage, funding, liquidation |
If you want to understand the broader prediction-market mechanics first, read [What Are Prediction Markets and How Do They Work](/learn/prediction-markets). If you want to research and submit a trade from a conversation, see [How to Use Co-Invest to Trade Prediction Markets](/learn/how-to-use-co-invest-to-trade-prediction-markets).
## What are the most common prediction-market mistakes?
- **Skipping the resolution rule.** The headline question may hide a precise date, source, threshold, or definition.
- **Treating price as certainty.** A $0.80 share can still lose 20% of the time if the price accurately reflects the odds.
- **Ignoring liquidity.** A displayed price is less useful if your order is large relative to the available market depth.
- **Confusing probability with value.** A 60% chance can be a bad buy at $0.70 and a good buy at $0.45, all else equal.
- **Risking too much on one event.** Several unrelated-looking markets can share the same political, economic, or information risk.
## Where can you trade prediction markets?
You can browse and trade Liquid's live prediction markets at [app.liquid.trade/predict](https://app.liquid.trade/predict). The [prediction markets overview](/predict) explains the available categories and links into the live app. You can also use [Co-Invest](/coinvest) to research a market conversationally and submit a confirmed trade.
*Prediction markets involve risk. A market price is an estimate, not a guarantee, and this article is educational rather than investment advice.*
---
## How to Use Co-Invest to Trade Prediction Markets
- URL: https://www.liquid.trade/learn/how-to-use-co-invest-to-trade-prediction-markets
- Published: 2026-09-21
- Author: Liquid
- Summary: Use Co-Invest with ChatGPT, Claude, Grok, or Meta Muse to research prediction markets, compare prices with your view, practice in paper mode, and confirm an outcome trade.
To use Co-Invest to trade prediction markets, connect Co-Invest to ChatGPT, Claude, Grok, or Meta Muse, ask it to find and explain a market, review the event rules and implied probability, specify the outcome and size you want, and press Confirm on the trade card. Co-Invest helps with research and execution, but the order does not reach the market until you approve it.
Prediction markets are a natural fit for conversational research: the question, evidence, probabilities, and settlement rule all need to be understood together. Co-Invest gives you one place to ask those questions and, when you are ready, submit the trade through your Liquid account.
## What is Co-Invest?
Co-Invest is Liquid's AI trading connector for ChatGPT, Claude, Grok, Meta Muse, and other supported clients. It can read market data and portfolio context, answer research questions, and prepare trades in ordinary language. Each order is shown for your review before it is sent.
You do not need a separate prediction-market account. Prediction markets and Liquid's other markets use the same Liquid account, while prediction-market shares themselves are unleveraged and settle on the event outcome.
## How do you connect Co-Invest?
The exact menu labels can vary by client, but the flow is:
## What should you ask Co-Invest before trading a prediction market?
Good prompts are specific about the market and the decision you need to make. Try:
| Prompt | What it helps you check |
| --- | --- |
| “Show me today's soccer prediction markets.” | Match discovery |
| “Explain the teams, match rules, and resolution source for Sunday's NFL market.” | Contract wording and settlement |
| “The share backing the underdog is $0.42. What probability does that imply?” | Price-to-probability conversion |
| “Summarize the strongest evidence for each team in this soccer match, with sources.” | Balanced research |
| “Compare the market price with a 55% probability estimate.” | Potential edge before costs |
| “Build a paper-trading plan for 50 shares backing the Chiefs and explain the maximum loss.” | Position sizing and practice |
| “Buy 25 shares backing [team] in [match] at the available price.” | Preparing a trade for confirmation |
| “How is my prediction-market position doing?” | Open position and P&L context |
The assistant can organize information quickly, but it cannot turn an uncertain event into a certain one. Read the primary source and resolution criteria yourself when the decision matters.
## How does a Co-Invest prediction-market trade work?
The workflow has three separate decisions: research, position, and execution.
1. **Research:** Ask Co-Invest to identify the question, deadline, settlement source, current price, and recent changes.
2. **Position:** Decide which team, player, or event outcome you want to back, how many shares to buy, and the maximum amount you are willing to lose.
3. **Execution:** Request the trade, inspect the confirmation card, and press Confirm. Cancel if the outcome, price, size, or market is not what you intended.
This separation is useful because an assistant can help you move faster without removing your responsibility for the forecast or risk budget.
Co-Invest does not silently send a prediction-market order. The trade stays pending until you review the confirmation card and press Confirm. You can also use the Liquid app to monitor or close the position later.
## Can you use Co-Invest for prediction-market research without trading?
You can use Co-Invest only as a research assistant. Ask it to explain market mechanics, summarize sources, compare two teams or outcomes, translate prices into probabilities, or review a position you already hold. The assistant does not place a trade unless you explicitly request one and approve the confirmation step.
This is often the best way to start. First test whether the assistant understands the event question and resolution rule. Then use paper mode to rehearse the position before switching to live trading.
## What are the risks of using AI for prediction markets?
AI can misunderstand an ambiguous question, rely on incomplete or stale information, overweight a compelling narrative, or misread a source. Prediction markets add their own risks: the forecast can be wrong, the market can be thin, the resolution rule can surprise you, and a position can lose its full purchase amount.
Use Co-Invest to improve your process, not to outsource judgment. Ask for sources, ask what would disprove the thesis, check the settlement rule, keep the size small enough to afford a total loss, and never confuse a confident explanation with a guaranteed outcome.
## Where do you start?
Read [What Are Prediction Markets and How Do They Work](/learn/prediction-markets) for the basics, then [How to Trade Prediction Markets: A Beginner's Guide](/learn/how-to-trade-prediction-markets) for position sizing and exits. When you are ready to connect the assistant, open [Co-Invest](/coinvest) for the current setup options.
You can browse live markets in the [Liquid prediction-market app](https://app.liquid.trade/predict), then ask Co-Invest to help you research the market you choose.
*Co-Invest is an execution and research tool, not a guarantee of results. Prediction markets involve risk, and this article is educational rather than investment advice.*
---
## Prediction Market Odds Explained: Prices, Probabilities, and Payouts
- URL: https://www.liquid.trade/learn/prediction-market-odds-explained
- Published: 2026-09-21
- Author: Liquid
- Summary: Understand prediction market odds, convert a share price into probability, calculate payouts, and decide whether a market price offers value.
Prediction-market odds are usually represented by the contract price. A share backing Arsenal in a soccer match priced at $0.70 implies roughly a 70% probability that Arsenal wins; a share backing the opposing result at $0.30 represents the other side of the match. The price is a live market estimate, not a guarantee and not necessarily a perfect probability.
This conversion is the key to reading an event market. Once you can move between price, probability, and payout, you can compare the crowd's estimate with your own research instead of trading only on intuition.
## How do you convert a prediction-market price into probability?
For a binary prediction market, the quick conversion is:
**Implied probability = share price × 100**
Examples:
- $0.20 means roughly 20% implied probability.
- $0.50 means roughly 50% implied probability.
- $0.85 means roughly 85% implied probability.
The conversion is easiest when the market is quoted in dollars between $0 and $1. A $0.65 share costs 65 cents and can pay $1 if its outcome wins. The remaining 35 cents is the market's rough estimate of the chance that the share loses.
An 80% market can still resolve against you. If a market is well calibrated, outcomes priced near 80% should happen about eight times out of ten over many comparable markets—not every single time.
## How do prediction-market payouts work?
For a binary share, the basic gross payout is:
**Gross payout = number of winning shares × $1**
The amount you pay is:
**Cost = number of shares × share price**
So if you buy 200 shares backing an NFL team at $0.35:
- Cost: $70
- Gross payout if the team wins: $200
- Gross profit if the team wins: $130 before fees and other costs
- Loss if the team loses: the $70 purchase can go to zero
The same math applies to shares backing the opposing result. The price caps your maximum loss per share at the amount paid, but it does not make a trade risk-free: you can lose the entire purchase, and a low-liquidity market can make it difficult to exit at the displayed price.
Move the price to see all four numbers at once, then set your own estimate to read the edge:
## What is expected value in a prediction market?
Expected value compares your probability estimate with the market price. A simplified per-share calculation is:
**Expected value = (your probability × $1) − share price**
Suppose your research gives Team A a 60% chance of winning and its share trades at $0.45:
- Expected payout: 0.60 × $1 = $0.60
- Purchase price: $0.45
- Simplified expected value: $0.15 per share before fees and execution costs
That is not a promise that the trade wins. It only says the price is lower than your estimate, and only if your estimate is well-founded. If the same share trades at $0.65, your simplified expected value becomes negative even though you still think Team A is more likely to win.
## Why can prices for opposing teams fail to add up to exactly $1?
The prices for opposing teams or outcomes can differ slightly because of the bid-ask spread, fees, order-book depth, and the timing of each quote. In a clean match market, the outcomes are economically complementary, but the price you can actually buy or sell depends on whether you cross the spread and how much liquidity is available at that level.
Use the executable price for your calculation, not only the last traded price. A small apparent edge can disappear once you account for the price you will actually receive, trading fees, and the cost of exiting later.
## What affects prediction-market odds?
Prediction-market odds move when traders update their forecasts or when new information changes the perceived chance of an outcome. Common inputs include:
- a poll, filing, earnings report, official announcement, or other primary source;
- a deadline getting closer, which can reduce uncertainty;
- a change in the event's resolution criteria;
- new liquidity entering or leaving the market; and
- traders repositioning after a sharp price move.
The price can move before the outcome is certain. That is why a trader may sell at a profit before resolution—or take a loss if the market moves against the thesis even when the event is still open.
## How should you use odds without overconfidence?
Start by writing down your estimate and the evidence behind it before looking for a trade. Then ask what would change your mind, how much uncertainty is in the resolution process, and whether the potential edge is large enough to justify the position size. A market at $0.51 does not require a dramatic opinion; it requires a probability estimate meaningfully different from 51% and a risk budget you can live with.
For a practical workflow, read [How to Trade Prediction Markets: A Beginner's Guide](/learn/how-to-trade-prediction-markets). For conversational research and execution, see [How to Use Co-Invest to Trade Prediction Markets](/learn/how-to-use-co-invest-to-trade-prediction-markets).
## Can Co-Invest explain prediction-market odds?
Co-Invest can summarize a market's current price, implied probability, resolution rule, recent price movement, and the strongest evidence for each team or outcome. Treat the response as research support, not as a guarantee. You still decide whether the estimate is credible, how much to risk, and whether to press Confirm on the trade card.
*Prediction-market prices are estimates and can move quickly. This article is educational, not investment advice.*
---
## How to Let an AI Agent Help Manage Your Trading Portfolio
- URL: https://www.liquid.trade/learn/ai-agent-portfolio-management
- Published: 2026-09-18
- Author: Liquid
- Summary: Define what an AI agent may research, propose, and execute. Compare user-confirmed Co-Invest with autonomous Co-Invest Computer and build clear risk limits.
To let an AI agent help manage a trading portfolio, first decide what you are delegating: monitoring, research, trade proposals, or live execution. **Define the account scope, strategy, and exposure limits, then use simulation to build a workflow you can review and repeat.**
Liquid offers two relevant workflows. Standard Co-Invest supports research and user-confirmed trading. Co-Invest Computer supports agent workflows that can stage, simulate, or execute trades under enabled controls. Choose based on how actively you want to participate in each decision.
## How Do I Let an AI Agent Manage My Portfolio?
Start with the trading account the agent can access. Co-Invest can use your Liquid positions and open orders as context for its analysis. If you want a broader review, provide the relevant holdings and objectives outside that account; those are not automatically part of its view.
Next, write a clear mandate. Name the assets to follow, maximum exposure, review frequency, and developments you want highlighted. Include the reason for the strategy and your intended holding period so each update answers a useful question.
For example, you could ask an agent to review existing BTC and ETH exposure, summarize upcoming catalysts, and propose changes for your review. A consistent daily format makes it easy to compare what changed and decide which ideas deserve a closer look.
## Which Parts of Portfolio Management Can I Delegate?
An account-aware review should show combined exposure and the drivers shared by your positions. Ask the agent to group holdings by market theme as well as ticker. Five different assets can still respond to the same catalyst; seeing the connections helps you decide how a proposed basket fits your plan.
Use dollar notional alongside margin. Suppose an account has $1,000 of equity and an agent assigns $200 of collateral to each of three positions at 5x. That creates $3,000 of combined notional from $600 of assigned margin. A 4% move across all three corresponds to roughly $120 of price profit or loss before fees and funding. Showing both figures makes the proposed allocation easier to assess.
## How Do Co-Invest and Co-Invest Computer Differ?
Liquid's [standard Co-Invest documentation](https://www.liquid.trade/coinvest-docs) describes portfolio visibility and proposed allocation plans with user confirmation. The connector cannot withdraw or transfer funds. That makes it a starting point for reviewing ideas while retaining the decision to submit each proposed trade or basket.
[Co-Invest Computer](https://www.liquid.trade/coinvest-computer) is designed for agents that keep monitoring a strategy and act in the enabled execution mode. Documented controls include maximum notional, maximum leverage, required stops, optional permitted symbols, daily order caps, and expiry. Simulation and staged orders let you inspect behavior before live execution.
**Regular Co-Invest keeps submission behind your confirmation; Computer follows the execution mode you enable.** Review the connected product, account mode, and active controls when moving from one workflow to the other.
## What Is the Best AI Agent for Trading Crypto?
The best AI agent for trading crypto is the one whose data, permissions, and execution workflow fit the strategy you intend to run. Co-Invest brings conversational crypto research and trade proposals into your account workflow. Co-Invest Computer adds ongoing monitoring and execution for a defined strategy. Choose by those capabilities and your preferred level of involvement; returns depend on the strategy and market conditions.
Try the same market review over several sessions. Ask for current price and funding, available positioning, relevant news, and the conditions that would support an entry or exit. Save the summaries so you can see how the agent updates its view as the data changes.
For a multi-position plan, ask it to show each proposed order and the combined exposure. After execution, review filled quantities and any outstanding orders against the original plan. This connects the research, allocation, and account update into one useful record.
The full comparison of crypto agents, bots, and chat assistants is in [what is the best AI agent for trading crypto](/learn/best-ai-agent-for-trading-crypto).
## How Should I Set Limits Before Enabling Automation?
Translate your preferences into specific controls. Set permitted markets, order size, leverage, and strategy duration, then ask to see the effective settings. Use simulated orders to verify that the workflow follows the intended scope.
Record the goal, allowed markets, execution mode, exposure limits, and expiry together. These settings define how the agent operates; they do not guarantee returns or a stop's fill price. Include a regular account review in the plan.
Decide which developments should trigger an update and when you will review the strategy. Learn how to pause the loop or revoke access when you want to change direction. Review open positions and resting orders separately, since pausing the agent does not necessarily close them.
## Start with a Portfolio Review on Liquid
[Open Co-Invest](/coinvest) and request a review of your positions, open orders, notional exposure, and [stop-loss coverage](/learn/what-is-a-stop-loss). Keep the first task limited to analysis. Compare its findings with your account, then use [paper mode](/learn/begin) to rehearse any broader trading workflow.
---
## How to Choose the Best Platform for Around-the-Clock Trading
- URL: https://www.liquid.trade/learn/best-24-7-trading-platform
- Published: 2026-09-18
- Author: Liquid
- Summary: Choose an around-the-clock trading platform by its markets, trading hours, costs, and practical tools for researching, opening, and managing positions.
The best platform for around-the-clock trading is the one that offers **your intended instrument, at your intended time, under terms you understand**. All of Liquid's perpetual markets, including crypto, stocks, commodities, and FX, trade 24/7, including weekends. For share ownership, compare brokerage account features and supported sessions. For exchange-listed futures, check access to the exact contract and session you need.
Start with the kind of exposure you want. Buying a stock, buying a coin, and opening a perpetual contract serve different purposes. Once that choice is clear, compare the features you will use from research through closing the position.
## What is the best platform for around the clock trading?
Liquid is worth evaluating if you want long or short perpetual exposure across its listed markets in one interface. All Liquid markets trade 24/7, including nights and weekends. Its [documentation](https://docs.liquid.trade/) describes market and limit orders, stop-loss and take-profit tools, and paper trading. Verify the live market's execution conditions, available controls, and jurisdictional eligibility before deciding it meets your needs.
If your goal is to accumulate actual shares, review a securities account's ownership rights, eligible symbols, and supported sessions. If you need a listed futures contract with a particular expiry or settlement method, compare the account's permissions with exchange specifications. For a perpetual, review the price reference, margin settings, and funding terms.
Use these product categories to build your own shortlist. The most useful choice will reflect your preferred markets, account eligibility, order size, and trading schedule.
## Which brokers offer 24/7 trading?
The answer depends on the product, so separate a perpetual trading platform from a brokerage account for shares or exchange-listed futures. Liquid offers 24/7 trading, including weekends, on all of its perpetual markets, from crypto to stocks, commodities, and FX. Its contracts provide price exposure rather than ownership of the underlying share, and liquidity and execution still vary by market. See [Liquid's market overview](https://www.liquid.trade/).
For a securities broker, verify the exact stock, session, and order type you intend to use. Extended and overnight schedules differ from seven-day trading. FINRA explains that firms set their own participation parameters, including eligible securities and sessions. See [FINRA's extended-hours guidance](https://www.finra.org/investors/insights/extended-hours-trading).
For exchange-listed futures, match your account permissions to the contract and session. Some CME products, including certain crypto and metals contracts, trade seven days a week with maintenance windows. Use [CME's current product and schedule information](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html) to check the instrument.
For a provider-by-provider table of hours, products, fees, and custody, see [which brokers offer 24/7 trading](/learn/which-brokers-offer-24-7-trading). For futures specifically, see [where to trade futures 24/7](/learn/where-to-trade-futures-24-7).
## Compare the cost of your actual trade
Instead of ranking platforms by one advertised commission, sketch the complete trade: asset, position size, entry time, likely exit time, and order type. Then compare the costs that apply to that transaction.
For a perp, inspect trading fees, the spread, estimated slippage, and funding over the intended holding period. For borrowed shares or other financed products, include their applicable borrowing or financing terms. Comparing the total expected cost gives you a consistent basis across different instruments.
Here is a hypothetical comparison: one venue quotes a $2 fee and another a $4 fee, while the first would cost $10 more in execution for your order size. Including both figures makes the second trade $8 cheaper before any holding costs. Now extend the holding period and repeat the calculation with those costs included.
Read [how funding rates work](/learn/what-are-funding-rates) before comparing a perp with a product that uses a different holding-cost model.
## Try the tools you will use every session
Run through a small practice workflow: find the market, inspect the order, review position size, and locate the exit controls. Confirm which orders stay active during the session you need. FINRA notes that brokers can restrict order types and apply different handling rules outside regular hours. Its [extended-hours guide](https://www.finra.org/investors/insights/extended-hours-trading) is a useful reference for share trading.
For perpetuals, review the [margin mode](/learn/cross-margin-vs-isolated-margin), total notional exposure, and exit-order settings. A useful workflow makes those details easy to find together. Try adjusting the order size and observe how the required margin and estimated costs change before submitting.
Also test the practical details: can you read the confirmation clearly on your phone, find a partially filled order, and switch between the research view and your position? Check how clearly paper and live modes are labeled. These everyday actions give you a concrete way to assess the interface.
## Start with a practice comparison on Liquid
Choose one market you already understand and work through an entry and exit in paper mode. Record what was clear and what still needs explanation. Use the [beginner's guide](/learn/the-beginners-guide-to-trading) to resolve those questions before committing funds.
[Explore Liquid →](https://app.liquid.trade) · [See the weekend trading guide →](/learn/weekend-trading-platforms)
## Sources and further reading
- [Liquid documentation: platform features](https://docs.liquid.trade/)
- [FINRA: extended-hours trading](https://www.finra.org/investors/insights/extended-hours-trading)
- [CME Group: 24/7 products and trading sessions](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html)
Product information checked September 23, 2026. Recheck schedules, permissions, and costs for your account and location.
---
## The Best AI Tools for Market Research and Trading: How to Choose
- URL: https://www.liquid.trade/learn/best-ai-tools-for-market-research-and-trading
- Published: 2026-09-18
- Author: Liquid
- Summary: Compare AI research assistants, account-aware trading tools, backtesting platforms, and autonomous agents by what they actually do.
The best AI tools for market research and trading depend on the job: understanding a market, reviewing your account, testing a strategy, or executing it. **Liquid Co-Invest is an option for account-aware market research and trade proposals.** Historical backtesting tools serve a different purpose: checking how a coded strategy would have behaved on past data.
Start with the decision you need help making. For an active trading workflow, current market data, portfolio context, and a clear path to order review make research more actionable.
## What Are the Best AI Tools for Market Research and Trading?
A useful shortlist connects each tool to the part of your workflow it can improve.
For research, ask for evidence that could change your mind. If you supply an earnings release, have the assistant distinguish the company's reported results from its outlook and from the assistant's interpretation. A summary should lead back to the original document, especially when one number drives the trade.
For account context, [Co-Invest's documentation](https://www.liquid.trade/coinvest-docs) describes market analysis, funding, news, positions, open orders, and portfolio planning. Detailed positioning analytics enrich its core crypto coverage, while price action and news support research across other listed markets.
For systematic testing, look for historical backtests that account for trading costs and let you reserve data for a later evaluation. Testing on observations that were not used to develop the strategy gives you a broader view of how its rules behave. Use those results alongside simulation and ongoing evaluation; historical performance does not guarantee live returns.
## What Is the Best AI Trading Platform?
The best AI trading platform for your workflow is one that combines the right market access, verifiable inputs, understandable costs, and the level of control you want. Liquid is relevant when you want research connected to a trading account and a path from an idea to a reviewed order.
Compare platforms on these questions:
- **What can it observe?** Current prices, your actual account, or only information you paste into a chat?
- **What can it do?** Explain, propose an order, submit an approved order, or execute autonomously?
- **How much control do you want?** Review each proposal yourself or enable an agent to work within a defined strategy?
- **Can you test the workflow?** Look for simulation, order previews, and an accessible activity history.
- **Can you use the product?** Confirm supported markets and account eligibility before comparing features.
Use the answers to build a workflow around your needs. On Liquid, the same market discussion can include your existing positions, the proposed exposure, and the steps needed to review a trade.
For a ranked comparison with Trade Ideas, TrendSpider, and Webull, read [what is the best AI trading platform](/learn/best-ai-trading-platform).
## What Should an AI Market Research Answer Include?
A useful answer separates observation, interpretation, and proposed action. For example, positive funding is an observable cost for a long perp position. Calling that position crowded is an interpretation that needs additional evidence. Suggesting a short is a further decision that needs its own entry and exit conditions.
Try a prompt such as:
> Compare BTC and ETH using current price, funding, recent news, and available positioning. Date the data, link the sources, explain what is missing, and give the strongest case against each thesis. Do not prepare a trade yet.
Follow the source links and identify the original announcement behind a headline. Then connect the event time to the market's response and your intended holding period. Asking “what has changed since yesterday?” can turn a broad summary into a focused review of the developments relevant to your trade.
## Research Assistance and Autonomous Trading Are Different Products
Regular Co-Invest uses a user-confirmed trading workflow. **Co-Invest Computer is a separate offering** for agent workflows that can stage, simulate, or send trades according to the execution mode and limits you enable. Its [product documentation](https://www.liquid.trade/coinvest-computer) describes notional and leverage limits, stop requirements, order caps, and expiry.
Choose the version that matches your preferred involvement. Regular Co-Invest keeps order decisions in your review flow. Computer adds monitoring and execution under the mode you enable. Review its configured limits, run a simulated or staged workflow, and choose when the strategy should expire.
## How Should You Test an AI Trading Tool?
Give every candidate the same market, time horizon, and risk constraints. Save the inputs and answer before you see what happens next. Judge whether it found relevant evidence, acknowledged uncertainty, calculated position exposure correctly, and respected your request to wait.
Then run the workflow in simulation. Record the proposed entries, the reasons for waiting, and the resulting outcomes. This gives you a repeatable way to compare research quality and the consistency of the plan over time.
Include [trading fees](https://docs.liquid.trade/trading/fees), spreads, slippage, [funding](/learn/what-are-funding-rates), and any model subscription in the comparison. Track research time and trading outcomes separately so you can see where the tool adds value.
## Start with One Market on Liquid
[Open Co-Invest](/coinvest) and ask for a sourced review of a market you already understand. Use [paper trading](/learn/begin) to test the proposed workflow, then read [how to use an AI agent for portfolio management](/learn/ai-agent-portfolio-management) before delegating broader decisions.
---
## What Is the Best Platform for Futures Trading?
- URL: https://www.liquid.trade/learn/best-futures-trading-platform-for-retail-traders
- Published: 2026-09-18
- Author: Liquid
- Summary: The best futures platform depends on the contract you trade. Liquid is built for 24/7 perpetual futures across asset classes; IBKR, Schwab, and futures-focused brokers carry dated CME contracts. Compare hours, fees, custody, and leverage.
**For perpetual futures, Liquid is the platform to start with: 300+ markets across crypto, stocks, indices, commodities, FX, and pre-IPO companies, held in one non-custodial account with no expiry dates to roll.** Every market trades 24/7, including weekends, and eligible markets offer multipliers of up to 50x. For dated exchange futures, such as CME E-minis, gold, or crude oil contracts, choose a broker that carries the exact contract. Interactive Brokers, Schwab, and futures-focused brokers like NinjaTrader and TradeStation all do.
Liquid does not offer CME futures. Pick the contract type first, then compare the platforms that carry it.
Broker figures come from each provider's published pricing as checked for Liquid's comparison guides in September 2026. Exchange, clearing, and data fees are extra where noted.
**Who should pick what:** active CME day traders who want the lowest per-contract cost should look at a futures-focused broker. Investors who want futures alongside stocks and bonds may prefer a large multi-asset broker. Traders who want 24/7 access, dollar-based sizing, no rolls, and many asset classes in one self-custodied account are the fit for Liquid.
## What Is the Best Futures Trading Platform for Retail Traders?
For dated futures, look for a broker carrying the exchange, expiry month, and contract size your strategy requires. A broad brokerage account and a futures-focused platform can offer different tools and pricing arrangements. Verify the supported contracts and permissions for your own account before comparing headline commissions.
For perpetuals, Liquid is an option if you want selected crypto, stock, commodity, FX, index, and private-company markets in one non-custodial app. Its contracts, collateral, and funding differ from a traditional futures brokerage account.
The contract distinction follows [CME's futures explanation](https://www.cmegroup.com/education/courses/introduction-to-futures/definition-of-a-futures-contract) and [Liquid's product documentation](https://docs.liquid.trade/about-liquid/what-is-liquid). The table compares product fit, not investment performance.
## What Is the Best Platform for Futures Trading?
If your strategy requires a named exchange contract with an expiry month, select a broker supporting that product. If you want no-expiry directional exposure, evaluate a perpetual platform such as Liquid. If you need physical delivery or a specific hedge settlement date, read the contract specifications and broker restrictions first.
Then test the trading workflow. Can you see position notional, change or cancel an order, and attach the exits you want? Does the mobile interface show the same position details you use on desktop? Can you access research and support during your planned session?
The answers depend on your market and workflow, not on which app advertises the largest multiplier.
## What Are the Lowest Fee Futures Trading Platforms?
There is no single lowest-fee platform without a defined trade. For dated futures, add commission, exchange and clearing fees, data costs, and any platform plan. For perpetuals, add the percentage fee on notional, funding, spread, and slippage. Then convert both into dollars for the same exposure. The full comparison, with a worked example, is in [what are the lowest fee futures trading platforms](/learn/lowest-fee-futures-trading-platforms).
## How Do I Start Trading Futures Online?
Choose the contract type, open an account that carries it, fund it, practice with simulated funds, and start small with a written exit plan. On Liquid, that means [funding your account](/learn/how-to-fund-your-liquid-account), running a few trades in [paper mode](/learn/how-to-start-paper-trading-on-liquid), and then following [how to trade on Liquid](/learn/how-to-trade-on-liquid). The step-by-step version is in [how do I start trading futures online](/learn/how-to-start-trading-futures-online).
Choose your market, position size, margin, and intended exit before placing the order. Leverage magnifies gains and losses, and a stop's fill can differ from its trigger price. Paper trading gives you a way to practice the sequence with simulated funds.
Need access outside exchange hours? See [where to trade futures 24/7](/learn/where-to-trade-futures-24-7). Read [stop losses](/learn/what-is-a-stop-loss) and [cross versus isolated margin](/learn/cross-margin-vs-isolated-margin). If a perpetual fits your intended trade, [explore Liquid's markets](/markets) and inspect the available contract before confirming an order.
---
## How to Choose a Leverage Trading App as a Beginner
- URL: https://www.liquid.trade/learn/best-leverage-trading-app-for-beginners
- Published: 2026-09-18
- Author: Liquid
- Summary: Compare leverage apps by practice tools, clear order previews, costs, and market fit before choosing your first platform.
**For a beginner, a useful leverage trading app makes the whole trade easy to follow, from practice through entry and exit.** Look for simulated trading, clear position values, and useful order previews. Liquid offers paper trading alongside tools for choosing position size, margin mode, and planned exits. [Liquid's documentation](https://docs.liquid.trade/) describes these features.
There is no universal best app for every beginner. Someone learning BTC perpetuals, someone buying shares, and someone trading a gold contract need different products. Start there, then compare interfaces and costs.
## What is the best leverage trading app for beginners?
The best fit is an app you can explain back to yourself after a practice session. Before using real money, you should be able to answer: What did I buy? How large is the exposure? Which balance supports it? What closes it automatically? How do I close it myself?
Liquid's paper mode gives you a way to rehearse those steps. Place a small simulated trade, attach an exit, and watch how the position changes when price moves. Repeat the workflow with different sizes until the relationship between exposure, margin, and price movement feels familiar.
An uncluttered screen is useful when it keeps the important figures accessible. A good practice session should leave you able to find your position, explain its size, and change or close an order without searching through the app.
## What is the best platform for leveraged crypto trading?
Liquid is an option for traders who want crypto perpetuals alongside other asset classes in one app. To decide whether it fits, start with the particular contract you plan to trade and evaluate its live terms against your requirements.
The meaningful comparison is the actual BTC, ETH, or other contract you intend to trade: order-book depth at your size, spread, available order types, funding, fees, collateral rules, and eligibility. A platform can suit a small BTC position and be a poor fit for a large position in a thinly traded token.
Liquid's [fee schedule](https://docs.liquid.trade/trading/fees) separates routing and volume tiers. For its documented Tier 0 crypto perpetual schedule, the all-in rates are 0.095% for takers and 0.065% for makers. Check the current order preview and applicable venue instead of assuming a headline platform fee is the full charge.
If you want to own a coin and withdraw it, compare spot trading separately. A perpetual is a contract tied to a reference price; it does not automatically give you ownership of the underlying coin.
## Where are the best places to trade with leverage?
Choose a product category before choosing a provider:
- **For multi-asset perpetual exposure:** evaluate Liquid's listed contracts, current order previews, and [margin settings](/learn/cross-margin-vs-isolated-margin).
- **For crypto perpetual trading:** inspect the contract reference, collateral, funding, and execution at the size you need. Compare the trade itself, not just the app's advertised maximum leverage.
- **For actual shares bought with borrowed funds:** compare securities margin accounts. [FINRA's margin overview](https://www.finra.org/rules-guidance/key-topics/margin-accounts) explains how these differ from a cash account and how borrowing is constrained.
These are different routes to exposure. They should not be ranked together solely by their largest multiplier. Account eligibility, custody arrangements, and the product you actually receive can decide the choice before fees enter the comparison.
## Practice position sizing and exits
Consider a hypothetical $500 linear position supported by $100 of isolated margin: 5x leverage. A 2% favorable move produces about $10 gross profit; a 2% adverse move produces about $10 gross loss. Those are 10% gains or losses on starting margin before costs.
Try it at other multipliers before you pick one:
Now imagine the same $500 position with only $25 supporting it. The dollar response to that 2% move is still $10, but it represents 40% of the starting margin. This is why it helps to choose the exposure first, then decide how much collateral to allocate.
Open and manually close a simulated position. Place a stop and inspect its trigger conditions. Then change position size and margin separately and compare the order previews. Write down what changed in each case so you can repeat the workflow confidently.
Keep one distinction in mind: liquidation can occur when equity falls below maintenance requirements, before all initial margin is gone. A [stop loss](/learn/what-is-a-stop-loss) is your planned exit and can fill beyond its trigger price. Paper trading teaches these mechanics, while live execution can differ.
[Explore Liquid and its paper mode →](https://app.liquid.trade) · [Read the beginner's guide →](/learn/the-beginners-guide-to-trading)
---
## Where to Trade Perpetual Futures: A Platform Guide
- URL: https://www.liquid.trade/learn/best-perpetual-futures-platforms
- Published: 2026-09-18
- Author: Liquid
- Summary: Compare perpetual trading platforms by the markets, execution, custody, costs, and controls you actually need.
You can trade perpetual futures through centralized derivatives exchanges, decentralized trading venues, and apps that connect to those venues. **Liquid is a non-custodial app for perpetual markets across crypto, selected stocks, commodities, FX, indices, and private companies.** It is an option when you want several asset classes in one trading interface. Eligibility and available markets depend on your location and account.
The best place to trade supports the markets you follow, offers useful order controls, and makes costs easy to understand. Liquid brings those decisions into one interface, so you can research an asset, choose your exposure, and manage the position in the same place.
## Where Can I Trade Perpetual Futures?
Start by choosing how you want to access the market. Liquid brings multiple venues into one app; a direct venue interface gives you that venue's own market list and controls. A centralized exchange has a different custody and account model.
Liquid's wallet-based model lets you authorize trades while using the app to access multiple venues. See [Liquid's custody documentation](https://docs.liquid.trade/security) for how wallet control and trading permissions work.
## What Is the Best Place to Trade Crypto Perpetuals?
For crypto perps, compare the exact pair you plan to trade. A venue with strong BTC liquidity may have a much thinner market in a smaller token. Look at the spread and the expected fill for your intended size, then compare the same order across eligible platforms.
Liquid is a useful fit if you want crypto positions alongside stock, commodity, or FX perps, plus [Co-Invest research](/coinvest). You can move from researching a crypto market to reviewing other asset classes without switching trading interfaces.
Use these checks before funding an account:
1. **Contract:** Is it a perpetual, spot asset, or dated future? What collateral and price reference does it use?
2. **Execution:** Is there enough depth for both entry and exit? What happens to a partially filled order?
3. **Cost:** Add entry and exit fees, spread, slippage, and expected funding.
4. **Position controls:** Review margin mode, take-profit and stop-loss settings, and reduce-only behavior.
5. **Access:** Confirm that both the product and the market are available to your account.
## What Is the Best Perp DEX for Retail Traders?
A useful retail perp DEX makes small orders, collateral movements, fees, and position controls understandable. Liquid offers access to on-chain perpetual markets through one app, with market research and trade controls alongside the position. It routes to underlying venues rather than operating as a separate exchange protocol.
Use [Liquid's fee schedule](https://docs.liquid.trade/trading/fees) to understand the route-specific costs, then compare it with the amount displayed on your order ticket. An app's all-in rate can include a charge on top of a venue's base rate. Wallet setup, order latency, margin handling, and support also affect whether a product fits your workflow.
Start with the asset you follow, choose long or short, and review size, collateral, and order details together. Trading collateral remains subject to the selected venue's margin rules, while your wallet controls transaction authorization.
## Which Platform Has the Most Perp Markets?
Liquid's market coverage spans several asset classes through multiple venues. To compare breadth, count unique active underlyings on the same date: listings change, and multiple collateral pairs can represent the same underlying asset.
Liquid's [Markets directory](/markets) is the place to check its current coverage. Start with the assets and categories you want to follow, then review the depth and order options in those markets. This guide does not claim an independently verified market-count ranking; the live directory gives you the current selection.
## How to Try a Platform Before Committing Capital
Use [paper trading](https://docs.liquid.trade/trading/paper-trading) to practice order entry, position sizing, and exits with simulated funds. Work through a complete trade so you become familiar with the controls before moving to live execution.
For the next step, read [how perpetual fees add up](/learn/perpetual-futures-fees) and [where stock perps trade](/learn/where-to-trade-stock-perps). Review [Liquid's current markets](/markets), then open the app to explore a contract and plan your first trade.
---
## Can You Use ChatGPT to Place Trades?
- URL: https://www.liquid.trade/learn/can-chatgpt-place-trades
- Published: 2026-09-18
- Author: Liquid
- Summary: ChatGPT needs a connected trading service to turn a conversation into an order. Learn how Liquid Co-Invest works and what to check before confirming.
**Yes, you can use ChatGPT as part of a trading workflow when it is connected to a supported trading service.** A normal chat message does not, by itself, place an order. Liquid's Co-Invest connection brings market research and account context into the conversation, with an order review and confirmation step before a standard Co-Invest trade is submitted.
Liquid supplies the account, supported instruments, permissions, and execution. The assistant helps interpret your request and bring the relevant market context into the conversation. Together, they connect research, order preparation, and account review in one workflow.
## Can I Use ChatGPT to Place Trades?
With Liquid Co-Invest connected, you can discuss a market and prepare a trade for review. Liquid documents its standard connector as requiring your confirmation and excluding withdrawals or transfers. Follow the order review flow presented by your connection, which may involve opening Liquid to complete the order. [Co-Invest documentation](https://www.liquid.trade/coinvest-docs).
Availability and permissions depend on your account and the connection you use. OpenAI's [official connection documentation](https://developers.openai.com/plugins/deploy/connect-chatgpt) distinguishes connecting tools, authenticating access, and testing actions that need authorization. After connecting, check your account mode, supported markets, and trading setup so the next steps are clear.
A prepared order, a submitted order, and a filled order are different states. The order status and resulting position in your account show where you are in that sequence.
For the list of assistants Co-Invest supports and how it compares with other platforms, see [which trading platforms connect to Claude or ChatGPT](/learn/trading-platforms-that-connect-to-claude-or-chatgpt).
## How Can I Most Easily Trade with AI?
For a first attempt, use a supported connection with paper trading and a review step. Pick one market you understand, ask for research, and rehearse one clearly specified order. You can learn the conversational workflow and the trading controls in the same session.
Liquid offers simulated trading for practicing this process. Use the [beginner walkthrough](/learn/begin) and the current [connection instructions](/coinvest-docs) for setup, since client menus and available actions can change.
## What Should I Put in a Trading Prompt?
Separate research from the order request. “What do you think about BTC?” invites analysis; it does not define a trade. “Buy $500” is also ambiguous if the assistant does not know whether $500 means collateral or total market exposure.
A practice prompt can make the distinction explicit:
> In paper mode, research the BTC perpetual market. Show the data timestamp and current funding. If the setup meets the conditions we discussed, prepare a long order with $500 total notional exposure at 2x leverage. Explain the required margin, fees, and planned exit. Wait for my review.
Those figures are an illustration, not a recommended trade. At 2x, $500 of notional requires roughly $250 of initial margin before fees and venue requirements. By contrast, $500 of margin at 2x creates roughly $1,000 of exposure. The wording changes the size by a factor of two.
Specify the exact market as well. A BTC perpetual, spot bitcoin, and a bitcoin-linked security are different products. The guide to [what every market on Liquid is](/learn/what-every-market-on-liquid-is) explains the exposure each instrument provides.
## What Should I Check Before Confirming?
Review the proposed trade alongside your existing positions and available margin. Ask Co-Invest to summarize how the new position changes your overall exposure. For a limit order, confirm the price and how long you want the order to remain active.
Add your intended [stop loss](/learn/what-is-a-stop-loss) and take-profit levels where appropriate, and read how each order triggers. Setting the entry and exit plan together gives you a clear framework for reviewing the position later.
After submission, inspect the filled quantity and any remaining open order. You can then ask for a portfolio update to see the new position in context. If the result is still pending, check the order status before submitting another request.
## Can ChatGPT Trade While I Am Away?
For ongoing agent monitoring and execution, Liquid offers [Co-Invest Computer](/coinvest-computer), a separate workflow from standard conversational Co-Invest. Its supported modes include simulation, staged orders, and live execution under enabled controls. A regular chat does not automatically create a continuously running strategy.
If you want unattended activity, read [AI agent portfolio management](/learn/ai-agent-portfolio-management) first. Define the permitted markets, exposure, expiry, and stop conditions, and verify the actual controls before enabling live actions.
## Try the Workflow on Liquid
[Connect Co-Invest](/coinvest), confirm paper mode, and ask for a sourced review of one market. Practice preparing the order, reviewing its details, and following the result into your portfolio. That gives you a complete first run from a trading question to an account update.
---
## Can You Make Money with AI Trading?
- URL: https://www.liquid.trade/learn/can-you-make-money-with-ai-trading
- Published: 2026-09-18
- Author: Liquid
- Summary: Use AI to research markets, build a repeatable trading process, and evaluate results after costs. Learn how Liquid Co-Invest fits into the workflow.
**AI can support profitable trading through research, strategy development, and execution, but it does not guarantee returns.** Results depend on market movement, entry and exit decisions, position size, execution, and costs. The useful starting point is a repeatable process whose results you can measure.
Liquid Co-Invest connects market research with account context and trade proposals. You can explore a thesis, review the proposed exposure, and practice the workflow in simulated trading before deciding how to use it live.
## How Can I Make Money with AI?
AI can support income-producing work, such as building software or improving a service, and it can support investment research. Start with the skill or decision you want to improve. In a trading workflow, that might be interpreting market developments or consistently following a documented strategy.
For trading specifically, the useful question is: **does AI improve a repeatable decision after accounting for costs and losses?** That might mean finding relevant news faster, checking a calculation, documenting a strategy, or identifying a reason to skip a trade. It does not have to mean making more predictions.
A useful first goal is improving the process you can measure. Compare the time needed to review a market, the relevance of the sources gathered, and how consistently your trading rules are followed. Track these operational improvements alongside the financial results.
## Does an AI Trading Bot Guarantee Profits?
No. The [CFTC's advisory on AI trading bots](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html) warns against claims of unusually high or guaranteed returns. Evaluate a strategy using a complete record, its costs, and its behavior across different market conditions.
Label historical tests, paper trades, and live orders separately. Record the period, starting capital, net return, and largest decline from a previous account peak. Include all trades so the results describe the full strategy.
Track the size of wins and losses alongside win rate. For example, six $20 winners and four $15 losers produce $60 of gross profit over ten trades, with a 60% win rate. Subtract the applicable costs to calculate the net result. These illustrative figures show why several measurements belong in the same trading journal.
## How Do I Calculate Trading Results After Costs?
Evaluate the result after entry and exit fees, spread, slippage, funding, and relevant software or model costs. Liquid publishes its [fee schedule](https://docs.liquid.trade/trading/fees); the applicable rate depends on the product and route, so check the order details rather than assuming one headline rate covers every market.
Consider an illustrative $5,000 long position. A 1% favorable price move produces $50 before costs. If combined trading costs and slippage are $15 and the position pays $8 in funding, the net result is $27. With the same costs and a smaller 0.4% favorable move, the result would be a $3 loss. These are hypothetical assumptions, not a Liquid fee quote.
For perps, [funding payments](https://docs.liquid.trade/trading/funding-rates) pass between opposite sides of the market and may be paid or received. Include the current rate and intended holding period in your plan, then record the actual payments when reviewing results.
Track position notional and supporting collateral separately. Leverage changes exposure relative to that collateral and magnifies gains and losses. Comparing similarly sized positions helps you evaluate the strategy itself rather than changes in position size.
## How Do I Test Whether AI Improves My Trading?
Define the strategy before reviewing the outcome. Write down the market, entry condition, exit condition, maximum exposure, and situations where you will wait. Keep a dated version of the rules so you can connect each result to the plan that produced it.
Compare with a simple baseline appropriate to the strategy. For a long-only crypto approach, compare its return and exposure with holding the relevant asset over the same period. This helps you see what the research and timing decisions contributed beyond the wider market move.
Use paper trading to rehearse research, order review, and position monitoring. Treat its results as simulated: live liquidity, slippage, latency, and decision-making can differ. Continue evaluating over time instead of projecting income from a short sample.
## How Does Liquid Co-Invest Fit into This Process?
Co-Invest can help assemble market context and trade proposals; Liquid documents a simulated mode for practicing with market data. Start with the [beginner walkthrough](/learn/begin) and keep a record of what you asked, what it observed, and what you decided. [Co-Invest documentation](https://www.liquid.trade/coinvest-docs).
For ongoing monitoring and enabled execution, [Co-Invest Computer](/coinvest-computer) offers a separate workflow from standard user-confirmed Co-Invest. Define the strategy, execution mode, and limits using the [AI agent portfolio management guide](/learn/ai-agent-portfolio-management), then rehearse the process in simulation or staged mode.
[Try Co-Invest](/coinvest) with one research question and a paper trading plan. Keep the sources, proposed orders, and outcomes together, then use that record to refine your process and decide what to explore next.
Choosing a tool? Compare options in [what is the best AI trading platform](/learn/best-ai-trading-platform) and [the best AI agent for trading crypto](/learn/best-ai-agent-for-trading-crypto).
---
## Futures vs. Perpetual Futures: Hours, Expiry, and Access
- URL: https://www.liquid.trade/learn/futures-vs-perpetual-futures
- Published: 2026-09-18
- Author: Liquid
- Summary: Dated futures and perpetuals can reference similar assets but have different expiry, margin, and trading-hour rules. Here is how to tell them apart.
**Liquid offers perpetual futures: derivatives without a scheduled expiry.** You can take a long or short view and manage the position without rolling into a new contract month. Dated exchange-traded futures provide a different structure, with a specified expiry and settlement process.
Liquid's perpetual markets trade 24/7, including weekends, subject to eligibility. Some dated exchange futures also have weekend sessions. To choose between them, match the contract, trading schedule, and settlement terms to the exposure you want.
## What Is the Difference Between Futures and Perpetuals?
A conventional futures contract has standardized terms, including its contract size and expiration or delivery month. Traders who want continued exposure may need to close or roll it before expiry. CME's [futures definition](https://www.cmegroup.com/education/courses/introduction-to-futures/definition-of-a-futures-contract) explains the basic structure.
A perpetual has no scheduled expiration. Instead, it uses a reference-price and funding mechanism, with ongoing margin requirements. Learn the mechanism in [Liquid's perpetual futures documentation](https://docs.liquid.trade/about-liquid/what-are-perpetual-futures).
Liquid's offering is perpetual futures. For a specific dated CME contract, you would use a broker carrying that exchange product; a Liquid perp gives you exposure under its own reference and margin terms.
## Where Can I Trade Futures 24/7?
There are two routes to investigate. For perpetuals, compare eligible platforms such as Liquid, where every market trades 24/7. For dated exchange futures, check the exchange's current 24/7 product list and a participating broker's access.
As checked in September 2026, CME's [24/7 trading page](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html) lists cryptocurrency futures and options excluding Spot-Quoted futures, plus 1-Ounce Gold and 100-Ounce Silver futures. Maintenance windows still apply. This does not mean every CME product trades all weekend.
For a side-by-side of venues, hours, and fees, see [where can I trade futures 24/7](/learn/where-to-trade-futures-24-7).
## Can I Trade Futures on the Weekend?
Yes, for contracts with weekend sessions and an account that supports them. Liquid's perpetual markets trade through weekends; certain dated contracts now can too. Other contracts close for part of the weekend and reopen for a Sunday evening session.
Check whether the screen is showing an executable market, a pre-open phase, or only a quote. An order accepted into a queue is not a completed trade. The [CME trading-hours calendar](https://www.cmegroup.com/trading-hours.html) distinguishes open, paused, and pre-open states.
The full weekend breakdown, contract by contract, is in [can I trade futures on the weekend](/learn/can-you-trade-futures-on-the-weekend).
## Can I Trade Index Futures Around the Clock?
Major index futures can offer long daily sessions, but “nearly 24 hours” does not mean uninterrupted seven-day access. CME's [Micro E-mini FAQ](https://www.cmegroup.com/articles/faqs/micro-e-mini-equity-index-futures-frequently-asked-questions.html) gives the current schedule for those contracts; review holidays and maintenance separately.
Liquid also lists index perpetual exposure, giving eligible traders a way to express an index view without choosing an expiry month. Review the index reference and pricing outside cash-market hours. An index perpetual and a dated ES or MES contract have different specifications.
Compare E-mini hours with index perps in [can I trade index futures around the clock](/learn/can-you-trade-index-futures-around-the-clock).
## Where Can I Trade Gold and Oil Futures?
For a dated gold or oil contract, use a futures broker carrying the exact exchange product you need. Contract size matters: a small contract and a standard contract can create very different dollar exposure despite tracking a similar benchmark. Check settlement and delivery obligations before holding to expiration.
Liquid's gold and oil markets provide perpetual price exposure, with no delivery of metal or barrels. Read [trading gold and oil at night](/learn/trade-gold-and-oil-at-night) and the [commodity leverage guide](/learn/gold-and-oil-leverage-trading) before comparing them with dated futures. Oil benchmarks also differ: Brent and WTI are not identical assets.
Translate each contract into dollar exposure, then review the collateral and holding costs. Leverage magnifies gains and losses, so use position size and margin together when comparing a dated future with a perpetual.
Use the [retail futures platform guide](/learn/best-futures-trading-platform-for-retail-traders) to compare access and costs. If perpetuals fit the exposure you want, [browse Liquid's current markets](/markets) and inspect the live contract terms.
For broker and contract-size comparisons, read [where can I trade gold and oil futures](/learn/where-to-trade-gold-and-oil-futures). New to futures? Start with [how to start trading futures online](/learn/how-to-start-trading-futures-online).
---
## How Much Leverage Can You Get Trading Gold and Oil?
- URL: https://www.liquid.trade/learn/gold-and-oil-leverage-trading
- Published: 2026-09-18
- Author: Liquid
- Summary: Gold and oil leverage depends on the contract, venue, and margin. Learn how to compare commodity perpetuals with dated futures and size an example trade.
**There is no single leverage limit for gold or oil.** It depends on whether you trade a perpetual contract, a dated futures contract, or another product, as well as the venue's margin requirements and your position size. Liquid lists gold and oil perpetual exposure; check the selected contract's live order ticket for its available multiplier. [Liquid's market overview](https://www.liquid.trade/) describes its commodity offering.
Gold and crude oil each have their own contract settings. Start with the commodity you want to trade, then use its available multiplier and margin requirement to plan the position.
## How much leverage can I get trading gold and oil?
On a perpetual venue, the contract has a maximum multiplier and margin rules. Liquid's [leverage documentation](https://docs.liquid.trade/trading/leverage) says limits vary by market and can vary by position size. Enter the actual order size to see the applicable requirement.
For exchange-traded futures, calculate effective leverage from the contract's notional value divided by the margin supporting it. The margin is a performance bond rather than a down payment on physical metal or barrels. [CME Group explains](https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins.html) that requirements differ by product and market volatility. Broker requirements can also affect what you must post.
Effective leverage reflects the current price, required margin, and any additional collateral you maintain. Calculating it from your intended position gives you a more useful number than a general commodity-market headline.
## Gold and oil perpetuals versus dated futures
For a concrete size comparison, [CME Micro Gold](https://www.cmegroup.com/education/lessons/micro-gold-and-micro-silver-futures-product-overview) represents 10 troy ounces, while [Micro WTI crude oil futures](https://www.cmegroup.com/education/articles-and-reports/micro-wti-crude-oil-futures-faq) represent 100 barrels. Those units describe CME contracts, not Liquid position minimums or leverage limits. A smaller contract reduces exposure per contract; it does not make a given leverage ratio less sensitive to a percentage price move.
To compare where each product trades, read [where can I trade gold and oil futures](/learn/where-to-trade-gold-and-oil-futures).
## Calculate the exposure before choosing the multiplier
Imagine a hypothetical $2,000 gold perpetual position with $200 of isolated margin. That is 10x leverage. For a linear long position, a 1% rise produces approximately $20 of gross profit, while a 1% fall produces approximately $20 of gross loss. Either move is 10% of starting margin, excluding costs.
With the same $2,000 exposure supported by $400, effective leverage is 5x. The same price move still produces approximately $20 in gross profit or loss, but that is 5% of the larger collateral amount.
The multiplier below moves the collateral, not the exposure. The range is illustrative: actual limits vary by market and order size.
The calculation also works for an equivalently sized linear oil contract. Plan each market separately: choose an entry, a level for your planned exit, and a dollar amount you are willing to risk. Those inputs help determine the position size.
If an illustrative $20 loss budget meets a stop 2% from entry, the corresponding notional is $1,000 before allowing for costs and slippage: $20 divided by 0.02. The leverage setting then determines initial margin subject to venue requirements. This sequence connects the position's exposure to a defined trading plan.
## What costs should I compare?
Compare the entire intended holding period. That includes entry and exit charges where applicable, spread, slippage, and ongoing carrying costs. Gold and oil can have different fees even on the same app.
Liquid's [fee documentation](https://docs.liquid.trade/trading/fees) lists different commodity entry fees for Ostium-routed gold and crude oil and a separate Liquid charge. It also distinguishes that route from other venues. The useful number is the total applicable to your order, not one component copied from a comparison table.
For markets using funding payments, rates can change while the position is open. Read [how funding rates work](/learn/what-are-funding-rates) and check the current market details when planning a multi-day hold. Include those payments in your estimate of the position's total cost.
## Build a gold or oil trade on Liquid
Select gold or oil, confirm the contract reference, and enter your intended exposure. Compare the margin required at different multipliers, review the applicable costs, and set your planned exit. Keep the position size and supporting collateral visible as separate figures.
Leveraged positions can be liquidated if equity falls below maintenance requirements, and stop orders can slip. Choose the margin allocation with those mechanics in mind.
Gold and oil perps on Liquid trade 24/7, including weekends, so check price-reference behavior as well. If you plan to trade outside the reference market's main session, review the current quote and execution conditions. Your order preview is the starting point for evaluating that particular setup.
[Inspect gold and oil markets on Liquid →](https://app.liquid.trade) · [Plan your stop loss →](/learn/what-is-a-stop-loss)
---
## How to Hedge Anthropic Exposure 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-anthropic-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Use an ANTH short to reduce Anthropic valuation exposure, with a practical sizing example and a plan for margin, funding, and the hedge exit.
**Short ANTH perpetuals to reduce your exposure to a decline in Anthropic's valuation.** You can manage the position 24/7 on [Liquid](https://app.liquid.trade/trade/io:ANTH) while keeping your underlying investment.
The key is sizing: ANTH tracks company valuation, which can move differently from private shares, options, or a fund interest. Choose the portion you want to hedge and keep enough margin to maintain the short through a rally.
## What Anthropic exposure are you trying to protect?
Start with the Anthropic-related value of your holding. Common shares, preferred shares, options, and funds have different sensitivities:
| Exposure | Main hedge mismatch |
| --- | --- |
| Common shares | Dilution, transfer limits, and realizable secondary price |
| Preferred shares | Liquidation preferences and conversion terms |
| Employee options | Strike price, vesting, and nonlinear sensitivity |
| Fund interest | Other holdings, fund fees, and valuation timing |
Use a recent valuation and account for vesting, exercise costs, and any other holdings in a fund. Also check your investment or employment agreement for hedging restrictions; [Anthropic's transfer restrictions](https://support.claude.com/en/articles/13704655-unauthorized-anthropic-stock-sales-and-investment-scams) continue to apply to the underlying shares.
## What does the ANTH price represent?
Each ANTH price point represents $1 billion of implied company capitalization, according to [Entropy's contract description](https://docs.entropy.io/market-types/pre-ipo-perpetuals). The contract settles in cash and carries no shareholder rights.
For a hedge, the main consequence is dilution: new funding can raise total company value without raising an existing holding's value by the same percentage.
Entropy's [oracle blends internal and external pricing](https://docs.entropy.io/pre-ipo-perp-mechanics/oracle-price). Its [liquidation mark](https://docs.entropy.io/pre-ipo-perp-mechanics/mark-price) uses a smoothed internal price with pre-listing bounds. That means derivatives trading can affect your margin before your private holding gets a new valuation.
## How much ANTH should you short?
A starting framework is:
**Indicative short notional = estimated exposed value × hedge percentage × sensitivity adjustment.**
The sensitivity adjustment reflects how your holding responds to the ANTH reference. Options, preferred shares, and diversified funds may need a different hedge ratio from direct common equity.
Suppose an investment is estimated at $20,000 and you want to hedge half. A $10,000 short is an illustrative starting point if the holding and ANTH move proportionally. Set that as your position notional, then choose the margin separately.
## What happens when Anthropic's valuation moves?
Assume the $20,000 investment and the $10,000 short track the same percentage change exactly:
| Hypothetical change | Investment value change | Short PnL | Combined change |
| --- | --- | --- | --- |
| −20% | −$4,000 | +$2,000 | −$2,000 |
| No change | $0 | $0 | $0 |
| +20% | +$4,000 | −$2,000 | +$2,000 |
These hypothetical figures are before costs and assume both positions track the same move. In practice, funding, fees, and valuation differences change the result. The partial hedge cuts both the illustrated loss and gain in half.
Your private holding may also be marked less often than the perp, so a short's loss can arrive well before any offsetting investment gain is recognized or accessible.
## How does a 24/7 Anthropic hedge work?
ANTH trades between private-market transactions, letting you adjust exposure when financing, commercial, or listing news breaks. The external valuation data may update much less often than the derivative's price.
Check the spread, available depth, and funding before adjusting the position. A large order can move the market, especially outside busy trading periods.
## Can the hedge stay open until an IPO?
The contract has a defined no-IPO exit. The [asset schedule](https://docs.entropy.io/asset-directory/pre-ipo-assets) currently lists August 18, 2028, and [Entropy's resolution rules](https://docs.entropy.io/pre-ipo-perp-mechanics/no-ipo-resolution) also allow early cash settlement.
The hedge can therefore end before your shares are sellable. Watch settlement notices and, if an IPO occurs, check how the contract transition aligns with your share lockup.
## How do you manage an Anthropic hedge on Liquid?
1. Estimate the Anthropic-related value you want to protect and the hedge period.
2. Open [ANTH on Liquid](https://app.liquid.trade/trade/io:ANTH).
3. Choose a short notional that reflects the portion and sensitivity you intend to hedge.
4. Fund the derivative separately and review the liquidation level, execution costs, and funding.
5. Set review points for financing announcements, vesting changes, tender events, and contract settlement notices.
6. Reduce or close the short as the underlying exposure changes.
Your private investment can rise in value while the short loses margin. Keep accessible collateral so [liquidation](/learn/what-is-liquidation) does not close the hedge, and budget for variable [funding costs](/learn/what-are-funding-rates).
[Explore Anthropic →](/markets/anthropic) · [Learn about Anthropic perps →](/learn/how-anthropic-perps-work) · [Compare pre-IPO markets →](/markets#pre-ipo)
---
## How to Hedge Apple Stock 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-apple-stock-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Learn how an AAPL perpetual short can offset Apple share exposure, including partial hedges, dividends, separate collateral, and closed-market pricing.
**To hedge Apple stock with an AAPL perpetual, open a short for the dollar value you want to hedge.** A $10,000 short against $20,000 of Apple shares roughly halves your price exposure before costs. The short gains when Apple falls and loses when it rises, so the hedge reduces upside as well as downside.
You keep your shares and can adjust the perpetual outside stock-market hours, since the AAPL market trades 24/7, including weekends. The short needs its own margin, and funding, dividends, and price differences affect how closely the two positions offset.
## What does it mean to hedge Apple shares?
Some shareholders want a temporary reduction around earnings or a product announcement. Others want less exposure to one company while retaining part of the holding. In either case, define the fraction and duration before choosing a multiplier.
Apple trades as AAPL, as listed in its [investor FAQ](https://investor.apple.com/faq/default.aspx). You can open the matching perpetual through Liquid's [Apple market](/markets/apple).
## How do you calculate a partial Apple hedge?
For a linear contract that closely follows the stock, start with:
**Short notional = current value of Apple shares × hedge fraction.**
Suppose you own 80 AAPL shares at a hypothetical $250 valuation per share, or $20,000 in stock. A 50% hedge targets $10,000 of short exposure. A full hedge targets $20,000. These are illustrative prices and amounts, not live quotes or suggested allocations.
If both prices fall 5%, the shares lose $1,000 and the half-sized short gains $500, leaving a $500 combined loss. If both rise 5%, the shares gain $1,000 and the short loses $500, leaving a $500 combined gain. With the full $20,000 short, those directional changes approximately cancel.
That math assumes matching entry prices, equal percentage moves, and no liquidation. It excludes fees, funding, dividends, and execution differences. A full hedge also gives up approximately the full upside from a matching price rise; it does not provide free downside insurance.
## Do Apple dividends affect the hedge?
Yes. Stock price exposure and total shareholder return are different. Apple pays cash dividends, with historical declarations listed on its [dividend history page](https://investor.apple.com/dividend-history/). The return on shares can include those payments as well as price changes.
A perpetual is a derivative, not an Apple share. Do not assume it pays the same dividend or uses the same adjustment as a traditional borrowed-stock short. Inspect the contract's dividend and corporate-action rules, including how the reference price handles an ex-dividend date.
This matters when checking performance. Comparing only the stock chart and perp PnL may omit cash paid on the shareholding, any contract adjustments, and funding. Record each separately. A hedge can neutralize much of a price move without making total account returns identical.
Use current share quantities after splits or purchases. If dividend reinvestment adds shares, the holding has changed and the intended hedge fraction may need review.
## Can you hedge AAPL outside regular stock hours?
Yes. An AAPL perpetual trades 24/7, including weekends, beyond the regular stock session. Nasdaq lists [regular hours](https://www.nasdaq.com/market-activity) of 9:30 a.m. to 4 p.m. Eastern Time on trading days; access to other brokerage sessions varies.
When the exchange is closed, the last AAPL stock price can be stale while the derivative reacts to new information. The price used to calculate the short's margin can therefore move before your brokerage quote updates.
That gap is called basis risk. A weekend move in the derivative may reverse or differ from Apple's next opening stock move. Check the spread and available liquidity before making a large adjustment.
## What Apple-specific developments should you monitor?
Apple's [quarterly reporting](https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/) discusses its product and services performance and identifies risks involving trade policy, manufacturing partners, product transitions, and legal developments. A hedge intended to cover one announcement may not cover every later development.
Keep the reason for the hedge concrete: an earnings release, a defined product-news window, or a reduction in concentrated AAPL exposure. Shorting Apple does not precisely hedge a broad index fund just because Apple is one constituent.
## Why does an Apple hedge need separate collateral?
A stock rally can increase the value of your brokerage holding while reducing equity in the perpetual account. Those accounts do not automatically transfer gains between them.
The derivative can be liquidated when its margin is insufficient, even if Apple shares elsewhere have gained the same amount. Choose collateral against a plausible rally and the actual maintenance requirements. See [What Is Liquidation?](/learn/what-is-liquidation).
Leverage does not change the short notional needed for a given hedge. For the same notional, it changes how much collateral supports the position. Also budget for fees, spread, and [funding](/learn/what-are-funding-rates): shorts typically receive positive funding and pay negative funding, with the live terms controlling the actual payment.
## How do you hedge Apple stock on Liquid?
1. **Value your shares.** Use your current AAPL share count, including reinvested dividends. Check any employee-stock hedging restrictions.
2. **Set a hedge percentage and end condition.** Calculate notional before selecting collateral or leverage.
3. **Open [AAPL on Liquid](https://app.liquid.trade/trade/xyz:AAPL).** Select short and enter your target dollar exposure.
4. **Review the order.** Check the price, market status, fees, funding, margin mode, and liquidation price under an Apple rally.
5. **Plan the exit across both accounts.** A [stop order](/learn/what-is-a-stop-loss) can slip, and an exit removes the hedge. Reassess the derivative whenever shares are sold or added.
6. **Track the actual combined result.** Include dividends, funding, execution costs, and realized PnL rather than relying on the headline hedge percentage alone.
[View the Apple market →](/markets/apple) · [Learn about short perpetuals →](/learn/how-to-short-crypto)
---
## How to Hedge Bitcoin 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-bitcoin-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: A short BTC perpetual can offset some or all of the price exposure on Bitcoin you already own. Match the coin exposure, fund the margin, and plan both sides of the exit.
**The direct answer:** Open a short [BTC perpetual on Liquid](https://app.liquid.trade/trade/BTC) against Bitcoin you already own. To hedge half your BTC, short half the coin amount; to hedge its full price exposure, short the same amount. You keep your Bitcoin while the short gains when its price falls.
The tradeoff is that the short loses when Bitcoin rises. A larger hedge reduces both downside and upside, and you need separate collateral to keep the short open.
## Why hedge Bitcoin without selling it?
You may want to keep coins in cold storage while reducing dollar-price swings during a news event or while deciding whether to sell. A perpetual lets you do that without moving or borrowing your BTC.
[Bitcoin.org explains](https://bitcoin.org/en/faq) that Bitcoin's price depends on supply and demand and remains volatile. A hedge reduces the price exposure you carry through that volatility. For example, holding 0.5 BTC and shorting 0.25 BTC leaves roughly 0.25 BTC of net exposure.
## How much BTC should I short to hedge my holdings?
For a dollar-quoted BTC perpetual, start with:
**Short BTC quantity = BTC held × target hedge percentage.**
Multiply that quantity by the current BTC price to get the dollar notional—the size of the position. Your collateral is the money you set aside to support it.
Suppose you own **0.5 BTC** and Bitcoin is hypothetically **$80,000**. Your holding is worth $40,000. A 50% hedge shorts 0.25 BTC, or $20,000 of initial notional. A 100% hedge shorts 0.5 BTC, or $40,000.
| BTC price move | Unhedged 0.5 BTC | 50% hedge: combined PnL | 100% hedge: combined PnL |
| --- | --- | --- | --- |
| Falls to $72,000 | −$4,000 | −$4,000 spot + $2,000 short = −$2,000 | −$4,000 spot + $4,000 short = $0 |
| Rises to $88,000 | +$4,000 | +$4,000 spot − $2,000 short = +$2,000 | +$4,000 spot − $4,000 short = $0 |
These hypothetical results assume matching price moves and an open short, before fees, funding, and execution differences. The full hedge gives up the price gain as well as offsetting the decline.
## Can I hedge Bitcoin kept in cold storage?
Yes. Keep your BTC in your wallet and fund the short in your trading account.
If Bitcoin rallies, your wallet gains value while the short loses money. Those wallet gains do not automatically cover the trading account's losses, and moving funds during a fast market can take too long.
Leave enough margin for a BTC rise and funding costs. If the short is liquidated, your Bitcoin loses that protection against the next decline.
See [What Is Liquidation?](/learn/what-is-liquidation) and [Cross Margin vs. Isolated Margin](/learn/cross-margin-vs-isolated-margin) for how the account manages that collateral.
## Does a BTC hedge protect wrapped Bitcoin or a Bitcoin fund?
Yes, it can reduce their BTC price exposure. Size the short from the Bitcoin represented by the holding, rather than the number of fund shares or wrapper tokens.
Tracking differences remain: funds have fees and can trade at premiums or discounts; wrappers can lose their peg or face redemption problems. The short does not cover lost keys, missing backing, or custodian and smart contract failures.
## What does a 24/7 Bitcoin hedge cost?
The main costs are entry and exit fees, spread, slippage, and [funding](/learn/what-are-funding-rates). Shorts receive positive funding and pay negative funding under the usual convention. The rate can change, so count actual payments rather than assuming ongoing income.
Liquid's BTC perpetual trades 24/7, through nights and weekends. Access depends on your location; thin liquidity, outages, or delayed transfers can affect execution and margin management.
## How do I hedge Bitcoin on Liquid?
1. Count your BTC holdings and choose the percentage of price exposure to reduce.
2. Open [BTC on Liquid](https://app.liquid.trade/trade/BTC) and select short.
3. Enter the BTC quantity or dollar notional, then choose collateral and leverage.
4. Check the price, fees, funding, and estimated liquidation level before confirming.
5. Set alerts and decide when to close or review the hedge.
6. Reduce the short if you sell or spend BTC, and reassess it if you buy more.
Plan both exits together. Selling your BTC while keeping the short leaves you betting on a decline. A [stop loss](/learn/what-is-a-stop-loss) can also close the short and restore BTC exposure; its trigger price is not a guaranteed fill.
[Explore Bitcoin →](/markets/bitcoin) · [Understand crypto shorts →](/learn/how-to-short-crypto)
---
## How to Hedge Chainlink 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-chainlink-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Reduce LINK price exposure with a matching short perpetual while keeping spot or staked Chainlink. Account for the staking cooldown, variable funding, and separate collateral.
**The direct answer:** Short a [LINK perpetual on Liquid](https://app.liquid.trade/trade/LINK) against LINK you already hold. For a 50% hedge, short half your LINK amount; for a full price hedge, short the same amount. The short can offset a decline while you keep your coins or wait for a staking withdrawal.
If LINK rises, the short loses money and reduces your upside. Keep collateral available separately from the LINK you are hedging.
## How do I size a partial or full LINK hedge?
Use **LINK held × hedge percentage** for the short quantity. Multiply by the current price to get its dollar notional—the position size, rather than the collateral deposit.
Suppose you hold **1,000 LINK** at a hypothetical **$20 per LINK**. Your holding is worth $20,000. A 50% hedge shorts 500 LINK, initially $10,000 of notional. A full hedge shorts 1,000 LINK.
| LINK price move | Holding PnL | 500 LINK short PnL | Combined PnL |
| --- | --- | --- | --- |
| Falls 15% to $17 | −$3,000 | +$1,500 | −$1,500 |
| Rises 15% to $23 | +$3,000 | −$1,500 | +$1,500 |
A full 1,000 LINK short would gain or lose $3,000 in the opposite direction, approximately offsetting the holding. These hypothetical figures assume identical price moves and that the short remains open. They exclude fees, funding, slippage, staking rewards, and any difference between reference and execution prices.
The full hedge gives up the modeled upside too.
## Can I hedge LINK during the staking cooldown?
Yes. You can keep LINK staked and use a separately funded short to reduce price exposure through the withdrawal period.
[Chainlink's v0.2 staking documentation](https://chain.link/economics/staking) describes a 28-day cooldown followed by a seven-day claim window. Unclaimed stake returns to the staking state after that window. Confirm your withdrawal dates when planning the hedge.
The hedge may stay open for weeks, so total funding can matter more than the opening fee. Put the claim window and hedge review on the same calendar.
Review the short as staking rewards increase your LINK balance. Only count funds as trading collateral once they are available in the trading account.
## Why can a hedged LINK position still be liquidated?
Because a LINK rally creates losses in the trading account. Gains on LINK held elsewhere do not automatically replenish that account's margin.
Leave enough collateral for a LINK rally and funding payments. Staked LINK may be unavailable when you need it, and a liquidated short stops offsetting later declines.
More collateral gives the same short more room for a rally. See [liquidation](/learn/what-is-liquidation) and [margin modes](/learn/cross-margin-vs-isolated-margin) for how the account handles losses.
## What risks and costs remain after hedging LINK?
The perp and spot LINK can trade at different prices, creating basis risk. Check the spread and available depth for your order size, especially before a large weekend adjustment.
Shorts normally receive positive funding and pay negative funding. The rate can reverse, so budget for payments, entry and exit fees, and slippage over the whole holding period. [Learn how funding works](/learn/what-are-funding-rates).
The hedge does not cover lost keys, staking or custodian failures, or wrapper depegs. It also targets LINK: other tokens in your portfolio can move differently.
Liquid's LINK market trades 24/7, including weekends. Access varies by location, and outages or thin liquidity can still interrupt execution.
## How do I hedge Chainlink on Liquid?
1. Add up the LINK you want to hedge, including staked coins.
2. Choose a hedge percentage and a review date tied to your holding plan or claim window.
3. Open [LINK on Liquid](https://app.liquid.trade/trade/LINK) and select short.
4. Enter the short amount, set collateral, and check the price, fees, funding, and liquidation level.
5. Set alerts for margin and the staking claim window. A stop can close the hedge at a different price from its trigger.
6. Reduce the short when you sell LINK, or close it when you want full price exposure again. Keeping the short after selling all your LINK leaves you betting on a decline.
[Explore Chainlink →](/markets/chainlink) · [Review crypto shorting mechanics →](/learn/how-to-short-crypto)
---
## How to Hedge Copper 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-copper-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: A practical guide to copper hedges for holdings, inventory, and future purchases: choose the right direction, match the benchmark, and manage margin around the clock.
**To hedge copper 24/7, short a copper perpetual against inventory or an investment you own. Go long to hedge a future purchase against rising costs.** Liquid's [COPPER market](https://app.liquid.trade/trade/xyz:COPPER) lets you adjust either position at night and on weekends.
Match the hedge to the quantity, price benchmark, and date of your exposure, then choose how much collateral to put behind it.
## Who might use a copper hedge?
A copper investor, a merchant holding unsold inventory, and a manufacturer buying copper next month face different price risks. [CME's base-metals hedging guide](https://www.cmegroup.com/education/courses/introduction-to-base-metals/how-to-manage-base-metals-risk-management-and-hedging) illustrates the distinction between a seller and a buyer whose purchase price has not yet been fixed.
| Situation | Main copper price risk | Potential direction |
| --- | --- | --- |
| Copper-linked investment | Falling investment value | Short |
| Inventory awaiting a sale at a future market price | Lower sale proceeds | Short |
| Unpriced future copper purchase | Higher input costs | Long |
| Purchase already fixed in price | Exposure depends on resale or other obligations | Recalculate before adding a hedge |
## What must match between the holding and the contract?
First, confirm **units**. Copper prices may be expressed per pound or per metric tonne. Use the same units for the holding and the order so you hedge the right quantity.
Second, check the **benchmark and delivery terms**. Physical cathodes, scrap, and processed products can trade at different premiums or discounts. Regional markets, freight, tariffs, and quality can affect the price you actually receive or pay.
Third, check **currency**. A USD copper hedge does not automatically remove the currency risk of a business that accounts or invoices in another currency. [CME's copper and FX example](https://www.cmegroup.com/education/articles-and-reports/fx-markets-drive-increased-hedging-opportunities-in-copper-trades.html) treats metal price risk and currency risk as separate exposures.
Finally, check the **price reference and timing**. If the perp refers to futures prices, understand which contracts it follows and how that reference changes. A purchase three months away need not move identically to the reference traded today.
## How do you calculate a copper hedge size?
For a close match, estimate **copper price exposure × target hedge percentage**. This gives target notional, not the margin deposit. When the contract and physical exposure differ, the required hedge ratio needs a separate analysis of how their prices move together.
Consider a hypothetical holding with 10,000 pounds of benchmark copper exposure. At an illustrative $5 per pound, its benchmark value is $50,000. A 40% hedge corresponds to $20,000 of short exposure, or 4,000 pounds if the contract's units support that interpretation.
| Matched price move | Holding's change | $20,000 short PnL | Combined change |
| --- | --- | --- | --- |
| $5 to $4.50, down 10% | −$5,000 | +$2,000 | −$3,000 |
| $5 to $5.50, up 10% | +$5,000 | −$2,000 | +$3,000 |
The example assumes both legs follow the same benchmark and the short survives. It excludes fees, funding, slippage, and physical premiums. A 100% matched hedge would aim to offset both the price decline and the price increase; keeping all the upside is not part of that structure.
For a manufacturer with an unpriced purchase, reverse the derivative direction. A long can gain as the purchase becomes more expensive, but it loses if the purchase becomes cheaper. Confirm the expected quantity: hedging metal you no longer need creates an outright position.
## What does 24/7 copper hedging mean?
You can adjust a copper perp while physical copper markets are closed. [trade[XYZ]'s perpetual markets](https://docs.trade.xyz/) provide this around-the-clock access.
During a weekend, the perp can react before the price on your supplier's invoice changes. The difference is basis risk. When reference markets reopen, prices can adjust quickly, so a weekend trade is not a guaranteed lock on the next physical purchase price.
Check weekend spreads and liquidity, and keep collateral accessible for any margin needs while your bank or supplier is closed.
## Can a copper hedge be liquidated?
Yes. A short loses margin when copper rises even if your inventory becomes more valuable. A long loses margin when copper falls even if your expected procurement cost improves. Gains outside the derivative account do not automatically support it.
A warehouse holding, supplier credit, or gain in a brokerage account is separate from the collateral supporting a Liquid perpetual. Plan for adverse price moves and the timing of cash flows. Liquidation can remove the hedge while the underlying business exposure continues.
Compare [cross and isolated margin](/learn/cross-margin-vs-isolated-margin) before choosing how collateral is shared. Other positions can affect available collateral in cross margin; isolated margin has its own position-specific limit.
Funding is another cash flow to budget. Check the current sign, interval, and notional basis. A short can pay funding, and a long can receive it; the direction changes with the rate. See [Liquid's funding explanation](https://docs.liquid.trade/trading/funding-rates).
## How do you hedge copper on Liquid?
1. Identify the quantity, benchmark, currency, and date of the exposure.
2. Decide whether rising or falling copper prices hurt it and choose the corresponding hedge direction.
3. Review [Copper on Liquid](/markets/copper), then open the [COPPER order ticket](https://app.liquid.trade/trade/xyz:COPPER).
4. Confirm the contract units and reference. Translate the target notional into the ticket's size convention.
5. Set collateral and review funding, execution fees, spread, and estimated liquidation price before confirming.
6. Adjust or close the position when the purchase, sale, or investment exposure changes.
If an exit order closes only the derivative, the original exposure remains. A [stop loss](/learn/what-is-a-stop-loss) is not guaranteed to execute at its trigger price, so include slippage and loss of hedge coverage in the plan.
[Read the oil hedging guide →](/learn/how-to-hedge-oil-24-7) · [Review copper on Liquid →](/markets/copper)
---
## How to Hedge Dogecoin 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-dogecoin-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Hedge part or all of an existing DOGE holding with a short perpetual. Size from coin exposure, prepare for rallies, and keep funding and collateral separate from the spot balance.
**The direct answer:** Open a short [DOGE perpetual on Liquid](https://app.liquid.trade/trade/DOGE) against DOGE you already own. Short half your coin amount for a 50% hedge, or the same amount for a full price hedge. The short gains when DOGE falls, offsetting some or all of the decline in your holding.
It also loses when DOGE rises, reducing your upside. Keep enough collateral in the trading account for a rally; gains on coins held elsewhere do not automatically fund the short.
## Why hedge DOGE without selling it?
A short can reduce price swings during a period of uncertainty while you keep your coins. Decide how much exposure to keep and when you will review the hedge. If you want to hold less DOGE permanently, selling some is simpler to manage than an ongoing short and its margin.
## How do I calculate a Dogecoin hedge?
Start with **DOGE held × hedge percentage**, then multiply by the price to get dollar notional. Use the full position value when planning margin—a low price per coin can still add up to a large holding.
Suppose you hold **50,000 DOGE** at a hypothetical **$0.20** each, or $10,000 in total. A 50% hedge shorts 25,000 DOGE, initially $5,000 of notional. A full hedge shorts 50,000 DOGE.
| DOGE move | 50,000 DOGE holding | 25,000 DOGE short | Combined PnL |
| --- | --- | --- | --- |
| Falls 25% to $0.15 | −$2,500 | +$1,250 | −$1,250 |
| Rises 25% to $0.25 | +$2,500 | −$1,250 | +$1,250 |
A full matching short would gain $2,500 on the decline or lose $2,500 on the rally, offsetting the holding's price change. These hypothetical calculations exclude funding, fees, slippage, and tracking differences. They assume the short stays open throughout the move.
With only $1,000 of collateral behind the $5,000 short, a 25% rally would cost it $1,250 before fees. Liquidation would generally happen sooner, removing the hedge before the move shown in the table ends.
## Why does a DOGE hedge need room for a short squeeze?
During a [short squeeze](/learn/what-is-a-short-squeeze), shorts are forced to buy back positions, adding buying pressure to a rally. Your DOGE can gain value while the short rapidly uses up its margin.
Plan collateral around a sharp rise, including funding and the time it would take to transfer more money. A larger margin buffer helps the same hedge stay open through a rally; it does not change how many DOGE you have hedged.
If a rally liquidates your short, it cannot offset a later selloff. Keep the margin buffer in the trading account, where it can cover the losses.
## Does a DOGE hedge protect coins in a yield product or wrapper?
It can reduce the DOGE price exposure in the product. It cannot cover a provider failure, missing coins, or a wrapper losing its peg.
Dogecoin uses [proof of work](https://dogecoin.com/dogepedia/how-tos/mining-dogecoin/). A DOGE yield product may involve lending, custody, or a wrapper rather than native staking rewards. Check where its return comes from and how you can withdraw.
For wrapped DOGE, size the hedge from the DOGE represented by the token and account for any market discount.
## Can I keep the hedge open on weekends?
Yes. Liquid's DOGE perpetual trades 24/7, including weekends. Access varies by location, and outages, thin liquidity, or transfer delays can still affect a trade.
Budget for entry and exit fees, spread, slippage, and [funding](/learn/what-are-funding-rates). Shorts normally receive positive funding and pay negative funding. Rates can reverse while the hedge is open, so expected receipts are not guaranteed income.
## How do I hedge Dogecoin on Liquid?
1. Count your DOGE and choose the percentage to hedge.
2. Open [DOGE on Liquid](https://app.liquid.trade/trade/DOGE) and select short.
3. Enter the DOGE quantity or dollar notional, then set collateral for a possible rally.
4. Check the price, fees, funding, and estimated liquidation level.
5. Set alerts and an exit plan. A [stop loss](/learn/what-is-a-stop-loss) can close the hedge and leave DOGE exposed again; its fill price is not guaranteed.
6. Adjust the short when you buy, sell, spend, or receive DOGE. Close it if you sell all the coins, unless you deliberately want a bearish position.
[Explore Dogecoin →](/markets/dogecoin) · [Understand liquidation →](/learn/what-is-liquidation)
---
## How to Hedge Ethereum 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-ethereum-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Use a short ETH perpetual to reduce Ethereum price exposure while retaining spot or staked ETH, with separate plans for collateral, staking rewards, and token tracking risk.
**The direct answer:** Short an [ETH perpetual on Liquid](https://app.liquid.trade/trade/ETH) against ETH you already hold. Short half the ETH amount for a 50% hedge, or the same amount for a full price hedge. You can keep your ETH in a wallet or staked while the short offsets part or all of a price decline.
The short also loses during an ETH rally, reducing your upside. Keep trading collateral available separately from any staked funds.
## How do I calculate an Ethereum hedge?
Start with **ETH held × hedge percentage**. If you hold a liquid staking token, use the amount of ETH it represents; the token count may be different.
Suppose you hold **10 ETH** at a hypothetical **$3,000 per ETH**. The exposure is $30,000. A 60% hedge shorts 6 ETH, or $18,000 of initial notional; a full hedge shorts 10 ETH.
| ETH price move | Spot holding PnL | 60% short hedge PnL | Combined PnL |
| --- | --- | --- | --- |
| Falls to $2,700 | −$3,000 | +$1,800 | −$1,200 |
| Rises to $3,300 | +$3,000 | −$1,800 | +$1,200 |
A matching 10 ETH short would instead gain $3,000 on the decline or lose $3,000 on the rally, approximately offsetting the holding in either direction. These examples exclude funding, fees, slippage, staking rewards, and tracking differences, and assume the short remains open.
## Can I hedge staked ETH without unstaking it?
Yes. Your ETH can stay staked while a separate short reduces its price exposure. The staking and withdrawal process continues as usual.
[Ethereum's staking documentation](https://ethereum.org/staking/) explains the risks that a price hedge does not cover, including slashing, provider failures, and smart contract losses.
For a liquid staking token, check its current ETH conversion rate and market price. Some token balances grow with rewards; others represent more ETH per token over time. If the token trades at a discount to ETH, the short will not cover that discount widening.
Recheck the hedge as staking rewards increase your ETH balance.
## Why does the short need separate collateral?
An ETH rally creates losses on the short even while your holding gains value. Staked ETH cannot automatically cover those losses and may take time to withdraw.
Fund the short for a rally before opening it. If the short is liquidated while you wait for an unstaking withdrawal, it no longer offsets later ETH declines.
More collateral gives the same short more room to absorb a rally. Check its estimated liquidation price and how [cross or isolated margin](/learn/cross-margin-vs-isolated-margin) affects the funds at risk.
## What does an ETH hedge cost?
Track trading fees, spread, slippage, and funding separately from staking rewards. Subtracting those costs from rewards gives a more useful picture than the quoted staking yield alone.
[Hyperliquid's funding documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding) explains that shorts receive positive funding and pay negative funding. Rates can reverse, so staking plus a short does not guarantee a dollar yield.
The perp and your ETH holding can also trade at different prices. That gap, called basis, can change the combined result even when the coin amounts match.
## How do I hedge Ethereum on Liquid at night or on weekends?
Liquid's ETH market trades 24/7, including weekends. Access depends on your location; outages, thin liquidity, and delayed transfers can still interrupt a trade.
1. Add up your ETH, including the ETH represented by staking tokens. Count each holding once.
2. Choose the percentage to hedge and calculate the short quantity.
3. Open [ETH on Liquid](https://app.liquid.trade/trade/ETH), choose short, and enter the amount.
4. Set aside margin, then check the price, fees, funding, and liquidation level.
5. Set alerts and review the hedge when rewards, withdrawals, or purchases change your balance.
6. Reduce the short when you sell ETH, or close it when you want the full price exposure back.
A stop can close the short at a different price from its trigger, leaving the ETH unhedged. Plan that outcome alongside your intended exit. For the basic trade mechanics, see [How to Short Crypto](/learn/how-to-short-crypto).
[Explore Ethereum →](/markets/ethereum) · [Learn about funding →](/learn/what-are-funding-rates)
---
## How to Hedge EUR/USD 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-eur-usd-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Hedge euro exposure by choosing the EUR/USD position that offsets your actual cash flow, then size the contract and margin separately.
**To hedge euros in a dollar-based portfolio, short EUR/USD. To hedge a future euro payment, go long EUR/USD.** Liquid's [EUR/USD perpetual](https://app.liquid.trade/trade/xyz:EUR) lets you adjust that hedge around the clock while keeping your existing currency balance.
Choose how much of the exposure to cover, then fund the position with enough margin to handle moves against it. The examples below show both a full and a partial hedge.
## Which way should you trade to hedge euros?
EUR/USD means **US dollars per euro**. A rising rate makes euros more valuable in dollar terms; a falling rate makes them less valuable.
| Your exposure, measured in USD | Unwanted move | Potential hedge |
| --- | --- | --- |
| Euros held in cash | EUR/USD falls | Short EUR/USD |
| Confirmed euro invoice receivable | EUR/USD falls before conversion | Short EUR/USD |
| Euro invoice payable | EUR/USD rises before payment | Long EUR/USD |
| European shares | Euro falls, alongside equity risk | Hedge the currency component separately |
For European shares, the currency hedge covers euro movement; the companies' share-price risk remains. These directions assume you measure returns in US dollars.
## How do you size a EUR/USD hedge?
Start with the **net euro amount exposed**, its conversion date, and the percentage you want to hedge. Subtract euro expenses from euro revenue when their timing matches.
For a simplified linear contract that moves dollar-for-dollar with EUR/USD:
**Indicative hedge notional in USD = euro exposure × EUR/USD rate × hedge percentage.**
Suppose a US business expects €20,000 in two weeks and owes €5,000 over the same period. Its net exposure is €15,000. At a hypothetical 1.10 exchange rate, hedging half means approximately $8,250 of short notional, representing €7,500 of exchange-rate sensitivity.
Enter the resulting notional in the order ticket. Position size determines how much you hedge; margin determines how much room the position has before liquidation.
## What happens if the euro falls after you hedge?
Consider a separate hypothetical example: you hold €10,000, EUR/USD is 1.10, and you short a linear EUR/USD contract with an initial $11,000 notional, sized to €10,000 of sensitivity.
| EUR/USD at exit | Dollar value of euros | Illustrative short PnL | Combined value |
| --- | --- | --- | --- |
| 1.045, down 5% | $10,450 | +$550 | $11,000 |
| 1.10, unchanged | $11,000 | $0 | $11,000 |
| 1.155, up 5% | $11,550 | −$550 | $11,000 |
This hypothetical example assumes matching prices and an open hedge, before costs. Actual results also reflect funding, fees, and the difference between perp and bank conversion prices. The short offsets euro strength as well as weakness; a 50% hedge would leave approximately half the currency movement in your returns.
## Can EUR/USD really be hedged on weekends?
Yes. EUR/USD perps can trade while conventional FX markets are closed. [XYZ uses external pricing](https://docs.trade.xyz/perpetuals/markets/fx) from Sunday 5 p.m. to Friday 5 p.m. Eastern Time and internal pricing over the weekend or during external-data gaps.
A Saturday price can reflect expectations for the next FX session and differ from your bank's eventual conversion rate. Check the spread and available depth before placing a weekend order.
## What can make a euro hedge lose money?
- **Funding:** A short can pay or receive funding, and the rate can change. Read [how funding rates work](/learn/what-are-funding-rates).
- **Basis risk:** The perp, the bank conversion rate, and your accounting valuation can diverge.
- **Timing risk:** A customer can pay late or cancel an invoice, leaving a hedge larger than the actual exposure.
- **Collateral risk:** Changes in the value of your collateral can reduce the margin cushion.
When the euro rises, your euro balance gains value while the short loses margin. Keep collateral in the trading account so the hedge can stay open; euros held at a bank cannot cover its losses automatically.
## How do you place and manage the hedge on Liquid?
1. Identify the net euro amount, reporting currency, and expected conversion date.
2. Open [EUR/USD on Liquid](https://app.liquid.trade/trade/xyz:EUR).
3. Choose short for dollar-valued euro assets or receivables; choose long for euro liabilities.
4. Set the hedge percentage and notional before choosing leverage.
5. Review execution costs, funding, available collateral, and the estimated liquidation level.
6. Reduce or close the hedge as the euro amount changes or is converted.
A [stop loss](/learn/what-is-a-stop-loss) can close the derivative during an adverse move, but it also removes the hedge. Account for that in your margin and exit plan.
For a fixed payment date, compare a deliverable FX forward or buying the euros in advance. A perp offsets price movements; you still convert or purchase the currency separately.
[Explore EUR/USD →](/markets/eur-usd) · [Compare FX markets →](/markets/forex) · [Understand liquidation →](/learn/what-is-liquidation)
---
## How to Hedge GBP/USD 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-gbp-usd-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Match a GBP/USD hedge to sterling income, savings, or future payments, with clear position sizing and a plan for funding and margin.
**Short GBP/USD to protect the dollar value of pounds you hold or expect to receive. Go long GBP/USD to hedge a future pound payment.** You can manage either position around the clock through [GBP/USD on Liquid](https://app.liquid.trade/trade/xyz:GBP).
Match the position to the pound amount and payment date, then choose whether to hedge all or part of it. A partial hedge reduces currency swings while retaining some benefit from a favorable exchange rate.
## What does GBP/USD mean for a hedge?
GBP/USD is quoted in **dollars per British pound**. A rate of 1.25 means £1 is worth $1.25. A long benefits when that number rises; a short benefits when it falls, before costs.
Consider three different situations:
- A US contractor expects a £12,000 customer payment. A lower GBP/USD reduces its dollar proceeds, so a short may offset that risk.
- A US buyer must pay a £12,000 supplier invoice. A higher GBP/USD raises the dollar bill, so a long may offset that risk.
- A UK resident holds US assets and measures wealth in pounds. They need a separate calculation based on the sterling value of those dollars.
A GBP/USD hedge on UK shares covers currency movement; the shares' own price risk remains.
## How large should a sterling hedge be?
First calculate the net pounds at risk. Expected sterling income and expenses can offset each other if their amount and timing match. Then choose a hedge percentage and translate it into contract size.
For an illustrative linear GBP/USD perp:
**USD hedge notional ≈ pounds exposed × GBP/USD rate × hedge percentage.**
For example, £12,000 expected at a hypothetical 1.25 rate represents $15,000. A 50% hedge starts at $7,500 of short notional, corresponding to £6,000 of sensitivity. A 100% hedge starts at $15,000.
If the payment amount is uncertain, size from the portion you expect to collect and adjust when the forecast changes.
## What does a partial GBP/USD hedge look like?
Suppose you expect £12,000, GBP/USD starts at 1.25, and you short $7,500 of initial notional. The following assumes a linear contract tracking the same exchange rate throughout the period.
| GBP/USD at conversion | Value of £12,000 | Short PnL | Combined proceeds |
| --- | --- | --- | --- |
| 1.20 | $14,400 | +$300 | $14,700 |
| 1.25 | $15,000 | $0 | $15,000 |
| 1.30 | $15,600 | −$300 | $15,300 |
These hypothetical figures are before funding, fees, conversion costs, and tracking differences. The partial hedge halves the illustrated $600 currency movement, including the benefit from a stronger pound.
The gains may arrive in a trading account at a different time from the customer's payment. That cash-flow mismatch matters when payroll or a supplier bill falls due before either position is closed.
## Can you hedge GBP/USD on weekends?
Yes. Perps can trade outside conventional FX hours, using internal pricing when external quotes are unavailable. [XYZ's FX documentation](https://docs.trade.xyz/perpetuals/markets/fx) explains that distinction. A weekend perp price can differ from the rate your bank later executes, so check the spread and available depth before adjusting the hedge.
Sterling often reacts to UK inflation, Bank of England decisions, fiscal announcements, and US data. Weekend political news can move expectations before regular currency trading resumes.
## How can a GBP hedge fail even with the right direction?
**A sterling rally can use up the short's margin.** Your pound receivable may gain dollar value, but that gain cannot fund the trading account automatically. If the short is liquidated, it stops protecting you against a later decline.
A $7,500 hedge remains a $7,500 position at any leverage setting. Lower leverage leaves more collateral to absorb a move against it.
Budget for the entry and exit spread, slippage, and [funding payments or credits](/learn/what-are-funding-rates). Funding can change during the hedge, so include a reserve alongside your [liquidation buffer](/learn/what-is-liquidation).
## How do you hedge sterling on Liquid step by step?
1. Write down the pound amount, payment date, reporting currency, and natural offsets.
2. Open [GBP/USD](https://app.liquid.trade/trade/xyz:GBP).
3. Select the direction that offsets the specific risk: short sterling assets, long future sterling purchases when measuring in USD.
4. Enter the notional for your chosen hedge percentage.
5. Keep margin for an adverse move, review funding and execution costs, and set monitoring alerts.
6. Reduce or close the hedge as the invoice is paid or the underlying currency is converted.
For a known future invoice, also compare an FX forward or buying pounds in advance. A perp offsets the price movement; the currency purchase remains separate.
[View GBP/USD →](/markets/gbp-usd) · [Compare EUR/USD hedging →](/learn/how-to-hedge-eur-usd-24-7) · [Browse forex →](/markets/forex)
---
## How to Hedge Gold 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-gold-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: A short gold perpetual can offset some price risk in gold you already own. Learn how to size the hedge, manage weekend exposure, and account for funding and basis.
**To hedge gold 24/7, open a short gold perpetual against the gold you own.** The short gains when gold falls and loses when it rises, offsetting part or all of your holding's price movement. On Liquid, you can open and adjust a [GOLD hedge](https://app.liquid.trade/trade/xyz:GOLD) at night or over the weekend.
You keep your bullion or ETF shares and fund the short separately. Choose how much to hedge, then keep enough collateral to maintain it if gold rises.
## What does hedging gold actually mean?
Hedging gold means offsetting an existing exposure to changes in the gold price. If you own $20,000 of gold and short $10,000 of closely matching gold exposure, you have approximately a 50% price hedge. You still participate in some gains and losses.
The hedge works most directly for bullion and physically backed funds. Other gold investments include costs or risks beyond the metal price, as the [World Gold Council's investment overview](https://www.gold.org/goldhub/how-to-invest) explains.
| Existing holding | What a gold short may offset | What remains exposed |
| --- | --- | --- |
| Bars or bullion coins | The metal's benchmark price component | Dealer premiums, storage, insurance, and resale spread |
| Physically backed gold ETF | Much of the fund's gold price sensitivity | Fund expenses, share premiums or discounts, and market hours |
| Gold-backed token | The gold-linked part of its value | Issuer, custody, redemption, and token discount risk |
| Gold mining shares | Some sensitivity to gold | Company costs, debt, production, and stock-market risk |
## Can you hedge gold on weekends?
Yes. Gold perps let you adjust exposure while a bullion dealer or stock exchange is closed. The underlying [trade[XYZ] markets](https://docs.trade.xyz/) trade 24/7.
Weekend news can move the perp while the last external quote is unchanged. The difference between your holding's value and the hedge price is called **basis**. It can widen when external markets are closed and change again when they reopen.
Check the spread and available liquidity before a weekend trade. Thin markets can make entering or closing a hedge more expensive, and venue interruptions can delay either action.
## How much gold should you short?
For bullion or a fund that tracks gold, start with:
**Hedge notional = gold price exposure × target hedge percentage.**
Use the gold-sensitive value of the holding, not necessarily the amount you paid for it. If sizing from bullion weight, use fine gold content and consistent units; check the perp's contract unit before translating ounces into a quantity.
Suppose your gold exposure is $20,000 and you open a $10,000 short. These hypothetical results assume both legs move by the same percentage, the short stays open, and there are no costs:
| Gold price move | Holding's change | Short's PnL | Combined change |
| --- | --- | --- | --- |
| Falls 5% | −$1,000 | +$500 | −$500 |
| Rises 5% | +$1,000 | −$500 | +$500 |
A $20,000 short would approximately offset both moves in full before costs. **A larger hedge reduces upside as well as downside.**
## Why can a gold hedge still lose money?
When gold rises, your holding gains and the short loses. Those gains and losses happen in separate accounts, which makes collateral management important.
Bullion in a vault or ETF shares in a brokerage account do not automatically count as collateral for a Liquid perpetual. A rally can liquidate an underfunded short even while the gold holding gains value elsewhere. If gold then falls, the original holding is exposed again.
You also pay or receive [funding](https://docs.liquid.trade/trading/funding-rates): shorts receive positive funding and pay negative funding. Rates change, so include the cost of holding the hedge in your plan.
Execution fees, slippage, basis changes, collateral risk, and venue interruptions can all produce a net loss even when the benchmark price barely changes. See [how liquidation works](/learn/what-is-liquidation) before sizing the collateral.
## How do you set up a gold hedge on Liquid?
1. **Measure the exposure.** Separate the gold price component from premiums, collectible value, or mining-company risk.
2. **Choose the coverage and duration.** Decide what fraction to offset and which event or date will end the hedge.
3. **Open the market.** Review [Gold on Liquid](/markets/gold), then open the [GOLD order ticket](https://app.liquid.trade/trade/xyz:GOLD).
4. **Enter a short for the target notional.** Select collateral and leverage after deciding the exposure. More leverage does not make the same notional a stronger hedge.
5. **Review the costs and margin.** Check funding, spread, fees, margin mode, and estimated liquidation price. Allow for a gold rally while the physical holding is inaccessible.
6. **Monitor both legs and unwind deliberately.** Recheck coverage when you buy or sell gold. Reduce the short when the exposure or hedge period ends.
A [stop loss](/learn/what-is-a-stop-loss) can close the short, leaving your gold unhedged. Allow for slippage and decide how you will manage the holding if that happens.
## When should you reduce or close the hedge?
Review it when the original event passes, your holding changes, funding becomes too costly, or the contract stops tracking the exposure closely enough. Selling the gold while keeping the short creates a new bearish position. Closing only the short restores the holding's full gold price exposure.
For related metals, read [how to hedge silver 24/7](/learn/how-to-hedge-silver-24-7). For the recurring cost of the strategy, see [What Are Funding Rates?](/learn/what-are-funding-rates).
[Review the gold market →](/markets/gold) · [Open GOLD on Liquid →](https://app.liquid.trade/trade/xyz:GOLD)
---
## How to Hedge Google Stock 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-google-stock-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Hedge GOOG or GOOGL shares with a short Google perpetual, including outside stock-market hours. Learn how much to short and how to manage funding and margin.
**To hedge Google stock with a GOOGL perpetual, open a short against the portion of your GOOG or GOOGL shares you want to hedge.** The short gains when Google falls and loses when it rises, helping offset changes in your shares without selling them. Size the short to the dollar value you want to hedge, then fund its margin separately.
Liquid's perpetual market lets you adjust the hedge outside Nasdaq hours, since it trades 24/7, including weekends. Funding, price differences, and liquidation can affect the result.
## What does hedging Google stock mean?
If you own $20,000 of Alphabet shares and short $10,000 of GOOGL, you have approximately halved your exposure to Google's price moves before costs. You keep the shares while reducing both potential losses and potential gains.
This distinction also matters for funds. A $20,000 technology ETF is not $20,000 of Google stock. Only part of the fund is Alphabet, and its other holdings can behave differently. An Alphabet hedge cannot remove all the fund's market risk.
A short perp does not borrow or sell your brokerage shares. It is a separate derivative position with its own collateral and obligations. Start with [how short perpetual positions work](/learn/how-to-short-crypto) if that structure is new to you.
## Should you hedge GOOG or GOOGL?
**A GOOGL perpetual can hedge either GOOG or GOOGL shares.** Both are [shares in Alphabet](https://www.sec.gov/Archives/edgar/data/1652044/000119312526256375/d152107d424b5.htm), Google's parent company, and generally move together. Liquid's [Google market](/markets/google) uses GOOGL; size your short to the dollar value of either holding that you want to hedge. Small price differences between the two tickers can affect the exact offset.
## How do you calculate a Google stock hedge?
For a linear contract that closely tracks your shares, begin with the current value of the holding and the fraction you want to offset. The hedge ratio is that fraction, not the leverage setting.
Suppose you own 100 GOOGL shares at a hypothetical $200 valuation per share and open a $10,000 short. Assume the stock and perp start at the same price, move together, and the short stays open:
| Common price move | 100 shares | $10,000 short | Combined change |
| --- | --- | --- | --- |
| Down 10% | −$2,000 | +$1,000 | −$1,000 |
| Up 10% | +$2,000 | −$1,000 | +$1,000 |
These results exclude fees, funding, dividends, and execution differences. A $20,000 short would approximately offset the full $2,000 move in either direction under the same assumptions. **The reduction in downside comes with a reduction in upside.**
If the contract uses a different unit or multiplier, convert notional into its quoted quantity using the actual specification. Do not assume one contract means one share.
## Can you hedge Alphabet outside Nasdaq hours?
Yes. A GOOGL perpetual trades 24/7, including weekends, outside the regular stock session. Nasdaq's [published regular session](https://www.nasdaq.com/market-activity) is 9:30 a.m. to 4 p.m. Eastern Time on trading days; broker and extended-session access vary.
Outside a live stock session, the perp can react to news while your broker displays an older share price. That creates **basis risk**: the difference between the derivative price and the price of the shares you own. That gap can affect how closely the hedge offsets your shares.
If the perp moves during a weekend or other exchange closure, that move is not a promise about the next opening share price. Thin liquidity, a stale reference, or a reopening gap can change the effectiveness of the hedge just when you need it.
## What can make the hedge fail?
Alphabet exposure can involve advertising, cloud demand, AI investment, and legal developments. Use [Alphabet's investor releases](https://abc.xyz/investor/) to verify scheduled announcements rather than assuming every technology-stock headline affects Google equally.
The hedge itself introduces separate risks:
- **Funding:** Under the convention described in [Liquid's funding documentation](https://docs.liquid.trade/trading/funding-rates), positive funding means longs pay shorts; negative funding means shorts pay longs. Check the interval and rate, which can change.
- **Execution:** Spreads and slippage can make entry and exit more expensive than the displayed reference suggests.
- **Margin:** A rally produces losses on the short even when your shares gain. Brokerage gains do not automatically collateralize the perp.
- **Account and venue risk:** Cross margin can expose other collateral; outages can delay adjustments or exits.
The short is evaluated inside its margin account. If that account cannot support a Google rally, the hedge may be liquidated while the offsetting shares remain in your brokerage. Read [What Is Liquidation?](/learn/what-is-liquidation) before relying on a leveraged hedge.
## How do you hedge Google stock on Liquid?
1. **Value your shares.** Use the current dollar value of your GOOG or GOOGL holding. For employee shares or awards, check your employer's hedging restrictions.
2. **Set the scope.** Choose a hedge percentage and an end condition, such as reviewing the position after an earnings release.
3. **Open [GOOGL on Liquid](https://app.liquid.trade/trade/xyz:GOOGL)** and select short.
4. **Enter the target notional.** Choose collateral to support that exposure; increasing leverage does not improve the hedge.
5. **Review both directions.** Check funding, fees, spread, margin mode, and liquidation price against a potential rally as well as a decline.
6. **Monitor and unwind deliberately.** Reassess when the holding changes or the event passes. Selling shares without reducing the short can leave a naked bearish position.
A [stop loss](/learn/what-is-a-stop-loss) can help manage the derivative, but it does not guarantee a fill and closing the short removes its protection. Plan the two positions together.
[View the Google market →](/markets/google) · [Explore stock markets →](/markets#stocks)
---
## How to Hedge NVIDIA Stock 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-nvidia-stock-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Use a short NVDA perpetual to offset a chosen portion of NVIDIA exposure, with clear sizing, separate margin, and a plan for earnings and after-hours basis risk.
**To hedge NVIDIA stock with an NVDA perpetual, open a short sized to the portion of your shares you want to hedge.** For example, a $15,000 short against $30,000 of NVIDIA shares cuts price exposure roughly in half before costs. The short offsets losses when NVIDIA falls and reduces gains when it rises.
Liquid's [NVIDIA market](/markets/nvidia) lets you manage that hedge outside stock-market hours, since it trades 24/7, including weekends. Keep separate collateral for the short and account for funding and after-hours price differences.
## What exposure does an NVIDIA hedge cover?
An NVDA short is most useful for hedging NVIDIA shares. A semiconductor ETF holds other companies too, so sizing the short to the entire fund can leave you with too much NVIDIA exposure on the short side.
NVIDIA's own [risk disclosures](https://investor.nvidia.com/files/doc_financials/2026/q3/13e6981b-95ed-4aac-a602-ebc5865d0590.pdf) discuss export controls and their effects on data-center GPUs and associated products. Those company-specific risks are one reason a general market short may fail to offset an NVIDIA position.
## How much NVDA should you short to hedge shares?
For a linear perp that closely tracks the same stock, **target short notional = current holding value × hedge percentage**. Notional is the exposure you control. Margin is the separate collateral supporting it.
Imagine 200 NVDA shares valued at a hypothetical $150 each: a $30,000 holding. A 50% hedge targets a $15,000 short; a 100% hedge targets $30,000.
Assume the stock and derivative move together and both legs stay open:
| Hypothetical NVDA move | Share PnL | Half-hedge short PnL | Combined PnL |
| --- | --- | --- | --- |
| Falls 8% | −$2,400 | +$1,200 | −$1,200 |
| Rises 8% | +$2,400 | −$1,200 | +$1,200 |
The $30,000 full hedge would produce approximately zero combined directional PnL in either case. These calculations exclude funding, fees, dividends, and differences in execution or reference prices. They illustrate the tradeoff: less downside exposure also means less participation in an NVIDIA rally.
Use your current share count after any stock splits, and check the order's dollar notional before submitting it.
## Can you hedge NVDA outside stock-market hours?
Yes. An NVDA perpetual trades 24/7, including weekends, outside the regular stock session. Nasdaq lists its [regular trading session](https://www.nasdaq.com/market-activity) as 9:30 a.m. to 4 p.m. Eastern Time on trading days. Extended trading access depends on the broker and session.
For NVIDIA, earnings, product information, and export-policy announcements can change expectations outside that session. Consult the company's [financial reports and announcements](https://investor.nvidia.com/financial-info/annual-reports-and-proxies/default.aspx) for primary information and verify event dates separately.
When NVDA shares are not trading, the derivative may react to news before a fresh stock price exists. Its price can differ from the last stock close, and thin off-hours liquidity can make adjustments more expensive.
This difference between stock and derivative pricing is basis risk. During a weekend, a sharp rally in the perp could pressure a short's collateral before you can sell brokerage shares. It is possible for the intended hedge to disappear before the underlying stock session resumes.
## Why can a hedged NVIDIA position be liquidated?
The stock and perp can offset economically while remaining in different accounts. The derivative venue generally cannot use unrealized gains in your brokerage account to meet its margin requirement.
For example, a $15,000 short loses roughly $1,200 if its price rises 8%, before costs. That loss is the same whether you post $3,000 or $10,000 of collateral. The smaller collateral balance has less capacity to absorb it; maintenance margin and fees determine when liquidation can occur.
Leverage changes the collateral supporting a given short, not the dollar exposure you need to offset. NVIDIA shares gaining elsewhere do not prevent the short from being liquidated. Check [how liquidation works](/learn/what-is-liquidation) and the account's actual margin rules.
## What does it cost to maintain an NVDA hedge?
Budget for trading fees, the bid-ask spread, slippage, and [funding](/learn/what-are-funding-rates). Under the usual convention, positive funding pays shorts and negative funding charges shorts; verify the displayed rate and settlement interval. Funding can reverse, so a current credit is not assured income.
Corporate actions, dividends, reference-price differences, and collateral or venue issues can also make the combined outcome differ from simple stock PnL. A full hedge is an approximation of neutral price exposure, not a guarantee that portfolio value will stay fixed.
## How do you hedge NVIDIA stock on Liquid?
1. **Count the exposure.** Confirm current NVDA shares and separate them from semiconductor funds or other technology holdings.
2. **Choose the hedge fraction and duration.** Specify whether the goal is temporary earnings protection or an ongoing reduction in exposure.
3. **Open [NVDA on Liquid](https://app.liquid.trade/trade/xyz:NVDA).** Check the current price, spread, and market status.
4. **Select short and enter the notional.** Match the calculated exposure, then assess collateral under an adverse NVIDIA rally.
5. **Check carrying costs and exits.** Review fees, funding, liquidation price, and any [stop order](/learn/what-is-a-stop-loss). Stops can slip, and an executed stop removes the hedge.
6. **Reconcile both legs.** Adjust after share sales, purchases, corporate actions, or the planned end date. Avoid leaving a full short after selling the shares it was meant to cover.
[View NVIDIA market details →](/markets/nvidia) · [Learn how short perps work →](/learn/how-to-short-crypto)
---
## How to Hedge Oil 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-oil-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Hedge existing oil exposure or future fuel costs with the right trade direction. Understand WTI basis, contract references, sizing, and the limits of weekend perps.
**To hedge oil 24/7, short an oil perpetual against an existing holding, or go long to hedge a future purchase against rising costs.** Liquid's [WTI crude oil market](https://app.liquid.trade/trade/xyz:CL) lets you open and adjust those positions at night and over the weekend.
Start with the oil price that affects you. WTI is a direct match for WTI-linked exposure; Brent, fuel costs, oil funds, and energy stocks can move differently.
## Should an oil hedge be long or short?
A hedge should gain in the scenario that hurts the position or business you already have.
| Existing exposure | Adverse move | Potential hedge direction |
| --- | --- | --- |
| WTI-linked holding or unsold production | Oil falls | Short WTI |
| Future purchase priced from WTI | Oil rises | Long WTI |
| Airline jet-fuel bill | Jet fuel rises | A long crude proxy may offset part, with fuel basis risk |
| Energy-company shares | Share price falls | WTI alone may be an unreliable proxy |
For example, a producer planning to sell oil uses a short to offset falling revenue. A buyer uses a long to offset a rising purchase bill.
## Why does the oil benchmark matter?
WTI and Brent can move differently. So can crude and refined products such as gasoline, diesel, or jet fuel. Delivery location, grade, transport costs, refining margins, and contract dates all affect the relationship. This difference between your exposure and the derivative is **basis risk**.
An oil ETF may hold and roll dated futures. A producer may sell a local grade at a discount to a benchmark. An energy company also has labor costs, debt, production decisions, and broader equity exposure. Matching the dollar value alone does not match those risks.
For Liquid's [CL market](/markets/oil), check the price reference and how it rolls between futures contracts. That can affect how closely it tracks a particular oil fund or delivery month.
## How do you size an oil hedge?
For closely matching price exposure, **target hedge notional = exposed value × hedge fraction**. For physical exposure, first translate the quantity into the correct benchmark units and price sensitivity. Do not assume a Liquid order quantity is the same as a standardized exchange futures lot.
Suppose you have $30,000 of exposure that moves one-for-one with the WTI reference. You choose to hedge half with a $15,000 short. In this hypothetical example:
| WTI move | Existing exposure change | Short PnL | Combined change |
| --- | --- | --- | --- |
| Falls 10% | −$3,000 | +$1,500 | −$1,500 |
| Rises 10% | +$3,000 | −$1,500 | +$1,500 |
The math assumes matching percentage moves and no fees, funding, slippage, or liquidation. It illustrates a 50% hedge, not a recommended trade size.
Now consider a future purchase: 200 barrels at an illustrative $75 benchmark would cost $15,000. A matching $15,000 long gains about $1,500 if the reference rises 10%, offsetting the $1,500 increase in the purchase cost. If the reference falls 10%, the long loses $1,500 while the purchase becomes cheaper. Quantity, timing, and basis must match for that simplified result to hold.
## Can you hedge oil over a weekend?
Yes. The [trade[XYZ] commodity perps](https://docs.trade.xyz/) trade around the clock, allowing a hedge to respond to news while traditional oil markets are closed.
Weekend liquidity can be thin, and the perp can trade away from the last external price. Check the spread and order-book depth before entering. Prices may adjust again when traditional markets reopen.
## What can break an oil hedge?
An oil producer can gain from higher future sale prices while a short perp loses margin today. A fuel buyer can benefit from cheaper future deliveries while a long perp loses margin today. Those business benefits are not automatically cash available to support the derivative.
That timing gap makes [liquidation risk](/learn/what-is-liquidation) central. A forced exit can remove the hedge before the physical purchase or sale occurs.
Other risks include changing basis, shifts in the futures curve, funding costs, trading fees, collateral risk, and interruptions. Under [Liquid's funding convention](https://docs.liquid.trade/trading/funding-rates), positive funding charges longs and pays shorts; negative funding reverses the direction. Neither a short nor a long has a fixed holding cost.
## How do you set up a WTI hedge on Liquid?
1. **Define what can hurt you.** Falling investment value or sale revenue suggests a short; rising purchase costs suggest a long.
2. **Match the benchmark and horizon.** Record the grade, quantity, delivery date, and how the exposure is priced.
3. **Open the [WTI CL market](https://app.liquid.trade/trade/xyz:CL).** Choose long or short and check the order-size units.
4. **Choose the hedge notional.** Account for any existing hedges before adding a new one. Set collateral separately from exposure size.
5. **Review execution and margin.** Check spread, depth, funding, fees, and the estimated liquidation price in an adverse move.
6. **Reconcile the hedge with the real exposure.** Resize as production, purchases, or portfolio holdings change; close or reduce it when the exposure ends.
If you use a [stop loss](/learn/what-is-a-stop-loss), plan for the exposure left behind after it triggers. Stops can slip, and closing the hedge does not close a physical supply contract or brokerage position.
For another industrial commodity, see [how to hedge copper 24/7](/learn/how-to-hedge-copper-24-7). For the instrument itself, read [what the markets on Liquid represent](/learn/what-every-market-on-liquid-is).
[Review the oil market →](/markets/oil) · [Open WTI on Liquid →](https://app.liquid.trade/trade/xyz:CL)
---
## How to Hedge OpenAI Exposure 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-openai-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Reduce OpenAI valuation exposure with an OAI short. Learn how to size a partial hedge, manage margin and funding, and plan the exit.
**Short OAI perpetuals to reduce exposure to a decline in OpenAI's valuation.** You can adjust the position 24/7 on [Liquid](https://app.liquid.trade/trade/io:OAI) while retaining your underlying investment.
Size the short from the OpenAI-related portion you want to protect. OAI tracks company valuation, so private shares, employee awards, and fund interests can respond differently. The example below shows how to hedge part of a fund's exposure.
## What kind of OpenAI exposure can you hedge?
Direct equity, employee awards, funds, and commercial partner stocks have different relationships to OpenAI's valuation:
For a diversified fund, use only its OpenAI-related portion as the starting point. A $50,000 short against a $50,000 fund could substantially overhedge that exposure.
Check your investment or employment agreement for hedging restrictions. [OpenAI's equity transfer policy](https://openai.com/policies/unauthorized-openai-equity-transactions/) still applies to the underlying holding; opening a derivative does not change those terms.
## How is OAI priced, and why does that matter?
Each OAI price point represents $1 billion of implied company capitalization, according to [Entropy's contract description](https://docs.entropy.io/market-types/pre-ipo-perpetuals). The contract settles in cash and carries no shareholder rights.
New funding, dilution, and share-class preferences can make your holding move differently from total company value. That difference is the main source of tracking risk in a private-equity hedge.
Entropy's [oracle](https://docs.entropy.io/pre-ipo-perp-mechanics/oracle-price) combines internal and external pricing. Its [liquidation mark](https://docs.entropy.io/pre-ipo-perp-mechanics/mark-price) uses a smoothed internal price with pre-listing bounds, so derivatives trading can affect margin before your private holding gets a new valuation.
## How should you size an OpenAI hedge?
Multiply the estimated OpenAI-related value by the percentage you want to hedge, adjusting for how closely the holding moves with OAI.
For illustration, suppose a $40,000 fund interest has 25% of its current value attributed to OpenAI. That is $10,000 of estimated OpenAI exposure. A hedge targeting half of that portion starts around $5,000 of short notional if the holding and derivative move proportionally.
Set the position notional first, then choose its margin. More leverage leaves less collateral to absorb a move against the short.
## What does a partial OAI hedge look like?
In the hypothetical fund example, assume only the $10,000 OpenAI component changes and that it tracks OAI exactly:
| OpenAI-related change | Fund component PnL | $5,000 short PnL | Combined PnL |
| --- | --- | --- | --- |
| −30% | −$3,000 | +$1,500 | −$1,500 |
| No change | $0 | $0 | $0 |
| +30% | +$3,000 | −$1,500 | +$1,500 |
These hypothetical figures are before costs and assume an open hedge and matching moves. Funding, fees, valuation differences, and changes elsewhere in the fund affect the actual result.
The partial hedge halves both the illustrated loss and gain. A rising valuation can also create short losses before the investment gain is accessible, making margin management essential.
## How does a 24/7 OpenAI hedge work?
OAI trades between private-market transactions, so you can adjust exposure as company news arrives. External valuation data can update much less often, and the perp price may diverge from a funding-round valuation or fund mark.
Check spreads, available depth, and funding before entering or resizing. A large order can move the market even when the trading screen is open around the clock.
## What if there is no OpenAI IPO?
The [OAI specification](https://docs.entropy.io/asset-directory/pre-ipo-assets) currently lists September 2, 2028 as its no-IPO resolution date. [Entropy's rules](https://docs.entropy.io/pre-ipo-perp-mechanics/no-ipo-resolution) also allow early cash settlement.
The hedge can end before your holding becomes sellable. Watch settlement notices and, if a listing occurs, check how the contract transition aligns with any share lockup.
## How do you hedge OpenAI exposure on Liquid?
1. Estimate the OpenAI-related value you want to protect and the hedge period.
2. Open [OAI](https://app.liquid.trade/trade/io:OAI).
3. Calculate a short notional for the portion you want to hedge.
4. Review margin, liquidation, funding, execution costs, and contract lifecycle rules.
5. Monitor the underlying investment and derivative separately; rebalance when exposure or terms change.
6. Close or reduce the short when the investment exposure ends.
The short needs its own collateral while your investment remains locked. Leave enough to avoid [liquidation](/learn/what-is-liquidation) during an adverse move and cover variable [funding costs](/learn/what-are-funding-rates).
[Explore OpenAI →](/markets/openai) · [Learn about OpenAI perps →](/learn/how-openai-perps-work) · [Compare Anthropic hedging →](/learn/how-to-hedge-anthropic-24-7)
---
## How to Hedge Silver 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-silver-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Use silver perpetuals to offset part of an existing silver holding, with practical sizing examples and a clear view of bullion premiums, funding, and weekend risk.
**To hedge silver 24/7, short a silver perpetual against the silver you own.** Size the short to the portion you want to hedge. Liquid's [SILVER market](https://app.liquid.trade/trade/xyz:SILVER) lets you adjust that position at night and on weekends without selling your bars, coins, or ETF shares.
The short gains when silver falls and loses when it rises. Keep enough collateral to hold it through a rally, and account for the costs described below.
## Why hedge silver rather than gold?
Silver has its own supply, demand, and investor flows. The [Silver Institute's research on technology demand](https://silverinstitute.org/silver-demand-forecast-to-expand-across-key-technology-sectors/) describes applications in electronics, solar energy, vehicles, and data centers. Those uses give silver an industrial exposure alongside its role as a precious metal.
A silver short is a closer match for a silver holding. Gold and silver often move together, but their prices can diverge. If silver falls while gold holds steady, a gold short provides little offset.
## Which silver holdings can a perp hedge?
A silver short can hedge the metal price in bars, coins, and physically backed funds. Here is what to use when sizing it:
| Exposure | What to measure before sizing |
| --- | --- |
| Bullion bars | Fine silver weight, benchmark value, and the dealer's resale spread |
| Coins | Metal value separately from scarcity and retail premium |
| Physically backed ETF | Current position value, tracking behavior, and fund costs |
| Silver mining shares | Equity sensitivity to silver, operating costs, debt, and other metals |
| Future industrial purchase | Quantity and purchase date; rising prices usually call for a long hedge |
An owner hedging a price decline shorts silver. A manufacturer hedging a future purchase against rising costs takes the opposite side: long.
## How do you calculate a silver hedge?
Start with **the metal value of your silver × the percentage you want to hedge**.
Suppose you own 500 fine troy ounces of silver. At an **illustrative** price of $40 per ounce, the metal is worth $20,000. A 50% hedge targets $10,000 of short exposure, equivalent to the price movement of 250 ounces. Check the order ticket's units when entering the size.
| Matched benchmark move | Metal value change | $10,000 short PnL | Combined change |
| --- | --- | --- | --- |
| $40 to $36, down 10% | −$2,000 | +$1,000 | −$1,000 |
| $40 to $44, up 10% | +$2,000 | −$1,000 | +$1,000 |
These results exclude fees, funding, slippage, premiums, and taxes, and assume the short remains open. A $20,000 short would aim to offset the benchmark changes in full. It would also offset the corresponding upside.
If your coins cost $23,000 because of retail premiums, automatically shorting $23,000 could hedge more benchmark silver than you own. A change in the premium is not the same as a change in the metal price.
## What changes when silver markets close?
Silver perps continue trading when many traditional silver markets close. The [trade[XYZ] documentation](https://docs.trade.xyz/) explains the platform's 24/7 market access.
When traditional markets are closed, the perp can reflect new information before your holding has an executable resale quote. Spreads may widen, price references may behave differently, and the relationship between the hedge and underlying can move when markets reopen.
Check the spread and depth for your order size, especially over weekends. Larger orders can receive a worse price than the first quote shown.
## What are the main costs and risks?
**Funding:** Shorts receive positive [funding](https://docs.liquid.trade/trading/funding-rates) and pay negative funding. Rates can change during the hedge.
**Margin:** A silver rally reduces the short's equity. Your coins or ETF shares held elsewhere cannot automatically meet that margin requirement. Even an economically offsetting position can be [liquidated](/learn/what-is-liquidation).
**Tracking:** Bullion premiums, ETF expenses, mining costs, and different price references can make the two sides move unevenly.
**Execution and access:** Slippage, trading fees, collateral risk, outages, and market restrictions affect both entry and exit.
A $10,000 short offsets the same benchmark exposure whether you support it with more or less collateral. Using less collateral increases the chance that a rally closes the hedge before you intended. It does not increase the protection provided by that $10,000 notional.
## How do you hedge silver on Liquid?
1. Record the fine silver exposure or fund position you actually hold.
2. Choose the fraction and time period to hedge. Keep the unhedged portion explicit.
3. Review [Silver on Liquid](/markets/silver) and open the [SILVER market](https://app.liquid.trade/trade/xyz:SILVER).
4. Confirm the benchmark and units, then choose short for existing long silver exposure.
5. Set the notional, collateral, and margin mode. Review liquidation distance, fees, funding, and order-book depth before confirming.
6. Track both legs together and reduce the short as the silver holding is sold or the hedge period ends.
If a [stop loss](/learn/what-is-a-stop-loss) closes the short, the silver is exposed again. Include that outcome in the plan, and remember that the trigger price is not a guaranteed execution price.
For a comparison with the other major precious metal, read [how to hedge gold 24/7](/learn/how-to-hedge-gold-24-7). For recurring payments, see [the funding-rate guide](/learn/what-are-funding-rates).
[Review the silver market →](/markets/silver) · [Open SILVER on Liquid →](https://app.liquid.trade/trade/xyz:SILVER)
---
## How to Hedge Solana 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-solana-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: A short SOL perpetual can reduce the price exposure of spot or staked Solana. Learn to size it, plan around unstaking, and keep margin available through fast market moves.
**The direct answer:** Open a short [SOL perpetual on Liquid](https://app.liquid.trade/trade/SOL) against the SOL you own. Short half your SOL amount to hedge 50%, or the same amount to hedge its full price exposure. You can keep the coins, including staked SOL, while reducing the effect of a price decline.
The short also reduces your gains if SOL rises. If your coins are staked, keep margin available separately: opening a hedge does not make them withdrawable sooner.
## Why hedge SOL instead of selling it?
You can reduce price swings while waiting for stake to deactivate or keep part of your SOL exposure through a volatile period. You choose how much to hedge and when to remove it.
If you simply want to hold less SOL permanently, selling some is easier to manage. A hedge adds an ongoing position, funding costs, and margin requirements.
## How much SOL exposure should the hedge cover?
Multiply your SOL balance by the percentage you want to hedge. For a liquid staking token, first convert the balance into the amount of SOL it represents.
Suppose you own **200 SOL** at a hypothetical price of **$150**, giving $30,000 of exposure. A 50% hedge means a 100 SOL short, initially worth $15,000. A full hedge means a 200 SOL short.
| Scenario | 200 SOL holding | 100 SOL short | Combined result |
| --- | --- | --- | --- |
| SOL falls 20% to $120 | −$6,000 | +$3,000 | −$3,000 |
| SOL rises 20% to $180 | +$6,000 | −$3,000 | +$3,000 |
A 200 SOL short would offset the full $6,000 price move in either direction under the same assumptions. The table is hypothetical, excludes fees, funding, staking rewards, and slippage, and assumes identical spot and perp price changes without liquidation.
A $15,000 short funded with $3,000 of collateral starts at about 5x leverage. A 20% rally would cost the short $3,000 before fees, and maintenance-margin requirements would generally trigger liquidation sooner. That amount of collateral would not get the hedge through the rally shown above.
## Can I hedge SOL while it is unstaking?
Yes. A SOL short can cover the waiting period while your stake deactivates. [Solana's staking documentation](https://solana.com/staking) explains that stake changes occur at epoch boundaries; you can withdraw once deactivation finishes.
Track when you request deactivation, when withdrawal is ready, and whether you will sell or retain the coins afterward.
If you sell SOL after withdrawing, reduce the matching short. Leaving a full hedge open after selling the coins turns it into a bet on a further decline.
## What risks remain with liquid staking tokens?
A liquid staking token can trade at a discount to native SOL, and its SOL conversion rate can grow with rewards. Check both when sizing and reviewing the hedge.
The short reduces SOL price risk. It does not cover a staking token depeg, a smart contract or bridge failure, or validator-related losses. Network disruption can also delay transfers and position management without producing an offsetting gain on the short.
## How do funding and liquidation affect a Solana hedge?
Shorts normally receive positive funding and pay negative funding. Rates can change, so budget for payments as well as trading fees, spread, and slippage. See [What Are Funding Rates?](/learn/what-are-funding-rates).
Staked SOL gaining value does not fund losses on the short. Keep enough collateral for a rally; liquidation removes the hedge against a later decline.
Liquid's SOL market trades 24/7, including weekends. Availability varies by location, and outages or thin liquidity can interrupt execution. Read [What Is Liquidation?](/learn/what-is-liquidation) for how margin controls whether the hedge stays open.
## How do I open and manage a SOL hedge on Liquid?
1. Add up your SOL, including SOL represented by staking tokens. Count each holding once.
2. Set the hedge percentage and calculate the corresponding SOL quantity.
3. Open [SOL on Liquid](https://app.liquid.trade/trade/SOL), select short, and enter the amount.
4. Choose collateral for a possible SOL rally, then check funding, fees, and the liquidation level.
5. Monitor margin and unstaking progress. Wait for a transfer to arrive before counting it as collateral.
6. Reduce the short as you sell SOL, or close it when you want full exposure again. If a stop closes it, the hedge ends; the stop's fill price is not guaranteed.
[Explore Solana →](/markets/solana) · [Understand crypto shorts →](/learn/how-to-short-crypto)
---
## How to Hedge SpaceX Stock 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-spacex-stock-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Use a short SPCX perpetual to hedge SpaceX shares, including outside stock-market hours. Learn how much to short, fund the margin, and handle restricted holdings.
**To hedge SpaceX stock with an SPCX perpetual, open a short sized to the portion of your shares you want to hedge.** The short gains when SpaceX falls and loses when it rises, reducing both downside and upside. It needs its own collateral, even when the shares gain value in another account.
SpaceX is no longer just a pre-IPO example: [Nasdaq reported its public debut under SPCX in June 2026](https://www.nasdaq.com/newsroom/spacex-makes-history-raising-85-billion-through-nasdaq-listing). This guide uses that listed-stock context. Existing private or restricted holdings can still require a different analysis.
## What SpaceX exposure are you trying to hedge?
For public SPCX shares, start with the current value of your holding. Restricted shares, employee awards, and private funds need a little more care:
- **Public shares:** Multiply your share count by the current stock price.
- **Restricted or employee shares:** Check vesting, lockups, transfer rules, and any restrictions on hedging before assuming you can act on the position.
- **A fund or special-purpose vehicle:** The interest may include fees, other assets, or redemption terms that make its value differ from the public share price.
Use [SpaceX's investor-relations site](https://ir.spacex.com/) and the documents for the instrument you actually own when checking its status. A public listing does not by itself remove every restriction on previously issued shares.
## Does a SpaceX perp represent a share or a valuation?
Liquid's [SpaceX market](/markets/spacex) routes to the SPCX perpetual. Size a new hedge in dollars, then check the order's displayed exposure before submitting it.
If you held a SpaceX perp before the listing, review its transition terms. Older pre-IPO contracts may have used company-valuation units, which are different from a listed share price. An old contract quantity may therefore need adjusting.
## How do you size a SpaceX stock hedge?
For a linear perp that closely tracks the same listed shares, a starting calculation is **holding value × hedge fraction = target short notional**. It estimates price exposure, not the amount of cash needed as margin.
Imagine 100 matching SPCX shares at a hypothetical $150 each, for a $15,000 holding. A 50% hedge targets a $7,500 short; a full hedge targets $15,000. Assume the stock and derivative begin at the same price, move together, and remain open:
With a $15,000 short, the directional changes would approximately cancel in either direction. Full hedging therefore sacrifices the matching upside as well as reducing downside. The example excludes funding, fees, slippage, corporate actions, and any mismatch between your actual holding and the reference.
For restricted shares or a private vehicle, matching headline dollar values may be especially imprecise. Differences in valuation, liquidity, and rights can persist even when the public stock moves sharply. A stated private valuation is not necessarily a realizable sale price.
## Can you hedge SpaceX outside stock-market hours?
Yes. An SPCX perpetual trades 24/7, including weekends, outside the stock session. Nasdaq's [regular trading session](https://www.nasdaq.com/market-activity) runs from 9:30 a.m. to 4 p.m. Eastern Time on trading days. The derivative's 24/7 schedule is distinct from exchange or brokerage hours.
Launch developments, operating updates, and other company news can arrive during a closure. The perp's order book may price that information before a new listed-stock quote exists. The difference between the derivative price and the underlying share price is basis risk.
During a weekend, a rally in the perp can create margin losses while the shares show a stale brokerage value. The gap may change again when the exchange opens, so keep collateral available through the closure.
## What can go wrong with a SpaceX hedge?
A public-share derivative may not closely track a restricted holding or private fund. Fees, sale restrictions, and different valuations can leave part of that exposure unhedged.
Margin is another practical risk. A rising stock increases your holding's value while creating losses on the short, and those losses must be funded separately.
Do not assume you can sell or pledge restricted SpaceX holdings to fund a losing short. The perp can be liquidated even when those holdings have gained on paper. Verify your restrictions and read [how liquidation works](/learn/what-is-liquidation).
Other costs include spreads, fees, slippage, and [funding](/learn/what-are-funding-rates). With the usual funding convention, shorts receive positive funding and pay negative funding; check the live rate and interval. Collateral, oracle, and venue failures can also disrupt a hedge. A stop order is not a guaranteed exit price.
## How do you hedge SpaceX stock on Liquid?
1. **Identify the holding precisely.** Distinguish public SPCX shares from restricted shares, awards, or a private-vehicle interest.
2. **Check restrictions.** For employee shares or a private fund, review whether hedging is allowed and how the holding is valued.
3. **Set a percentage and review date.** Calculate target short notional from the actual exposure rather than from a headline company valuation.
4. **Open [SPCX on Liquid](https://app.liquid.trade/trade/xyz:SPCX).** Select short, enter your target dollar exposure, and review the price, spread, and market status.
5. **Fund the margin independently.** Review fees, funding, margin mode, and liquidation under a possible rally without assuming cash can be raised from locked shares.
6. **Reconcile after changes.** Reassess the hedge when restrictions expire, shares are sold, or contract terms change. Closing the holding while leaving the short open changes the strategy into a bearish trade.
[View the SpaceX market →](/markets/spacex) · [Understand short perpetuals →](/learn/how-to-short-crypto)
---
## How to Hedge Tesla Stock 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-tesla-stock-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: A TSLA perpetual short can reduce the price risk of Tesla shares, including outside stock-market hours. Learn how to size it, handle rallies, and plan around company events.
**To hedge Tesla stock with a TSLA perpetual, open a short against some or all of your Tesla shares.** Match the short's dollar value to the amount you want to hedge. It gains when Tesla falls, helping offset share losses, and loses when Tesla rises, reducing your upside.
The perpetual lets you manage exposure outside the regular stock session, since the TSLA market trades 24/7, including weekends. You need separate collateral for the short, and funding and price differences affect the result.
## When would you hedge Tesla shares?
You might want less exposure around an earnings release or delivery update without selling your shares. Choose how much exposure to retain and how long to keep the hedge open. A partial hedge leaves room to benefit from a rally; a full hedge aims to offset most of the price move in either direction.
Keep unlike exposures separate. A Tesla short is not a precise hedge for an electric-vehicle ETF, a battery supplier, or another company associated with the same executive. Each has different cash flows and price drivers.
## Which Tesla events matter for a temporary hedge?
Tesla publishes vehicle production and deliveries separately from full financial results. Its [investor press releases](https://ir.tesla.com/press?page=1) show separate delivery updates, earnings releases, and company-compiled analyst consensus. A delivery number therefore does not answer every question about margins or profitability.
For an event-based hedge, identify the information you are waiting for:
- **Deliveries and production:** The operating-volume update you want to cover.
- **Earnings and the call:** Profitability, spending, and management commentary that may follow on a different date.
- **Other company developments:** Product, regulatory, or operational news that can arrive outside a scheduled reporting window.
Confirm the date and time from the company. A plan to hedge “through earnings” needs to specify whether it ends after the release, after the call, or after the next liquid stock session. The announcement can produce a rally as well as a decline.
## How do you size a TSLA hedge?
For a linear, closely matching contract, multiply the holding's current value by the fraction you want to hedge. This gives short notional, not the collateral required.
Suppose you own 100 TSLA shares at a **hypothetical $300 price**, for $30,000 of stock exposure. A 50% hedge is a $15,000 short; a full hedge is a $30,000 short. Check the contract multiplier before converting those amounts into units.
For the half hedge, the short gains $1,800 in the decline and loses $1,800 in the rally. The table assumes the stock and derivative move together, start at matching prices, and remain open. It excludes funding, fees, slippage, and any other adjustments.
A full hedge reduces participation in both directions. Shorting more than the exposure you own can turn the portfolio net short, leaving it vulnerable to a Tesla rally.
## Can a TSLA hedge stay open outside the stock session?
Yes. The TSLA market trades 24/7, including weekends, so the hedge can stay open outside Nasdaq's stock session. Nasdaq's [regular session](https://www.nasdaq.com/market-activity) is 9:30 a.m. to 4 p.m. Eastern Time on trading days; extended or overnight brokerage access is separate.
The [Tesla perpetual market](/markets/tesla) can have a different price from the last stock print. That gap is called basis. During a weekend or exchange closure, the derivative may incorporate news while the brokerage quote remains unchanged.
An off-hours perp price can differ from Tesla's next opening price. Wide spreads and thin order books can also make an adjustment costly, so check the price and liquidity you can actually trade before changing the hedge.
## What happens if Tesla rallies against the hedge?
The short loses while the stock gains, but those gains may sit in a separate brokerage account. The derivative venue does not automatically receive them as collateral.
In the example, a 12% rally costs the $15,000 short approximately $1,800 before charges. The margin account must support the loss and still meet maintenance requirements. A subsequent reversal does not restore a position that was already liquidated.
Treat margin as a separate liquidity requirement. A short can be liquidated even when the combined stock-and-perp position is economically hedged. Read [What Is Liquidation?](/learn/what-is-liquidation), and stress-test the short against an upward gap before opening it.
A [stop loss](/learn/what-is-a-stop-loss) is not a guaranteed fill price. It may reduce losses on the derivative, but if triggered, it also leaves the shares less hedged. Decide in advance how that changes your plan.
## What other costs and risks should you check?
Perpetuals have [funding payments](/learn/what-are-funding-rates). Under the usual convention, shorts receive positive funding and pay negative funding; confirm the market's rate, sign, and interval. A hedge held longer than planned can accumulate costs even if Tesla finishes near the entry price.
Add trading fees, spreads, and slippage. Outages can delay an exit, and cross margin can expose other positions to losses on this hedge.
## How do you hedge Tesla stock on Liquid?
1. **Value your shares.** Multiply your current TSLA share count by the current stock price.
2. **Define the event and hedge fraction.** Write down the planned review time and whether you intend a partial or full offset.
3. **Open [TSLA on Liquid](https://app.liquid.trade/trade/xyz:TSLA).** Check the current price, spread, and market status.
4. **Choose short and set notional.** Select collateral after calculating the exposure, leaving room for an adverse rally under the actual margin rules.
5. **Review funding and liquidation.** Include the full intended holding period and any exit orders in the plan.
6. **Revisit after the event.** Close or resize the hedge deliberately. If you sell Tesla shares, reassess the short at the same time to avoid an unintended bearish position.
[View the Tesla market →](/markets/tesla) · [Explore stock markets →](/markets#stocks)
---
## How to Hedge USD/JPY 24/7
- URL: https://www.liquid.trade/learn/how-to-hedge-usd-jpy-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: USD/JPY runs in the opposite quote direction to EUR/USD. Learn which side hedges yen exposure and why a dollar-sized hedge needs rebalancing.
**Go long USD/JPY to hedge the dollar value of yen you hold or expect to receive. Go short USD/JPY to hedge a future yen payment.** You can manage either position around the clock through [USD/JPY on Liquid](https://app.liquid.trade/trade/xyz:JPY).
USD/JPY measures yen per dollar, so its direction is reversed from EUR/USD. A rising USD/JPY means a weaker yen.
## Why does hedging yen use the opposite direction to hedging euros?
At a hypothetical USD/JPY rate of 150, $1 buys ¥150. If the rate rises to 165, the yen weakens: each dollar buys more yen. If it falls to 135, the yen strengthens.
| Exposure measured in USD | Risk | Potential hedge |
| --- | --- | --- |
| Yen cash or a yen receivable | USD/JPY rises; yen buys fewer dollars | Long USD/JPY |
| A future yen bill | USD/JPY falls; yen costs more dollars | Short USD/JPY |
| Japanese equities | Yen translation plus stock-price risk | Separate the FX and equity risks |
These directions assume you measure results in US dollars. A Japanese business measuring dollar income in yen needs a calculation based on its yen value.
## How do you calculate the initial hedge size?
Start by converting the exposed yen amount into dollars:
**Current USD value = yen amount ÷ USD/JPY rate.**
For a dollar-settled linear perpetual, multiply that dollar value by the percentage you want to hedge to estimate initial notional.
For example, ¥1,500,000 at 150 is worth $10,000. An initial $10,000 long USD/JPY position approximately offsets small declines in that holding's dollar value as USD/JPY rises. A $5,000 position targets about half the initial sensitivity.
## What does a yen hedge look like in numbers?
Assume you own ¥1,500,000, USD/JPY starts at 150, and you open a linear long with $10,000 of initial notional. This simplified example assumes the perp follows the same quoted rate and calculates PnL from its percentage change.
| USD/JPY at exit | Dollar value of yen | Long PnL | Combined value |
| --- | --- | --- | --- |
| 165, up 10% | $9,090.91 | +$1,000 | $10,090.91 |
| 150, unchanged | $10,000 | $0 | $10,000 |
| 135, down 10% | $11,111.11 | −$1,000 | $10,111.11 |
The totals differ because yen value is divided by USD/JPY, while the linear perp responds to the rate's percentage change. The hedge is a close approximation for small moves and needs review after larger ones. For yen liabilities, the signs reverse and the mismatch can leave an extra cost.
These hypothetical figures assume matching rates and an open hedge, before funding, fees, slippage, and collateral changes.
A stronger yen benefits an unhedged yen holder. The long USD/JPY hedge loses in that scenario, offsetting much of the benefit. Hedging reduces favorable currency exposure as well as unfavorable exposure.
## How does USD/JPY trade on weekends?
[XYZ's official FX schedule](https://docs.trade.xyz/perpetuals/markets/fx) describes external USD/JPY pricing from Sunday 5 p.m. to Friday 5 p.m. Eastern Time. It uses internal pricing over the weekend and when external oracle data has a sufficient gap.
A weekend perp price may reflect expectations for the next session and differ from your bank's conversion rate. Check the spread and available depth before placing an order.
US and Japanese rate decisions and currency intervention can move USD/JPY quickly. Keep accessible margin for those moves, especially when your bank or brokerage is closed.
## Why does the hedge need its own margin?
If yen strengthens, the USD/JPY long loses money while the dollar value of your yen rises. The bank balance cannot fund the derivative automatically, so the position still needs its own collateral.
Liquidation closes the hedge and removes its protection against a later reversal. Leave enough collateral for adverse moves, funding, and execution costs; lower leverage gives you a larger buffer.
Monitor both [liquidation risk](/learn/what-is-liquidation) and [funding payments](/learn/what-are-funding-rates), along with changes in your collateral's value.
## How do you manage a USD/JPY hedge on Liquid?
1. Identify the yen asset or liability, reporting currency, and expected settlement date.
2. Open [USD/JPY](https://app.liquid.trade/trade/xyz:JPY).
3. Choose long to hedge dollar-valued yen holdings or short to hedge future yen purchases.
4. Calculate the initial notional from the yen amount divided by the exchange rate, adjusting for your hedge percentage.
5. Review margin, funding, and execution costs.
6. Reassess the hedge after material rate changes, partial payments, or changes in the yen amount, and close it when the exposure ends.
If you need yen delivered on a fixed date, also compare an FX forward or buying the currency in advance. With a perp, you still arrange the yen purchase separately.
[Explore USD/JPY →](/markets/usd-jpy) · [Compare FX markets →](/markets/forex) · [Understand dollar trade direction →](/learn/how-to-short-the-us-dollar-with-leverage)
---
## How to Trade Pre-IPO Perpetual Futures
- URL: https://www.liquid.trade/learn/how-to-trade-pre-ipo-perpetuals
- Published: 2026-09-18
- Author: Liquid
- Summary: Explore OpenAI and Anthropic exposure on Liquid, with a guide to private-company reference prices, long and short positions, and funding.
**Pre-IPO perpetual futures are derivatives that track a reference price for a private company without transferring its shares.** Liquid lists OpenAI and Anthropic perpetual markets for eligible traders. You can take a long or short position, but neither position gives you equity, voting rights, or an allocation in a future IPO.
Start with the current [OpenAI market](/markets/openai) or [Anthropic market](/markets/anthropic). Liquid brings these private-company markets into the same app as crypto, stocks, commodities, and FX, so you can research a company and manage its exposure alongside your other positions.
## How Do Pre-IPO Perpetual Futures Work?
A trader posts collateral and opens a position linked to the contract's reference. The venue uses a mark price to value the position for margin purposes. Funding payments help encourage alignment between the traded perpetual and its reference. There is no scheduled expiry, and the position can remain open while it meets the venue's margin requirements.
Private-company reference prices draw on information such as secondary transactions and valuations, accounting for timing, share class, and transaction terms. [Nasdaq Private Market's data products](https://www.nasdaqprivatemarket.com/product/tape-d-financial-data-products/) illustrate the kinds of information available. Each contract's methodology determines which inputs it uses and how it weighs them.
A funding payment encourages alignment between the perp and its reference. Private-share transactions can occur at different prices, reflecting their individual terms. Learn the general mechanics in [What Are Funding Rates?](/learn/what-are-funding-rates).
## Where Can I Trade Pre-IPO Companies Like SpaceX and OpenAI?
Liquid's OAI market provides synthetic OpenAI exposure, and ANTH provides synthetic Anthropic exposure. Read the live contract information and eligibility requirements before trading either one.
**SpaceX is a different case now.** Nasdaq marked its IPO on June 12, 2026 under the ticker SPCX. It should no longer be grouped automatically with private companies. Liquid's [SpaceX perp guide](/learn/how-spacex-perps-work) explains the stock-based contract after the listing. [Source: Nasdaq's IPO event](https://www.nasdaq.com/events/spacex-rings-opening-bell).
## What Platforms Let Me Trade SpaceX and xAI Pre-IPO?
The premise needs updating before choosing a platform. SpaceX has listed publicly, and xAI announced on February 2, 2026 that SpaceX had acquired it. An instrument referencing SpaceX is not a separate pure-play claim on xAI. [Source: xAI's acquisition announcement](https://x.ai/news/xai-joins-spacex).
For current SpaceX exposure, use Liquid's listed-stock perp guide. There is no verified standalone xAI perpetual identified here; use the [Markets directory](/markets) to match today's listings with the company exposure you want.
## Where Can I Short Pre-IPO Companies Like OpenAI or Anthropic?
Eligible traders can use Liquid's OpenAI and Anthropic perp markets to express a short view. You are selling a derivative position, not borrowing and selling private shares. Your result follows the contract's price and funding, which can differ from changes in private equity valuations.
A short gains when the contract price falls and loses when it rises, before fees and funding. Choose the size, holding period, and exit levels together. Liquid's position controls let you plan [take-profit and stop-loss orders](/learn/what-is-a-stop-loss) as part of that workflow.
## Which Platform Has the Most Pre-IPO Markets?
Liquid offers dedicated OpenAI and Anthropic perpetual markets. A broader market-count comparison needs a dated list of active contracts and a consistent definition of “pre-IPO,” separating private companies from public listings, acquired entities, and duplicate collateral pairs. This guide does not claim an independently verified count ranking.
Use Liquid's [live directory](/markets) to explore its current selection, then review the reference methodology and trading depth for the companies you follow.
## What Happens at an IPO or Acquisition?
The venue's event rules determine how the contract continues after an IPO or acquisition. It may move to a public-price reference, migrate to a new market, or follow a defined settlement process. A perp does not automatically convert into shares or settle at an IPO offer price.
Use a long or short perpetual to express a directional view on a private-company reference price. Review eligibility, position size, margin, and funding before confirming, then follow the position in the same Liquid account as your other markets.
Continue with [trading OpenAI before an IPO](/learn/trade-openai-before-ipo) or [trading Anthropic pre-IPO exposure](/learn/trade-anthropic-before-ipo). Review the current market in Liquid before deciding whether the instrument matches the exposure you want.
---
## Which Leverage Trading Platforms Are Non-Custodial?
- URL: https://www.liquid.trade/learn/non-custodial-leverage-trading-platforms
- Published: 2026-09-18
- Author: Liquid
- Summary: Liquid offers non-custodial trading. Learn how wallet control, transaction permissions, and margin choices fit together in one app.
**Liquid is a non-custodial app for leveraged perpetual trading.** Users control the wallet that signs their trades and transfers, according to [Liquid's product overview](https://docs.liquid.trade/). To understand what that means for a particular position, examine both wallet control and the rules governing collateral once it supports a trade.
Non-custodial describes control over assets and transaction authorization. For a trader, the practical questions are how to approve an action, which collateral supports a position, and how to manage that position through the app.
## Which leverage trading platforms are non-custodial?
Liquid is an option for traders seeking a single app for multiple kinds of perpetual exposure while controlling the wallet used to authorize transactions. The relevant comparison is between custody models: a custodial account relies on a provider to hold assets and process withdrawals, while a non-custodial interface relies on wallet authorization and the underlying trading system's rules.
Each model comes with its own workflow and responsibilities. Compare the exact market, how collateral is deployed, and which wallet permissions are required. Also check that the interface and product are available for your location and account.
A useful comparison has two layers. First, identify who can authorize moving your assets. Second, identify the rules and infrastructure that control assets after you commit them as margin. You need both answers to understand a non-custodial leveraged trade.
## What happens to collateral after you open a position?
Collateral supports the obligations created by a leveraged contract. Even when you control the originating wallet, the trading venue's margin rules determine how much can be removed while a position remains open.
For example, consider a hypothetical $1,000 linear position backed by $100 of isolated margin. A 3% favorable price move produces approximately $30 of gross profit; a 3% adverse move produces approximately $30 of gross loss. Wallet ownership does not change that arithmetic. Fees and other costs further affect the remaining equity.
Liquid's [margin documentation](https://docs.liquid.trade/trading/leverage) explains that collateral supporting risk is reserved and withdrawals must preserve required buffers. It also says its markets can route to different venues, with cross margin generally shared within a venue rather than automatically across every position in the app.
You can manage these positions through one app while keeping their margin arrangements distinct. Identify which balance supports each trade and choose whether eligible positions should share collateral. The [cross versus isolated margin guide](/learn/cross-margin-vs-isolated-margin) walks through that choice.
## What should I look for in a non-custodial trading app?
Use those questions to work through a complete trade: funding the account, choosing a contract, allocating collateral, reviewing the order, and closing the position. Understanding the sequence makes it easier to evaluate new markets within the same interface.
Wallet control does not eliminate protocol, oracle, or collateral risk. Leveraged positions remain subject to liquidation when equity falls below maintenance requirements, and collateral supporting an open position is subject to withdrawal limits.
## A practical way to evaluate a platform
Start with documentation and a practice account where available. Identify the wallet address, the supported funding route, how approvals work, and the recovery method. Make sure you understand the difference between disconnecting an interface and revoking an active permission.
If you decide to fund a live account, a small deposit and withdrawal can help you learn the supported route and costs. Check the asset and network at each step, and compare the received amount with the preview. This is a practical way to become familiar with the transfer workflow.
Use official app links, inspect the requested permissions, and keep recovery credentials private. Before signing, check the action, asset, amount, and recipient where applicable. Treat this review as part of the same workflow as choosing your market and position size.
For Liquid, start with a market you follow, review its margin settings, and choose your intended exposure. Use the order preview to connect the position value with its collateral allocation and applicable fees. You retain the wallet authorization step while managing the trade through the app.
[Explore non-custodial trading on Liquid →](https://app.liquid.trade) · [Compare margin modes →](/learn/cross-margin-vs-isolated-margin)
---
## Perpetual Futures Fees: How to Compare the Total Cost
- URL: https://www.liquid.trade/learn/perpetual-futures-fees
- Published: 2026-09-18
- Author: Liquid
- Summary: Understand the complete cost of a perpetual trade with clear examples of entry, exit, funding, spread, and slippage.
The lowest-cost perpetual futures platform depends on your market, order type, trading volume, and holding time. **Compare the total cost of opening, holding, and closing the same position.** Separating execution fees from funding and the bid-ask spread makes that comparison easier.
Liquid publishes a [venue-specific fee schedule](https://docs.liquid.trade/trading/fees) and displays the applicable execution fee on the order ticket. You can review the cost of the selected market before confirming your trade.
## What Are the Lowest Fee Perpetual Futures Platforms?
The most useful comparison starts with the exact market, account tier, maker or taker execution, and holding period. Convert the fees into dollars for equivalent exposure, then include the expected cost of holding the position. A universal lowest-fee ranking would require a defined, current comparison across those terms.
Liquid combines a multi-asset interface with Co-Invest access. Its [fee documentation](https://docs.liquid.trade/trading/fees) distinguishes between routes, including a crypto perpetual schedule that combines a venue fee with a Liquid fee. The live ticket lets you inspect the execution charge for your order; include funding and likely slippage separately when comparing the full trade.
Comparing perps with dated futures commissions? See [the lowest fee futures trading platforms](/learn/lowest-fee-futures-trading-platforms) for per-contract broker pricing and a worked conversion.
## What Does a Perpetual Trade Actually Cost?
Trading fees usually apply to **position notional**, not just the margin you deposit. Leverage therefore makes fees larger relative to your collateral even when the percentage fee is unchanged.
## A Worked Round-Trip Example
Suppose a hypothetical platform charges 0.05% on entry and 0.05% on exit. You open a $5,000 position backed by $500 of margin and close it at the same notional value.
- Entry fee: $5,000 × 0.05% = **$2.50**.
- Exit fee: $5,000 × 0.05% = **$2.50**.
- Round-trip execution fees: **$5**, or 1% of the $500 margin.
If the position also pays 0.01% funding per interval for three intervals, unchanged notional would add $1.50. That produces $6.50 before spread, slippage, or transfer costs. The funding assumption is illustrative; live rates can change sign and magnitude.
A competing route charging 0.10% only on entry also costs $5 in execution fees at this size. That does not make the two routes equivalent: their funding, pricing, and execution mechanics can differ.
The margin below stays at $500 while the position size moves, which is the arithmetic behind that: the percentage never changes, but what it takes out of your collateral does.
## How to Read Liquid's Fee Schedule
As checked on September 18, 2026, Liquid's crypto perpetual table lists tier-zero all-in rates of **0.095% taker and 0.065% maker** for that schedule. Those figures include the documented Liquid fee on top of the venue base rate. They are not universal rates for every Liquid route or asset.
The same documentation describes different pricing for other execution routes, including routes with no additional Liquid charge. Consult the [full fee schedule](https://docs.liquid.trade/trading/fees) and the actual ticket for current terms, discounts, and market-specific treatment.
Keep the underlying, position size, maker/taker assumption, collateral, and holding period constant. Record costs in dollars as well as basis points. A cheaper entry can be outweighed by a more expensive exit or several days of funding.
## How Maker and Taker Orders Affect Fees
A limit order that immediately crosses the book can execute as a taker. A resting order may earn maker treatment if it adds liquidity under that venue's rules. Post-only behavior, if supported, helps enforce that intent. Resting orders depend on a counterparty trading at your price, so allow for the possibility of remaining unfilled.
Choose the order type that fits your timing and price requirements. A maker order may suit a patient entry, while a time-sensitive exit calls for a different decision. Include funding paid or received in the overall result alongside the position's price movement.
Read [how funding rates work](/learn/what-are-funding-rates) and [how to compare perpetual platforms](/learn/best-perpetual-futures-platforms). To evaluate Liquid, [open a market](/markets) and inspect the order's current cost before confirming.
---
## How to Trade Anthropic Pre-IPO Exposure
- URL: https://www.liquid.trade/learn/trade-anthropic-before-ipo
- Published: 2026-09-18
- Author: Liquid
- Summary: Explore long and short Anthropic exposure through Liquid’s ANTH perpetual, with a worked valuation example and a practical trading checklist.
**Liquid's ANTH perpetual gives eligible traders a way to take long or short exposure to an Anthropic reference price. It is not Anthropic stock.** You do not join the cap table or receive voting, information, or future IPO allocation rights by holding the contract.
Anthropic announced a private Series H financing on May 28, 2026. That announcement is a valuation event, not a public stock listing. Check the company's current status and the live market definition before relying on any pre-IPO guide. [Source: Anthropic's Series H announcement](https://www.anthropic.com/news/series-h).
## What Is the Best Way to Trade Anthropic Stock Pre-IPO?
First decide whether you want **shares** or **a trading position**. Direct private-share transactions require an actual seller, the right share class, and compliance with applicable transfer and eligibility rules. A fund holding private shares adds its own fees and portfolio exposures. A perpetual offers a different instrument: a margined position tied to a reference price.
Liquid's ANTH market gives eligible traders a way to express a directional view in the same app as their other markets. Set the position size and holding period together, including recurring funding in the plan for a longer trade.
Use the [Anthropic market page](/markets/anthropic) to inspect the current quote and open the app to see the available terms. The detailed [Anthropic perp explainer](/learn/how-anthropic-perps-work) covers the market's valuation convention.
## How Is ANTH Different from an Anthropic Share Price?
Liquid's ANTH market is quoted in implied company valuation units: its market explanation describes one price point as $1 billion of implied valuation. That is a contract convention, not a statement that a common share costs that amount. Check the current definition before calculating a position.
A hypothetical move from 600 to 660 is a 10% increase in the contract's quoted level. A $1,000 long notional position would gain approximately $100 before costs if the position tracks that move linearly. A move from 600 to 540 would lose approximately $100 on the same basis. Margin determines how much collateral backs that exposure; it does not reduce the dollar effect of the price change.
A preferred-share funding valuation, a common-share secondary quote, and a perpetual's implied valuation can differ for valid reasons. Financing terms, dilution, information quality, and timing matter. None of those numbers is automatically an executable exit price for your position.
## Where Can I Short Anthropic Before an IPO?
Eligible traders can take a short position through Liquid's ANTH perp market. The trade does not require borrowing Anthropic shares because it is a derivative. It loses if the contract price rises, and funding can be payable by either side depending on the market.
Build the trade around a specific company event or valuation thesis. Define the price range you want to trade, the funding you expect over the holding period, and the point at which you would close the position. Liquid's [stop-loss controls](/learn/what-is-a-stop-loss) can help you turn that plan into an order.
## Questions to Answer Before Trading
## How to Review ANTH on Liquid
Open the current market and confirm it is available to your account. Review the funding interval, fees, multiplier, and required margin. Choose the position size, then set your take-profit and [stop-loss orders](/learn/what-is-a-stop-loss). Allow for possible slippage when planning an exit.
Once the position is open, use Liquid to follow its value and your available margin alongside your other markets. Company announcements and updated reference data can help you decide when to revisit the original trade plan.
For a broader comparison, read [how pre-IPO perpetuals work](/learn/how-to-trade-pre-ipo-perpetuals) and [OpenAI exposure before an IPO](/learn/trade-openai-before-ipo). To inspect the live ANTH contract, [open Anthropic on Liquid](https://app.liquid.trade/trade/io:ANTH).
---
## Where Can I Trade Gold and Oil at Night?
- URL: https://www.liquid.trade/learn/trade-gold-and-oil-at-night
- Published: 2026-09-18
- Author: Liquid
- Summary: Explore overnight gold and oil trading through commodity perpetuals, exchange-listed futures, and funds, with a practical guide to hours, sizing, and costs.
You can trade gold and oil at night on Liquid, where those markets trade 24/7, including weekends, or through a broker that offers an active commodity futures session. The exact contract matters: gold, WTI oil, an oil fund, and an energy company's stock are different exposures with different schedules.
Liquid's gold and oil perpetual markets trade 24/7, including weekends, so you have access outside the main traditional exchange session. A commodity perp gives long or short price exposure; it does not give you ownership of bullion or barrels. Liquidity, spreads, and execution can vary. Check the [current market overview](https://www.liquid.trade/) and the live order ticket before trading.
## Where can I trade gold and oil at night?
There are three routes to evaluate. **Commodity perpetuals on Liquid** trade 24/7, including weekends, so you have overnight access outside traditional exchange hours. **Exchange-listed futures** trade through futures brokers and have exchange-defined contract terms. **Commodity funds** trade as securities under the sessions supported by the fund's venue and your broker.
For gold futures, CME's benchmark Gold contract offers nearly 24-hour electronic access. Its separate 1-Ounce Gold contract is documented as trading 24/7, subject to maintenance windows. Each has its own contract specifications and schedule. See [CME Gold](https://www.cmegroup.com/markets/metals/precious/gold.contractSpecs.html) and the [1-Ounce Gold FAQ](https://www.cmegroup.com/articles/faqs/faq-1-oz-gold-futures.html).
For oil futures, start with the exact WTI contract your broker carries and review its current exchange calendar. CME's materials include multiple WTI contract sizes and an expansion toward seven-day trading; verify the product's actual live status and broker access rather than assuming every oil contract has identical hours. See [CME's WTI product information](https://www.cmegroup.com/markets/energy/crude-oil/light-sweet-crude.contractSpecs.html) and [trading-hours calendar](https://www.cmegroup.com/trading-hours.html).
For dated gold and oil contracts by broker, with contract sizes and fees, see [where can I trade gold and oil futures](/learn/where-to-trade-gold-and-oil-futures).
## Is nighttime trading the same as weekend trading?
Not necessarily. A brokerage instrument can trade through most weekday nights and still pause for maintenance, holidays, or part of the weekend. Liquid's commodity markets trade 24/7, including weekends. For a brokerage instrument, check its published schedule rather than inferring weekend access from the word “overnight.”
For example, CME specifies a Saturday maintenance window and brief weekday maintenance for 1-Ounce Gold futures. The contract schedule and current service notices give you the details needed to plan a session around those windows.
Include the venue's time zone in your plan. A window quoted in US Central Time changes its relationship to some overseas clocks around daylight-saving transitions. Convert the date as well as the hour when checking a late-night session.
## What price does the contract actually follow?
For a gold perp, find the stated underlying reference and how the venue constructs its price. For oil, distinguish WTI from Brent and identify whether the reference involves a particular futures contract or another benchmark. Two charts labeled “oil” can move differently because they represent different things.
If you are hedging an existing holding, identify what drives its value. An oil-producer share reflects both the company and the commodity, while a gold fund follows its stated investment strategy. Compare that exposure with the contract's reference before choosing a hedge size.
Imagine a hypothetical $2,000 gold perp position. A 1% movement corresponds to roughly $20 of price profit or loss before costs for a linear dollar-quoted exposure. If you assign $200 of collateral, the position still represents $2,000 of market exposure. Record both the notional and margin, then include fees and funding when evaluating the result.
## How do I plan the size and costs of an overnight trade?
Start with the spread and depth for your intended order. Compare the expected fill with the displayed quote, then add fees and the cost of holding the position. Perpetual [funding payments](/learn/what-are-funding-rates) can be paid or received and may change over time. Listed futures instead require attention to expiry, settlement, and the cost of changing contracts if you continue the exposure.
On Liquid, start with the total exposure you want and review the corresponding margin. Choose whether you want a long or short position, then set the target or event that would complete the trade. The [stop-loss guide](/learn/what-is-a-stop-loss) explains the exit tools you can use as part of that plan.
## How to start on Liquid
Search for the specific gold or oil market, confirm that it is available to your account and jurisdiction, and read its contract details. Review direction, notional size, margin, costs, and exit orders before confirming. After submission, check the filled quantity and use the position view to track the trade.
For a first session, choose one commodity you already follow and write down the reason for the trade. Keep the reference chart, your expected holding period, and the next scheduled event together. Paper trading lets you practice that sequence with simulated funds before preparing a live order.
If your purpose is protection rather than a new directional position, the guides to [hedging gold](/learn/how-to-hedge-gold-24-7) and [hedging oil](/learn/how-to-hedge-oil-24-7) explain the separate sizing and tracking questions.
[Explore commodity markets on Liquid →](https://app.liquid.trade)
## Sources and further reading
- [Liquid: commodity markets and availability](https://www.liquid.trade/)
- [CME Group: Gold futures](https://www.cmegroup.com/markets/metals/precious/gold.contractSpecs.html)
- [CME Group: 1-Ounce Gold futures FAQ](https://www.cmegroup.com/articles/faqs/faq-1-oz-gold-futures.html)
- [CME Group: trading hours and holidays](https://www.cmegroup.com/trading-hours.html)
- [Liquid documentation: funding rates](https://docs.liquid.trade/trading/funding-rates)
Product information checked September 23, 2026. Use current exchange contract specifications for futures trading-hour decisions.
---
## How to Get OpenAI Exposure Before an IPO
- URL: https://www.liquid.trade/learn/trade-openai-before-ipo
- Published: 2026-09-18
- Author: Liquid
- Summary: Explore OpenAI exposure through Liquid’s OAI perpetual, including long and short positions, reference pricing, and how it differs from private shares.
**Liquid's OAI perpetual offers eligible traders long or short exposure to an OpenAI reference price before a public listing. It does not give you OpenAI shares.** Whether that is the right instrument depends on whether you want a trading position, a long-term ownership interest, or indirect exposure through another investment.
OpenAI's March 31, 2026 funding announcement describes a private funding round, not an exchange listing. A fundraising valuation, an IPO rumor, and a tradable public share are different things. Verify listing status again before acting on an older article. [Source: OpenAI's funding announcement](https://openai.com/index/accelerating-the-next-phase-ai/).
## How Can I Get Exposure to OpenAI Without Being an Accredited Investor?
Accredited-investor status is one eligibility question, not a universal access test. Direct private-share opportunities have their own offering rules, transfer restrictions, and minimums. The [SEC's private-placement bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-31) explains that eligibility varies by exemption; it is inaccurate to say every private investment uses identical rules.
Other approaches include a publicly accessible fund or listed company with verified OpenAI exposure, if available to you, and an eligible derivative such as Liquid's OAI perp. Indirect exposure includes the other assets, liabilities, and fees of the investment vehicle. A commercial partnership alone does not mean a listed company gives you meaningful OpenAI equity exposure.
OAI provides synthetic exposure without a private-share transfer, subject to Liquid's current account, product, and jurisdiction requirements. Check eligibility for your location; access is not universal and is separate from private-placement investor rules.
## What Is the Best Way to Trade OpenAI Before It IPOs?
For an eligible trader seeking a directional position, Liquid's OAI market offers long and short exposure in the same interface used for other perpetual markets. You can choose your size, review the current funding, and set an exit plan around the company developments you follow.
Match the position to your intended holding period. A short-term event trade and a multi-month view need different funding assumptions and margin allocations. For longer positions, include recurring funding in your cost estimate and review the position as new company information arrives.
Start at the [OpenAI market page](/markets/openai). Read [How OpenAI Perps Work](/learn/how-openai-perps-work) for the reference-price mechanics, then use the live market quote to plan the order.
## What to Check on the OAI Contract
The contract's quote convention matters. A valuation-based quote is not necessarily a price per common share. Read the market definition before calculating quantity or comparing it with a private-share quote from another source.
Check four separate details:
1. **Reference and mark:** What does the contract track, and how is the position valued?
2. **Position size:** What dollar exposure does the chosen quantity represent?
3. **Carry and execution:** What funding, entry and exit fees, and slippage apply?
4. **Corporate events:** What happens if the company lists, restructures, or the venue changes the contract?
Choose the multiplier and [margin mode](/learn/cross-margin-vs-isolated-margin) that fit your position size and planned price range. Leverage increases the effect of price changes on your collateral in both directions.
## Can I Short OpenAI Instead of Buying It?
An eligible OAI perp market supports taking a short view without borrowing private shares. A short gains from a decline in the contract and loses from a rise, before fees and funding. Its price may respond differently from a private-share valuation, particularly when the underlying information is stale or sparse.
Follow company announcements alongside the live OAI market. If a public listing is announced, review the venue's transition and settlement terms: an IPO can change the reference methodology, and the perpetual remains distinct from a share allocation.
To compare related markets, read the [pre-IPO perpetual guide](/learn/how-to-trade-pre-ipo-perpetuals). To review OAI's current terms, [open OpenAI on Liquid](https://app.liquid.trade/trade/io:OAI).
---
## Which Platforms Let Me Trade on Weekends? A Sunday Trading Guide
- URL: https://www.liquid.trade/learn/weekend-trading-platforms
- Published: 2026-09-18
- Author: Liquid
- Summary: Explore Saturday and Sunday trading on Liquid, choose the market for your idea, and follow a practical workflow from research to a reviewed order.
Liquid supports weekend trading on every market it lists. All Liquid markets, including crypto, stock, commodity, currency, and index perps, trade 24/7, including weekends. Other weekend trading routes include crypto venues and certain exchange-listed futures offered by supporting brokers. For actual shares, verify the broker's specific sessions; overnight access alone does not establish seven-day trading.
Start with the market you follow and the idea you want to express. A weekend session can give you time to research a company, respond to a new development, or adjust an existing position. Choose the instrument and account that support that goal.
## Which platforms let me trade on weekends?
Liquid offers eligible traders weekend perpetual exposure on every market. All Liquid markets trade 24/7, including weekends. Use the [market overview](https://www.liquid.trade/) to choose a market before placing an order. A perp position gives price exposure without ownership of the underlying coin, share, or commodity.
For actual stocks, check your broker's published schedule and the order's session setting. An instruction accepted during the weekend may wait for a later session before it can execute. Broker rules can differ by security, order type, and venue, so verify those details for the share you want. See [FINRA's extended-hours guide](https://www.finra.org/investors/insights/extended-hours-trading).
Exchange-listed futures offer another route for certain markets. CME documents 24/7 trading for products including certain crypto contracts and 1-Ounce Gold futures, with maintenance windows. Match the contract's schedule with your brokerage account's permissions. See [CME's current 24/7 product guide](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html).
## How do I trade on a Sunday?
Choose a market that is open at the specific Sunday time you mean, verify account eligibility, fund the appropriate balance, and submit an order using its permitted order types. Sunday morning in New York and Sunday evening in Singapore are different moments; always translate the published venue schedule into your own time zone.
On Liquid, use the live market screen for those checks. The [beginner's guide](/learn/the-beginners-guide-to-trading) walks through the mechanics, and paper trading lets you rehearse the workflow with simulated funds. Practice finding an order, reviewing a position, and closing it so each step feels familiar.
## What markets can I trade when the stock market is closed?
Crypto perpetuals trade around the clock. Liquid's stock-, commodity-, currency-, and index-linked perps also trade 24/7, including weekends, while their underlying exchanges are closed. Other choices include overnight shares during broker-supported sessions and exchange-listed futures whose sessions are active. For overnight gold or energy exposure, see the [gold and oil trading guide](/learn/trade-gold-and-oil-at-night).
Match the market to your idea. A company announcement may lead you to its stock perp, a view on the dollar may lead you to an FX pair, and a digital-asset thesis may lead you to a crypto market. For broader exposure, an index contract represents a basket rather than one company's stock.
A useful weekend watchlist includes the instrument, the reason you follow it, the event you are watching, and the price levels relevant to your idea. That gives you a starting point each time you open the app. Add the expected holding period so you can review the appropriate costs.
See the full list, with hours by market, in [what markets can I trade when the stock market is closed](/learn/what-to-trade-when-the-stock-market-is-closed). Weekend futures are covered in [can I trade futures on the weekend](/learn/can-you-trade-futures-on-the-weekend).
## How should I read a weekend quote?
Read the bid and ask together, then inspect the available depth for your intended order size. Liquidity, spreads, and execution can vary by market and time, so use the live quote when reviewing an order. This makes your decision specific to the trade you are preparing.
For stock-linked perps, read how the contract obtains its reference while the underlying exchange is closed. The reference price, last traded price, and bid and ask each describe a different part of the market. Knowing which one you are looking at helps you compare the chart with your order preview.
Perpetuals also use funding transfers between longs and shorts. These can change the cost of holding a position across a quiet weekend even without a large price move. Liquid's [funding documentation](https://docs.liquid.trade/trading/funding-rates) explains the mechanism; use the rate and schedule for your selected market rather than assuming every contract works identically.
## What should I do before leaving a weekend position open?
Review the position's notional size, assigned collateral, and exit orders. Your [margin mode](/learn/cross-margin-vs-isolated-margin) determines whether eligible positions share collateral or have margin assigned separately. Record the target or event that would complete the trade, and the conditions that would lead you to close it earlier.
Set a time for the next review and note any scheduled announcements before then. Because every Liquid market trades 24/7, you can manage the position from the same account during the weekend. A short trading journal makes it easier to compare the original idea with what happened afterward.
[Check live markets on Liquid →](https://app.liquid.trade)
## Sources and further reading
- [Liquid: supported markets and availability](https://www.liquid.trade/)
- [FINRA: extended-hours trading](https://www.finra.org/investors/insights/extended-hours-trading)
- [CME Group: 24/7 crypto, energy, and metals information](https://www.cmegroup.com/markets/trade-crypto-energy-and-metals-24-7.html)
- [Liquid documentation: funding rates](https://docs.liquid.trade/trading/funding-rates)
- [Where can I trade stocks 24/7?](/learn/where-to-trade-stocks-24-7)
Product information checked September 22, 2026. Confirm account permissions and jurisdictional eligibility before trading.
---
## Where Can I Trade Stock Perps?
- URL: https://www.liquid.trade/learn/where-to-trade-stock-perps
- Published: 2026-09-18
- Author: Liquid
- Summary: Stock perpetuals provide long or short price exposure without share ownership. Learn where they trade and what to check before opening a position.
**Liquid offers stock perpetuals on selected public companies through its non-custodial trading app.** You can find the current listings in the [Markets directory](/markets), including stock markets such as Nvidia and Tesla. Account eligibility and the available contract determine what you can trade.
A stock perp is a derivative: it gives you long or short exposure to a reference price. You do not receive shares, voting rights, or a claim on the company's assets. If your goal is to own a company, a stock brokerage and a perpetual trading app serve different purposes.
## What Is a Stock Perpetual?
A stock perpetual has no scheduled expiry. You post collateral, choose a position, and realize a trading gain or loss when you close it. Funding payments and the venue's price methodology help connect the contract to its reference market.
Read the contract's unit size and quote convention to translate your order into dollar exposure. The venue's mark price is used to value the position for margin purposes, while the bid and ask show available trading prices.
The contract methodology explains how dividends, stock splits, and other corporate actions are reflected in the derivative. Review those terms when planning a position around a company event.
## Where Can I Trade Stock Perps?
Start with Liquid's current stock listings, open the relevant market, and inspect the reference asset, venue, margin mode, and order ticket. Liquid's documentation describes an app connecting to multiple on-chain venues; the details can differ by route. The current [product documentation](https://docs.liquid.trade/about-liquid/what-is-liquid) explains that distinction.
Choose the instrument that matches your intended exposure. A share, option, dated future, and stock perpetual can all reference the same company, with different ownership, expiry, and margin arrangements.
For broader platform criteria, use the [perpetual trading platform guide](/learn/best-perpetual-futures-platforms). For the distinction between private and public company contracts, read [how to trade pre-IPO perpetuals](/learn/how-to-trade-pre-ipo-perpetuals).
## Can I Trade a Stock Perp When the Exchange Is Closed?
Yes. Liquid stock perpetual markets trade 24/7, including weekends, so you can trade them outside the underlying stock exchange's regular session, including at night.
Because a stock perp stays open during an underlying-market closure, the derivative can reflect new information before regular share trading resumes. Its price can differ from the most recent cash-market price, so use the live bid, ask, and reference information when planning the order.
The [24/7 stock trading guide](/learn/where-to-trade-stocks-24-7) explains how this differs from brokerage extended hours.
For how stock perps compare with pre-market, after-hours, and overnight share sessions, read [can I buy and sell stocks outside of market hours](/learn/buy-and-sell-stocks-outside-market-hours).
## How to Review a Stock Perp Trade
1. Identify the exact company, ticker, and contract. Similar labels can refer to different products.
2. Read the live funding rate and [execution fees](/learn/perpetual-futures-fees).
3. Choose a position size and margin allocation that fit your plan.
4. Set take-profit and stop-loss levels, accounting for possible slippage.
5. Plan what you will do around earnings, corporate actions, and the next exchange opening.
Choose the company and catalyst, define your time horizon, and review the position size and exits together. Funding and the contract's reference methodology affect how a stock perp performs relative to shares, especially across longer holding periods.
Read [stop-loss mechanics](/learn/what-is-a-stop-loss) before entering. To compare a live setup, [browse stock markets on Liquid](/markets) and review the contract terms in the app.
---
## Where Can I Trade Stocks 24/7? Shares, Overnight Sessions, and Stock Perps
- URL: https://www.liquid.trade/learn/where-to-trade-stocks-24-7
- Published: 2026-09-18
- Author: Liquid
- Summary: Find out when you can trade actual shares, how overnight brokerage sessions work, and where stock perpetuals fit when exchanges are closed.
Liquid offers **stock perpetual contracts that trade 24/7, including weekends**, so you can trade them outside regular exchange hours. A stock perp is a derivative: opening one does not buy shares in the company. If you want actual shares, selected securities can trade outside regular stock-market hours through brokers with extended or overnight sessions.
The practical question is whether you want to **own the stock** or **trade its price movement**. That choice determines the account, instrument, and trading hours that fit your plan. Stock perps can be useful when you want to express a view on a company outside the usual exchange session.
## Where can I trade stocks 24/7?
Actual share trading and stock-perpetual trading use different sessions. Liquid provides stock perps that let eligible traders take long or short positions 24/7, including weekends, outside the underlying exchange's regular hours. Inspect the liquidity, spread, and order ticket before submitting a trade.
For actual shares, check your broker's eligible-symbol list, supported sessions, and order rules. An overnight session may cover selected securities and specific days. FINRA explains that brokerage firms set parameters for extended-hours participation, including the securities, venues, and order types they support. See [FINRA's extended-hours guide](https://www.finra.org/investors/insights/extended-hours-trading).
## Can I buy and sell stocks outside of market hours?
Yes, if your broker supports the stock, session, and order type. The NYSE core session is 9:30 a.m. to 4 p.m. ET. Some NYSE markets also have early and late sessions, while brokers may route overnight trades to other venues. Available hours differ by venue and product; the [NYSE calendar](https://www.nyse.com/trade/hours-calendars) also lists holidays and early closes.
For a brokerage share order, check the session selector and time in force. An order designated for regular hours waits for that session, while an eligible overnight order can work during the supported overnight window. The order status shows whether it is queued, working, or filled.
For a stock perp on Liquid, select the company-linked market, choose long or short, and review the total exposure. An Apple-linked perpetual, for example, can let you express a view on Apple's price direction while the underlying share exchange is closed.
Pre-market, after-hours, and overnight sessions are compared broker by broker in [can I buy and sell stocks outside of market hours](/learn/buy-and-sell-stocks-outside-market-hours). For overnight share access by provider, see [which brokers offer 24/7 trading](/learn/which-brokers-offer-24-7-trading).
## What changes when the stock exchange is closed?
Company announcements, earnings releases, and global events can arrive outside the regular session. Because Liquid stock perps trade 24/7, you can review that information and open, adjust, or close a position while the underlying exchange is closed. That can be useful for a short-term trade or for adjusting exposure before the next exchange session.
Read the contract's reference-price details alongside its live quote. A perpetual's price reflects its own market, while the share exchange establishes its next opening price through its opening process. Keeping those prices distinct helps you interpret an overnight chart and plan when to review the position again.
Imagine you want $1,000 of exposure to a company after a news release. For a perp, specify that as total notional exposure, then review the margin required at your selected leverage. Recording both figures gives you a clear view of the position size and the capital assigned to it. Use the same units when comparing another trade.
For every market that stays open after the bell, from crypto and FX to index and commodity perps, see [what markets can I trade when the stock market is closed](/learn/what-to-trade-when-the-stock-market-is-closed).
## How should I check an overnight trade?
Write down the ticker, instrument type, local time, and venue time zone. Then review the live spread, order size, and session settings. A limit order lets you specify the price at which you are willing to trade; after submission, use the order status to see how much has filled.
For perps, include expected holding time and [funding payments](/learn/what-are-funding-rates). Set an exit plan around the price levels or events that would change your view. Liquid's [stop-loss and take-profit workflow](/learn/what-is-a-stop-loss) gives you tools to put that plan into the order.
On Liquid, locate the listed stock perp, read its market details, and confirm your account and jurisdiction are eligible. Paper trading lets you rehearse the entry, review the position, and close it with simulated funds. Once the workflow is familiar, you can use the same sequence to prepare a live order.
[Explore stock markets on Liquid →](https://app.liquid.trade) · [Read the beginner's guide →](/learn/the-beginners-guide-to-trading)
## Sources and further reading
- [Liquid documentation: what is Liquid?](https://docs.liquid.trade/)
- [NYSE: trading hours and holidays](https://www.nyse.com/trade/hours-calendars)
- [FINRA: extended-hours trading](https://www.finra.org/investors/insights/extended-hours-trading)
- [Which platforms let you trade on weekends?](/learn/weekend-trading-platforms)
Hours and product information checked September 23, 2026. Confirm the current schedule and eligibility before submitting an order.
---
## Where Can You Trade with 50x Leverage?
- URL: https://www.liquid.trade/learn/where-to-trade-with-50x-leverage
- Published: 2026-09-18
- Author: Liquid
- Summary: Where Liquid supports 50x leverage, why stock and crypto limits differ, and how position size and margin work together.
**Liquid offers up to 50x leverage on eligible FX and index perpetual markets. Its documented crypto maximum is 40x.** These are market-dependent ceilings, so check the selected contract and order size before treating either number as available to you. [Liquid's product overview](https://www.liquid.trade/) distinguishes those limits.
The useful starting point is the exposure you want. From there, you can choose how much collateral supports it and which margin mode suits the position. Liquid brings those choices into the order workflow.
## Where can I trade with 50x leverage?
For eligible traders seeking FX or index perpetuals, Liquid is one option. Open the exact market, enter your intended size, and inspect the available multiplier. The ticket gives you the market-specific setting to use for your calculation.
For crypto on Liquid, the documented ceiling is 40x, with lower limits possible for individual markets. Select the specific coin and enter your intended position size to see what applies. A 50x headline for FX and indices does not establish 50x availability for Bitcoin or any other crypto asset.
Availability depends on the product, location, and account. Once you have confirmed access to your chosen market, compare the available multiplier with the amount of collateral you want to allocate.
Index perps are compared with CME E-mini futures in [can I trade index futures around the clock](/learn/can-you-trade-index-futures-around-the-clock).
## What does 50x actually mean?
Leverage is position value divided by supporting collateral. In a simplified isolated position, $100 of margin at 50x controls $5,000 of exposure.
For a long position, a 1% rise produces approximately $50 of gross profit; a 1% fall produces approximately $50 of gross loss. Both are 50% of the starting margin. This example assumes a linear contract and excludes fees, funding, and execution differences.
Drag the multiplier to watch those three numbers move together:
At 50x, a 2% adverse move mathematically equals the initial margin before costs. Liquidation can happen earlier because maintenance margin is required; fees and funding also affect the threshold. Use the estimate shown on Liquid's ticket rather than treating 2% as a guaranteed buffer. See the [margin threshold explanation](https://docs.liquid.trade/trading/liquidations).
That arithmetic makes it useful to review position size and margin separately. You can keep your intended market exposure constant while allocating more collateral to it.
## What platform offers the highest leverage on stocks?
There is no reliable universal winner without specifying the stock, product, jurisdiction, account type, and position size. Buying shares on margin and trading a stock perpetual are different transactions.
In a conventional US securities margin account, [FINRA explains](https://www.finra.org/rules-guidance/key-topics/margin-accounts) that Regulation T generally permits a broker to lend up to 50% of a new eligible stock purchase. That corresponds to 2x initial buying power in that example. Other account arrangements and requirements can differ, and brokers can impose stricter limits.
A stock perp provides derivative exposure instead of share ownership. Liquid offers stock perps, but its 50x FX/index maximum should not be presented as a stock maximum. Inspect the individual stock contract. If the goal is ownership, shareholder rights, or a long holding period, a leveraged derivative may not meet the need even when its multiplier is higher.
## Where can I get the most leverage?
Start by comparing the same instrument and trade size. A large advertised multiplier on an unrelated market tells you little about the trade you intend to make.
Compare the maximum for your contract, the margin required at your size, the available margin modes, and total entry and holding costs. Liquid's [margin documentation](https://docs.liquid.trade/trading/leverage) notes that maximum leverage can vary with position size as well as market.
Then separate **available leverage** from **effective leverage**. Suppose you have $1,000 supporting a $5,000 position. The exposure is 5x that collateral, even if the market offers a 50x setting. Allocating only $100 to an isolated version of that position changes the position's cushion. With cross margin, other eligible collateral and positions affect the calculation.
Use the [cross versus isolated margin guide](/learn/cross-margin-vs-isolated-margin) to understand which funds support the trade. With isolated margin, you assign collateral to that position; with cross margin, eligible positions share a collateral pool.
## Compare a trade before comparing a multiplier
For a first comparison, keep position size fixed and change the margin. You will see that more leverage primarily reduces the collateral cushion; it does not change the dollars gained or lost by that same-sized position on the same price move.
[Review eligible markets and leverage on Liquid →](https://app.liquid.trade) · [Learn with a practice trade →](/learn/the-beginners-guide-to-trading)
---
## You Can Now Give Meta Muse Your Trading Account
- URL: https://www.liquid.trade/learn/install-co-invest-muse
- Published: 2026-09-10
- Author: Liquid
- Summary: Co-Invest is now live in Muse, Meta's personal AI agent. Connect it once and Muse can read your Liquid portfolio, brief you on the market, and place trades you approve, all from the same chat you use for email and calendar.
*Co-Invest is now live in Muse, Meta's personal AI agent. Connect it once and Muse can read your Liquid portfolio, brief you on the market, and place trades you approve, all from the same chat you use for email and calendar.*
Meta launched Muse this week as a personal agent that acts inside your accounts instead of just answering questions. It already books tables, drafts email, and manages your calendar. As of today it can also trade on Liquid. Co-Invest, the same connector that already works in [Claude and ChatGPT](/learn/install-co-invest-claude-chatgpt) and [Grok Bot](/learn/install-co-invest-grok), now connects to Muse, so the agent can check your positions, scan the market, and place an order without you opening the dashboard. Here's how to set it up.
A Muse account (the free tier works) on iOS, Android, or the web at muse.ai, and a Liquid account. You can create the Liquid account during the sign-in step, so there is nothing to set up in advance. Co-Invest itself is free; you only pay Liquid's standard trading fees.
## 1. Open a fresh Muse chat and ask it to connect Co-Invest
Muse can set up its own connections to services that expose a public API, and Co-Invest is exactly that: a hosted server at https://coinvest.liquid.trade/mcp. Start a new chat and paste the prompt below. Muse registers Co-Invest as a connector and comes back with a sign-in link.
If Muse asks what the service does, tell it Co-Invest is Liquid's trading connector and that it should authenticate with OAuth. There are no API keys to paste. Muse never sees your Liquid password because sign-in happens in your browser, not in the chat.
## 2. Authorize your Liquid account
Muse surfaces a sign-in link. Opening it takes you to app.liquid.trade, where you log in (or create an account) and approve Co-Invest to view your portfolio and prepare trades for your approval. That approval grants two things and nothing more: read access to your account, and the ability to stage an order that you confirm yourself. It cannot withdraw funds.
Once you approve, close the tab and go back to Muse. The connection is saved to your Muse account, so you only do this once.
Say switch to paper mode in the chat and Co-Invest gives you a simulated $10,000 balance running on live prices. Every reply is labeled as simulated, and no order reaches the exchange until you say go live.
## 3. Ask it to check your account
Once you're connected, just ask. "Examine my portfolio" gets you a rundown of your equity, what's tied up in open positions, and how each one has moved since you opened it. Because Muse keeps the context of the conversation, you can follow up naturally: "which of these is closest to liquidation?" or "what's my exposure to crypto versus stocks?"
## 4. Ask what's happening in the market
Muse pulls headlines and positioning data from Liquid too. Ask "what's moving today?" and it summarizes the news, tells you which markets are crowded, where the most profitable traders and the losing crowd disagree, and, if it applies, how any of that touches what you already hold.
You can also go narrower. "Give me the technicals on gold" or "what's the funding rate on BTC right now" both work, because Co-Invest exposes the same tools to Muse that it exposes to every other client.
## 5. Let it build and place trades
Ask for ideas and Muse proposes picks grounded in the news and your existing book, flagging anything that overlaps a position you already have. Pick one and it sizes the trade, sets stop and target levels if you want them, and stages the order.
This is where Muse's design and Co-Invest's design line up well. Muse already routes every sensitive action through an approval step you see before it happens. Co-Invest does the same thing on its side: every order comes back as a confirmation card showing the symbol, direction, size, leverage, and any take-profit or stop-loss levels, and nothing is sent to the exchange until you confirm it. Baskets and portfolio plans get a single confirmation for the whole set. Once you confirm, Muse reports the fill.
## Why this matters
Muse is Meta's bet that the assistant you already talk to should be the one doing errands on your behalf. Trading is an errand like any other, and it's one where the tab-switching is worst: a chart here, a news feed there, an order ticket somewhere else. Putting Co-Invest inside Muse collapses that into one conversation that already knows what you hold and what you asked about yesterday.
It also continues a pattern we've been building toward. Liquid supports Muse alongside Claude, ChatGPT, and Grok Bot because we think your trading account should plug into whatever agent you already use, not the other way around. As more agents get real account access, the platforms that win are the ones that meet you where you are.
The approval step is the part that makes this safe enough to use for real money. Muse does the reading, the research, and the sizing. You stay the final decision on what executes.
## Related guides
- [How to install Co-Invest in Claude and ChatGPT](/learn/install-co-invest-claude-chatgpt)
- [You can now give Grok Bot your trading account](/learn/install-co-invest-grok)
- [Co-Invest documentation](/coinvest-docs)
---
## Can Meta Muse Trade Stocks and Crypto? Yes, With Co-Invest
- URL: https://www.liquid.trade/learn/meta-muse-trading
- Published: 2026-09-10
- Author: Liquid
- Summary: Meta's Muse agent can now trade crypto, stock, commodity, FX, index, and pre-IPO perps through Co-Invest on Liquid. Here's what it can and can't do, how approvals work, and how it compares to trading from Claude, ChatGPT, or Grok.
Meta shipped Muse this week as a personal agent that does things for you: sends email, books travel, buys tickets. The obvious question for anyone who trades is whether it can handle a brokerage account too. Out of the box it can't. With Co-Invest connected, it can.
Co-Invest is Liquid's trading connector. It gives an AI agent read access to a real Liquid account and the ability to stage orders that you approve. It has worked in Claude and ChatGPT since launch, in Grok Bot since August, and as of today it works in Muse. This piece covers what that unlocks, what stays under your control, and where Muse fits next to the other agents.
## What Muse can do once Co-Invest is connected
Everything Co-Invest exposes to Claude or ChatGPT, it exposes to Muse. In practice that means:
- **Read your account.** Equity, available balance, open positions, unrealized P&L, funding paid or received, and your order history.
- **Research a market.** Live prices, order books, technical indicators, and the news feed for any market Liquid lists, plus Liquid's positioning data on where the crowd and the most profitable traders are leaning.
- **Suggest trades.** Ask for ideas and it proposes picks grounded in the news and in what you already hold, so it won't stack a second long on something you're already long.
- **Stage orders.** Market and limit orders, take-profit and stop-loss levels, leverage changes, and multi-leg baskets. Each one is staged, not sent, until you confirm.
- **Run in paper mode.** A simulated $10,000 balance on live prices, so you can try all of the above without depositing anything.
The markets are the same ones you'd see in the Liquid app: crypto perps like BTC, ETH, SOL, and HYPE; stock perps like NVDA, TSLA, and PLTR; gold, oil, and other commodities; FX pairs; index perps on the S&P 500 and Nasdaq 100; and pre-IPO perps on companies like SpaceX, OpenAI, and Anthropic.
## What Muse cannot do
Two things are off the table by design, no matter what you ask.
**It cannot move money out.** The connection Muse receives has two scopes: read the account, and stage an order. Withdrawals, transfers, and deposits are not in it. Co-Invest cannot withdraw funds on its own; you authorize wallet actions directly, while collateral committed to an underlying trading venue remains subject to that venue's margin and withdrawal rules.
**It cannot execute without you.** Every order comes back as a confirmation card with the symbol, direction, size, leverage, and any protective levels. Nothing reaches the exchange until you press confirm. Muse's own architecture backs this up: Meta routes sensitive connector actions through an approval step that shows you exactly what is about to happen before it happens. So a trade from Muse has two gates, and you hold both.
## How to connect it
Setup is a single prompt in a new Muse chat, followed by a Liquid sign-in in your browser. The full walkthrough is in [You Can Now Give Meta Muse Your Trading Account](/learn/install-co-invest-muse).
Once connected, the link is saved to your Muse account, so it works from the iOS and Android apps, the web at muse.ai, and anywhere else you talk to Muse.
## Muse vs Claude, ChatGPT, and Grok for trading
The trading capability is identical across all four, because it comes from Co-Invest rather than the agent. The differences are in what each agent is good at around the trade.
Muse's distinguishing strength is context that spans your whole day. It knows you have a flight Thursday, that you asked about gold on Monday, and that you already hold a BTC long, and it can reason across all three when you ask what to do. That's a different starting point from an assistant you open only when you want to trade.
## Is it safe to give Muse a trading account?
Safer than it sounds, for three reasons.
First, Muse never sees your Liquid password. Sign-in happens in your browser, and Muse holds only a scoped token that can't withdraw. Second, Meta runs every Muse session in an isolated environment where connector credentials are stored away from the agent itself, and a separate policy layer decides which actions need your sign-off. Third, Co-Invest's confirmation step sits on top of all of that. Even if an agent proposed something you didn't want, it would land on a card you have to approve.
That said, the usual rules apply. Start in paper mode. Keep leverage sensible. Read the confirmation card before you press it. An agent is very good at the legwork and very fast; the judgment about whether to take the trade is still yours.
## Frequently asked questions
**Does Co-Invest cost anything in Muse?** No. There's no subscription and no AI surcharge. You pay Liquid's standard trading fees plus funding on any perp you hold.
**Do I need a paid Muse plan?** No. Co-Invest works on Muse's free tier. Paid plans raise Muse's own usage limits, not anything on the Liquid side.
**Can I use Muse and Claude with the same Liquid account?** Yes. Each client gets its own connection, and they all point at the same account. Confirm a trade in one and the other sees the position immediately.
**What if Muse says it can't connect?** Try the alternate address, https://coinvest.liquid.trade with no path, and make sure you're in a fresh chat. If a sign-in attempt failed partway, ask Muse to remove the connector and add it again.
## Related guides
- [You can now give Meta Muse your trading account](/learn/install-co-invest-muse)
- [How to install Co-Invest in Claude and ChatGPT](/learn/install-co-invest-claude-chatgpt)
- [You can now give Grok Bot your trading account](/learn/install-co-invest-grok)
- [Automated vs agentic trading](/learn/automated-vs-agentic-trading)
---
## 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?
Yes. Every Liquid market, including FX perpetuals, trades 24/7, including weekends. Liquidity, spreads, and maximum multipliers can vary by pair and time.
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 Grok Bot to your Liquid account so it can check your portfolio, scan the market, and use the trading tools available in the execution mode you enable. Here's a tutorial on how to set it up.
## 1. Open a fresh Grok Bot chat and connect Co-Invest
The fastest way to connect is through Grok's plugin directory: open the [Co-Invest plugin](https://x.ai/bot/plugin/70331341) and enable it. You can also add it manually — 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-computer.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.
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 access. Before sending orders, check the execution mode you have enabled. [Co-Invest Computer](/coinvest-computer) supports simulation, staged orders, and live orders within configured limits; use simulation or staged orders if you do not want the agent sending live orders autonomously.
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
## 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 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. In staged mode, the agent prepares orders for you to review before they are sent. If you deliberately enable live mode, it can place orders within the limits you configured. The screenshots below show the reviewed trade flow.
Grok Bot proposing trade ideas
Confirming and filling a trade
This is a live look 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.
The execution mode matters. Simulation keeps the workflow off live funds, staged orders let you review before sending, and live mode can execute within the limits you configure. Start in simulation or staged mode if you want to inspect the agent's behavior first, set limits that match the strategy, and only enable live execution when that is what you intend.
---
## 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 Co-Invest to withdraw funds on its own. You authorize wallet actions directly rather than maintaining a custodial Liquid balance; collateral committed to an underlying trading venue remains subject to that venue's margin and withdrawal rules.
## 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).
Comparing options first? Read [which trading platforms connect to Claude or ChatGPT](/learn/trading-platforms-that-connect-to-claude-or-chatgpt) and [the best AI trading platform](/learn/best-ai-trading-platform).
*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 $TICKER** chip right below the text, carrying a live price, the 24-hour change, and a sparkline. Tap it, pick Long or Short, confirm, and the order goes live on Liquid without ever leaving the tab.
## What Counts as a "Trading Chrome Extension" in 2026
Search for one and you get four very different products wearing the same label. Knowing which category a tool belongs to is the fastest way to tell whether it will actually change how you trade.
The first three categories are research tools. They are useful, and there are good ones, but they leave the last mile, the part where you commit capital, exactly where it was.
Co-Invest is in the fourth category, and that is the only category where "best" is decided by execution quality rather than content quality: which markets you can reach, how fast the order is, and how hard the tool works to stop you from firing off something you did not mean.
## Where the Chips Appear
Co-Invest works on the surfaces where trading ideas actually form:
The chip is designed to look like it belongs to the page rather than pasted on top of it. It matches each site's light or dark theme and sits in the flow of the content instead of floating over it. A post never gets more than three chips, however many markets it mentions.
On TradingView, the Trade button in the chart toolbar is how you trade on Liquid straight from a chart. Our walkthrough, [Can You Trade on Liquid with TradingView?](/learn/can-you-trade-on-liquid-with-tradingview), covers setup and which chart symbols map to which Liquid markets.
## How It Knows What the Page Is About
This is the part that separates a useful extension from an annoying one. Co-Invest reads the page you are on and works out which markets it is about, then shows a chip only for the ones Liquid lists.
It recognizes tickers and cashtags like `$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 chat assistants (Claude, ChatGPT, Grok, and Meta Muse) 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 19, 2026 it listed on Shanghai's STAR Market. Here's the story behind the IPO, how the debut went, 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 19, 2026** it went public on Shanghai's STAR Market under the code **688836**. This is the moment the robotics race stopped being a thought experiment and became a tradeable asset. Here's what happened 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 raised roughly **$610–618 million** in its IPO, selling 40.45 million shares (10% of its enlarged share capital) at ¥150.80 per share, a valuation of about **$9 billion** at pricing. The market had other ideas: the stock closed its first day of trading up **487%**. Unitree shipped around **5,500 humanoid units in 2025** alone, more than any competitor worldwide, on **$235 million in revenue** and **60% gross margins**.
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 are earmarked for 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 was the first real market price on that story, and a 487% first day showed how much demand had been waiting for it.
## Trade Unitree on Liquid
You don't need a Shanghai brokerage account or STAR Market access to get exposure. Liquid lets you trade a market that tracks Unitree's price without you needing to own or settle the underlying shares. Like Liquid's other newly listed names such as [SpaceX](/learn/how-spacex-perps-work), the Unitree market trades 24/7, long or short, with leverage available if you want amplified exposure to how the stock moves. Check the live market for the current maximum multiplier.
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 is trading now. 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, choose the execution mode deliberately, cap the capital it can touch, and rehearse the whole workflow in paper trading before real money is involved. In a user-confirmed workflow, require approval before execution. If you enable bounded live execution, the guardrails move up a level: hard limits on size, leverage, markets, and losses matter because individual orders may not come back for a tap first.
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. In a discretionary workflow, you can sit in the middle as the approval layer. In a bounded autonomous workflow, you move more of that approval into constraints set in advance. 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.
A conservative default is to delegate synthesis to the agent, delegate mechanical exits to rules, and keep the final yes or no for yourself. If you later grant an agent a narrow, well-fenced slice of autonomy, do it because you watched it operate in simulation or staged mode first, not because the demo was impressive. Unattended execution is a separate risk tier, not a requirement for agentic 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 one sensible way to use AI trading.
## Trying agentic trading without betting the account
Liquid supports both patterns. Regular [Co-Invest](https://www.liquid.trade/coinvest) in Claude, ChatGPT, Meta Muse, and iMessage is built around user-confirmed orders: the AI researches markets and current conditions, proposes a trade with its reasoning attached, and you decide whether to send it. Grok uses [Co-Invest Computer](https://www.liquid.trade/coinvest-computer), which can run in simulation, stage orders for review, or send live orders within limits you configure. Paper trading lets you test either workflow with simulated money before enabling real execution, and you can attach mechanical protections such as stop losses and take profits to positions.
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.
For crypto specifically, see [the best AI agent for trading crypto](/learn/best-ai-agent-for-trading-crypto).
---
## 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 a variable yield, up to 5.5% APY as of July 2026, 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** (the rate as of July 2026; the live rate is shown in the app).
## 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 as of July 2026.
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, indices, commodities, FX, and pre-IPO company exposure such as OpenAI and Anthropic, plus prediction markets on real-world events. All Liquid markets trade 24/7, including weekends.
Many markets 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. Prediction markets are separate unleveraged event contracts, so their order and settlement mechanics differ.
Eligible perps can 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.
Turning it on takes about ten seconds. In the Liquid app, open **Settings**, go to the **Trading** tab, scroll down to **Paper trading mode** and flick the switch. A PAPER TRADING ACTIVE banner appears across the top and your balance becomes $10,000 of simulated funds. From there the first trade is just a size and a button: type an amount, hit buy, and the position shows up in the table underneath the chart with its entry price, its margin and the price that would liquidate it — the same numbers you'd be reading with real money behind them.
Paper mode covers crypto perpetuals, the stock, index, commodity and FX perps that run on Liquid's own markets, and prediction markets — so you can practice event contracts as well as leveraged trades. A few things aren't simulated yet: crypto spot, and markets routed through external venues like Ostium, Lighter and Kalshi. If you open one, the app steers you back to a supported market. The full walkthrough is in [How to start paper trading on Liquid](/learn/how-to-start-paper-trading-on-liquid).
## You don't even have to do it alone
One more thing worth knowing. Liquid connects to AI assistants like Claude, ChatGPT, Grok, and Meta Muse 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)
Ready to add real funds? Follow our [on-ramping tutorial](/learn/how-to-fund-your-liquid-account) for card, bank, and crypto deposits, including how to check fees, match networks, and confirm your balance.
Interested in futures specifically? Follow [how to start trading futures online](/learn/how-to-start-trading-futures-online).
---
## 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, index, commodity, FX, pre-IPO, 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 perpetual markets on Liquid share the same basic mechanics: 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. Prediction markets work differently, so they get their own section below. Here's a beginner's guide to each market type.
All of them live in one list. Open the market selector from any chart and crypto, oil, SpaceX, gold, Nvidia, Tesla, Anthropic, EUR/USD and OpenAI are rows in the same table — each with its own maximum leverage, which is the first thing worth noticing: the number is set per market, not per account.
## The one thing that's the same across perps: 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. Like every Liquid market, a stock perp trades 24/7, including weekends, so it stays available outside the stock's regular exchange session.
**What moves the price:** Company-specific news such as earnings, product launches, and analyst upgrades, as well as the broader stock market mood.
The regular U.S. stock-market session runs roughly from 9:30am–4:00pm ET on weekdays. Big news often hits outside those hours, so the underlying shares can gap when the regular session reopens.
## Index perps
An index perp tracks a benchmark such as the S&P 500 or Nasdaq 100 rather than one company. It gives you one position on a basket of stocks without owning the constituent shares.
**What moves the price:** Broad equity sentiment, interest-rate expectations, macro data, and moves in the largest companies inside the index. Because an index spreads exposure across many companies, a single earnings report usually matters less than it does for a stock perp, while market-wide news matters more.
## 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.
## Pre-IPO perps
A pre-IPO perp gives you directional exposure to the reference valuation of a private company such as OpenAI or Anthropic without buying private shares or receiving ownership rights. You're trading a perpetual contract tied to a reference price, not stock in the company.
**What moves the price:** Private-market transactions and valuation updates, fundraising news, company milestones, and expectations around a future public listing. These markets can be less liquid than major crypto or public-equity markets, so spreads and execution can vary more.
## Predictions
This one works differently from everything above. A [prediction market](https://app.liquid.trade/predict) 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
Liquid's perpetual markets share the same basic long/short mechanics, while prediction markets use event contracts instead. What changes across the perpetual markets is what you're watching: a Fed meeting for FX, an earnings date for stocks, broad risk sentiment for indices, a private-market valuation update for pre-IPO names, or OPEC for oil. For predictions, the question is whether the market's implied probability is wrong.
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 Barcelona beating Real Madrid, the Chiefs winning an NFL matchup, or a nation lifting a tournament trophy. The prediction market prices each contract between $0 and $1. If a contract trades at $0.65, the market is telling you that 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 buy shares backing a team, player, or event outcome, 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.
For a practical walkthrough, read [How to Trade Prediction Markets](/learn/how-to-trade-prediction-markets). If you want to understand how prices translate into odds, see [Prediction Market Odds Explained](/learn/prediction-market-odds-explained). You can also research and place a confirmed prediction-market trade through [Co-Invest](/learn/how-to-use-co-invest-to-trade-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.
For a side-by-side comparison, see [what is the best AI trading platform](/learn/best-ai-trading-platform) and [which trading platforms connect to Claude or ChatGPT](/learn/trading-platforms-that-connect-to-claude-or-chatgpt).
## 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.
- **Grok.** Connect Co-Invest to Grok Bot and trade from the same place you follow the market on X.
- **Meta Muse.** Add Co-Invest as a Muse connector and trade alongside the rest of your day.
- **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, TradingView, CNBC, Bloomberg, MetaTrader Web, and Axiom, 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 six 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, ChatGPT, Grok, or Meta Muse, 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: Franklyn Wang
- Summary: Looking for alternatives to BingX? Compare the best platforms by fees, custody, derivatives depth, and multi-asset coverage — including a non-custodial, 24/7 option with up to 50x multipliers.
## The short answer
The best BingX alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset trading with up to 50x multipliers and AI-assisted research; **Bybit** for derivatives depth and copy trading; **OKX** for deep derivatives liquidity and a Web3 wallet; and **Kraken** for a long security track record. The right choice depends on whether you want self-custody, derivatives depth, or copy trading.
## Why traders look beyond BingX
- **Security breach.** In **September 2024** BingX suffered a hot-wallet exploit of roughly **$43M** ([CoinDesk, September 2024](https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained)). The exchange pledged to compensate affected users, but the incident highlighted the single-point-of-failure risk of centralized custody. [BingX incident FAQ](https://bingx.com/en/support/articles/38120021124377-hot-wallet-incident-faq) (September 2024).
- **Custodial model.** BingX holds customer funds in centralized custody, exposing users to security incidents, insider threats, and regulatory action.
- **Product coverage varies.** Available assets and contract types differ by venue, account, and jurisdiction.
- **Regulatory uncertainty.** BingX operates primarily offshore with limited licensing; access can change without warning.
- **Copy-trading dependency.** Copy trading ties results to another trader's positions; results can diverge on timing, sizing, or slippage.
## Compare BingX alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Bybit** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, futures, options | No | Derivatives + copy trading |
| **OKX** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, options, Web3 | No | Deep derivatives liquidity |
| **Kraken** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, some equities | No | Security track record |
| **BingX** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, futures, copy trading | No | Copy trading + offshore access |
## Fees compared
Every platform's published schedule in the **same format**: entry tier, top tier, and tier basis. Compare like-for-like — spot, futures, and perpetual fees are different products. Full ladders are linked.
| Platform | Product | Entry tier (maker / taker) | Top tier (maker / taker) | Tier basis |
|---|---|---|---|---|
| **Liquid** | Perps (all-in) | 0.065% / 0.095% | 0.050% / 0.074% | 14-day weighted volume |
| **Liquid** | Spot (all-in) | 0.040% / 0.070% | 0.000% / 0.025% | 14-day weighted volume |
| **Bybit** | Spot | 0.10% / 0.10% | 0.030% / 0.045% | 30-day volume |
| **Bybit** | Perps & futures | 0.02% / 0.055% | 0.000% / 0.030% | 30-day volume |
| **OKX** | Spot | 0.08% / 0.10% | Negative maker at VIP 7+ | 30-day volume |
| **OKX** | Futures | 0.02% / 0.05% | Negative maker at VIP 7+ | 30-day volume |
| **Kraken** | Spot | 0.40% / 0.80% | 0.00% / 0.05% | 30-day volume / assets on platform |
| **Kraken** | Futures | 0.02% / 0.05% | −0.006% / 0.0125% | 30-day volume |
| **BingX** | Spot | 0.10% / 0.10% | Lower with VIP volume | 30-day volume |
| **BingX** | Perps | 0.02% / 0.05% | Lower with VIP volume | 30-day volume |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [Bybit](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) · [OKX](https://www.okx.com/en-us/fees) · [Kraken](https://www.kraken.com/features/fee-schedule) · [BingX](https://bingx.com/en/support/costs)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders who want 24/7 multi-asset markets with leverage and self-custody, plus an AI alternative to copy trading.
**Fees:** Perps 0.095% / 0.065% (Tier 0); spot 0.070% / 0.040%; 14-day weighted volume tiers.
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7.
**Limitations:** No fiat custody (by design). Availability/eligibility vary by jurisdiction. Perps are derivatives, not ownership. Additional features include copy trading, news, and vaults/staking (Earn).
---
## 2. Bybit
**Overview:** Derivatives-focused exchange known for futures liquidity and its own copy-trading tools.
**Best for:** Active derivatives traders who want copy trading and deep futures books.
**Fees:** Spot entry 0.10% / 0.10%; perps & futures 0.02% / 0.055%. [Bybit fee structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Primarily offshore. Not available in the US or several major markets.
---
## 3. OKX
**Overview:** Global exchange with spot, margin, futures, options, and an integrated Web3 wallet.
**Best for:** Derivatives traders who want deep liquidity and a broad product set.
**Fees:** Spot entry 0.08% / 0.10%; futures 0.02% / 0.05%; negative maker rates at VIP 7+. [OKX fees](https://www.okx.com/en-us/fees).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Complex VIP/token tiers. Steep interface for new users.
---
## 4. Kraken
**Overview:** Founded in 2011; one of the longest-running exchanges, publishing proof-of-reserves reviews.
**Best for:** Traders who prioritize a long security track record.
**Fees:** Spot entry 0.40% / 0.80%; futures 0.02% / 0.05%. [Kraken fee schedule](https://www.kraken.com/features/fee-schedule).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. No copy trading. Derivatives coverage is narrower than BingX's copy-trading suite. Higher spot fees for low-volume traders.
---
## How we evaluated these platforms
We compared platforms on **fees, custody, derivatives coverage, and account fit** for traders considering a move from BingX. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation, cited inline; verified 2026-09-23. We did not independently test execution quality or liquidity.
## Verdict
If you want **self-custody, 24/7 multi-asset markets, and AI-assisted trading**, choose **Liquid**. For derivatives depth and copy trading, **Bybit**; deep derivatives liquidity and a Web3 wallet, **OKX**; a long security track record, **Kraken**.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [Bybit trading fee structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) — accessed 2026-09-23
- [OKX fees](https://www.okx.com/en-us/fees) — accessed 2026-09-23
- [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) — accessed 2026-09-23
- [BingX fee schedule](https://bingx.com/en/support/costs) — accessed 2026-09-23
- [BingX hot wallet incident FAQ (Sep 2024)](https://bingx.com/en/support/articles/38120021124377-hot-wallet-incident-faq) — accessed 2026-09-23
- [CoinDesk — BingX hack, onchain data shows over $43M drained (Sep 2024)](https://www.coindesk.com/tech/2024/09/20/crypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained) — accessed 2026-09-23
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-23
- Related: [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms) · [Where to trade perpetual futures](/learn/best-perpetual-futures-platforms)
---
## Binance Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/binance-alternatives
- Published: 2026-06-18
- Author: Franklyn Wang
- Summary: Looking beyond Binance? Compare the best alternatives by fees, custody, market coverage, and trading hours — including a non-custodial, 24/7 option with up to 50x multipliers.
## The short answer
The best Binance alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset trading with up to 50x multipliers; **Kraken** for a long security track record; **OKX** for deep derivatives liquidity; **Bybit** for derivatives and copy trading; and **Coinbase** for US regulatory standing. Your pick depends on whether you want self-custody, a regulated custodian, or the deepest book.
## Why traders look beyond Binance
- **Regulatory setbacks.** In late 2023 Binance agreed to a **$4.3B settlement** with U.S. authorities, and its founder pled guilty to anti-money-laundering violations; the exchange operates under ongoing compliance monitoring. [U.S. Department of Justice](https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution) (November 2023).
- **Market exits.** Binance exited **Canada** ([Reuters, May 2023](https://www.reuters.com/technology/binance-will-proactively-withdraw-canada-2023-05-12/)) and the **Netherlands** ([Reuters, June 2023](https://www.reuters.com/technology/binance-leave-netherlands-2023-06-16/)), and is not FCA-authorized in the UK ([FCA consumer warning](https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group), updated June 2023).
- **Access varies by jurisdiction.** Licensing and product availability change over time — verify current eligibility before relying on a product.
- **Custodial model.** Binance holds customer funds, making it a single point of failure for regulatory action or a security event.
## Compare Binance alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Kraken** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, some equities | No | Security track record |
| **OKX** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, options, Web3 | No | Deep derivatives liquidity |
| **Bybit** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, futures, options | No | Derivatives + copy trading |
| **Coinbase** | Custodial | 24/7 crypto; 24/5 stocks | Limited | Spot crypto, limited derivatives | No | US regulatory standing |
| **Binance** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, options, P2P | No | Broadest crypto coverage |
## Fees compared
Fees differ by product, so we show every platform's published schedule in the **same format**: entry tier, top tier, and how tiers are set. Compare like-for-like — a spot fee, a futures fee, and a perpetual-contract fee are different products. Full ladders are linked per platform.
| Platform | Product | Entry tier (maker / taker) | Top tier (maker / taker) | Tier basis |
|---|---|---|---|---|
| **Liquid** | Perps (all-in) | 0.065% / 0.095% | 0.050% / 0.074% | 14-day weighted volume |
| **Liquid** | Spot (all-in) | 0.040% / 0.070% | 0.000% / 0.025% | 14-day weighted volume |
| **Kraken** | Spot | 0.40% / 0.80% | 0.00% / 0.05% | 30-day volume / assets on platform |
| **Kraken** | Futures | 0.02% / 0.05% | −0.006% / 0.0125% | 30-day volume |
| **OKX** | Spot | 0.08% / 0.10% | Negative maker at VIP 7+ | 30-day volume |
| **OKX** | Futures | 0.02% / 0.05% | Negative maker at VIP 7+ | 30-day volume |
| **Bybit** | Spot | 0.10% / 0.10% | 0.030% / 0.045% | 30-day volume |
| **Bybit** | Perps & futures | 0.02% / 0.055% | 0.000% / 0.030% | 30-day volume |
| **Binance** | Spot | 0.10% / 0.10% | Lower with volume + BNB | 30-day volume / BNB holdings |
| **Binance** | USDⓈ-M futures | 0.02% / 0.05% | Lower with volume | 30-day volume |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [Kraken](https://www.kraken.com/features/fee-schedule) · [OKX](https://www.okx.com/en-us/fees) · [Bybit](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) · [Binance](https://www.binance.com/en/fee/schedule)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders who want 24/7 access to the same markets with leverage, without handing custody to a centralized exchange.
**Fees:** Perps 0.095% / 0.065% (Tier 0); spot 0.070% / 0.040%; tiered by 14-day weighted volume (see *Fee detail*).
**Custody:** Non-custodial wallet authorization — you authorize wallet actions directly instead of maintaining a custodial Liquid account balance; collateral committed to trading remains subject to the underlying venue's margin and withdrawal rules. Smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7 across listed markets.
**Limitations:** No fiat custody (by design). Available markets, features, and eligibility vary by jurisdiction. Perpetual contracts are derivatives and do not confer ownership. Additional features include copy trading, integrated news, and vaults/staking (Earn).
---
## 2. Kraken
**Overview:** Founded in 2011, Kraken is one of the longest-running exchanges and publishes proof-of-reserves reviews.
**Best for:** Traders who prioritize a long operating history and security track record.
**Fees:** Spot entry 0.40% maker / 0.80% taker; futures 0.02% / 0.05%; tiers by 30-day volume or assets on platform. [Kraken fee schedule](https://www.kraken.com/features/fee-schedule).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Futures not available in all jurisdictions. Fewer listed assets than Binance. Higher spot fees for low-volume traders.
---
## 3. OKX
**Overview:** A global exchange offering spot, margin, futures, options, and an integrated Web3 wallet.
**Best for:** Derivatives traders who want deep liquidity and a broad product set.
**Fees:** Spot entry 0.08% / 0.10%; futures 0.02% / 0.05%; negative maker rates at VIP 7+. [OKX fees](https://www.okx.com/en-us/fees).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Complex VIP/token-tier structure. Steep interface for new users. Availability varies by jurisdiction.
---
## 4. Bybit
**Overview:** A derivatives-focused exchange known for futures liquidity and copy trading.
**Best for:** Active derivatives traders who want copy trading and deep futures books.
**Fees:** Spot entry 0.10% / 0.10%; perps & futures 0.02% / 0.055%. [Bybit fee structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Primarily offshore. Not available in the US or several major markets. Wide toolset can overwhelm new users.
---
## 5. Coinbase
**Overview:** The largest US-based exchange, publicly traded, with a beginner-friendly interface.
**Best for:** Traders who value US regulatory standing and simple onboarding.
**Fees:** Coinbase Advanced spot starts at 0.40% maker / 0.60% taker (entry tier), with maker as low as 0.0% at top volume tiers; simple mode charges a spread plus fee. [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees).
**Custody:** Custodial.
**Trading hours:** 24/7 crypto; 24/5 stocks for eligible users.
**Limitations:** Custodial. Higher fees than most alternatives in simple mode. Fewer listed assets than Binance. Limited derivatives access.
---
## How we evaluated these platforms
We compared platforms on **fees, custody model, market coverage, and account fit** for traders considering a move from Binance. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation and cited inline; verified 2026-09-23 and subject to change. We did not independently test execution quality or liquidity for every platform.
## Verdict
If you want **self-custody, 24/7 multi-asset markets, and AI-assisted trading**, choose **Liquid**. If you want a long security track record, choose **Kraken**; deep derivatives liquidity, **OKX**; derivatives plus copy trading, **Bybit**; US regulatory standing and simple onboarding, **Coinbase**.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) — accessed 2026-09-23
- [OKX fees](https://www.okx.com/en-us/fees) — accessed 2026-09-23
- [Bybit trading fee structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) — accessed 2026-09-23
- [Binance fee schedule](https://www.binance.com/en/fee/schedule) — accessed 2026-09-23
- [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) — accessed 2026-09-23
- [U.S. Department of Justice — Binance and CEO plead guilty (Nov 2023)](https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution) — accessed 2026-09-23
- [Reuters — Binance withdraws from Canada (May 2023)](https://www.reuters.com/technology/binance-will-proactively-withdraw-canada-2023-05-12/) — accessed 2026-09-23
- [Reuters — Binance to quit the Netherlands (Jun 2023)](https://www.reuters.com/technology/binance-leave-netherlands-2023-06-16/) — accessed 2026-09-23
- [FCA consumer warning on Binance Markets Limited and the Binance Group](https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group) — accessed 2026-09-23
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-23
- Related: [Where to trade perpetual futures](/learn/best-perpetual-futures-platforms) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## Coinbase Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/coinbase-alternatives
- Published: 2026-06-18
- Author: Franklyn Wang
- Summary: Outgrowing Coinbase? Compare alternatives by fees, market coverage, derivatives access, and custody — including a non-custodial, 24/7 option with up to 50x multipliers.
## The short answer
The best Coinbase alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset trading with up to 50x multipliers and AI-assisted research; **Kraken** for a long security track record; **OKX** for deep derivatives liquidity and a Web3 wallet; and **eToro** for multi-asset social and copy trading. Coinbase remains a strong choice for simple, regulated, buy-and-hold crypto.
## Why traders look beyond Coinbase
- **Fee structure.** Fees depend on product, order type, market, and volume tier; simple-mode buys embed a spread. Active traders should compare all-in costs. [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) (accessed 2026-09-23).
- **Different derivatives access.** Available derivatives and short tools vary by product, account, and jurisdiction.
- **Narrower product coverage.** Stocks, commodities, and FX exposure vary by venue and jurisdiction.
- **Custodial model.** Assets sit in Coinbase's custody; the company controls access and can freeze accounts or restrict withdrawals.
- **Limited short exposure.** Spot-only users cannot open a short through a spot order.
## Compare Coinbase alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Kraken** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, some equities | No | Security track record |
| **OKX** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, options, Web3 | No | Deep derivatives liquidity |
| **eToro** | Custodial | Market hours by product | CFD leverage varies | Stocks, ETFs, commodities, FX, crypto | No | Social copy trading |
| **Coinbase** | Custodial | 24/7 crypto; 24/5 stocks | Limited | Spot crypto, limited derivatives | No | US regulatory standing |
## Fees compared
Every platform's published schedule in the **same format**: entry tier, top tier, and tier basis. Compare like-for-like — spot, futures, and perpetual fees are different products. Full ladders are linked.
| Platform | Product | Entry tier (maker / taker) | Top tier (maker / taker) | Tier basis |
|---|---|---|---|---|
| **Liquid** | Perps (all-in) | 0.065% / 0.095% | 0.050% / 0.074% | 14-day weighted volume |
| **Liquid** | Spot (all-in) | 0.040% / 0.070% | 0.000% / 0.025% | 14-day weighted volume |
| **Kraken** | Spot | 0.40% / 0.80% | 0.00% / 0.05% | 30-day volume / assets on platform |
| **Kraken** | Futures | 0.02% / 0.05% | −0.006% / 0.0125% | 30-day volume |
| **OKX** | Spot | 0.08% / 0.10% | Negative maker at VIP 7+ | 30-day volume |
| **OKX** | Futures | 0.02% / 0.05% | Negative maker at VIP 7+ | 30-day volume |
| **eToro** | Stocks | $0 (US) or $1–$2 / 0.15% by region | — | Flat / region |
| **eToro** | Crypto | 1% per side | — | Flat |
| **Coinbase** | Spot (Advanced) | 0.40% / 0.60% | 0.00% / 0.05% | 30-day volume |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [Kraken](https://www.kraken.com/features/fee-schedule) · [OKX](https://www.okx.com/en-us/fees) · [eToro](https://www.etoro.com/trading/fees/) · [Coinbase Advanced](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders comparing active trading, multi-asset coverage, and a self-custodial model.
**Fees:** Perps 0.095% / 0.065% (Tier 0); spot 0.070% / 0.040%; 14-day weighted volume tiers.
**Custody:** Non-custodial wallet authorization — you authorize wallet actions directly instead of maintaining a custodial Liquid account balance; collateral committed to trading remains subject to the underlying venue's margin and withdrawal rules. Smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7.
**Limitations:** No fiat custody (by design). Availability/eligibility vary by jurisdiction. Perps are derivatives, not ownership. Additional features include copy trading, news, and vaults/staking (Earn).
---
## 2. Kraken
**Overview:** Founded in 2011; one of the longest-running exchanges, publishing proof-of-reserves reviews.
**Best for:** Traders who prioritize a long security track record.
**Fees:** Spot entry 0.40% / 0.80%; futures 0.02% / 0.05%. [Kraken fee schedule](https://www.kraken.com/features/fee-schedule).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Futures not available in all jurisdictions. Multiple interfaces (Kraken vs Kraken Pro).
---
## 3. OKX
**Overview:** Global exchange with spot, margin, futures, options, and an integrated Web3 wallet.
**Best for:** Derivatives traders who want deep liquidity.
**Fees:** Spot entry 0.08% / 0.10%; futures 0.02% / 0.05%. [OKX fees](https://www.okx.com/en-us/fees).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Complex interface. Availability varies by jurisdiction.
---
## 4. eToro
**Overview:** Multi-asset social trading platform built around copy trading.
**Best for:** Traders who want social copy trading across stocks, commodities, FX, and crypto.
**Fees:** US stock commissions $0; elsewhere $1–$2 per side or 0.15%; crypto 1%; USD withdrawals $5. [eToro fees](https://www.etoro.com/trading/fees/).
**Custody:** Custodial.
**Trading hours:** Market hours by product.
**Limitations:** Custodial. Fees vary by region. Copy trading depends on other traders. Limited derivatives depth.
---
## How we evaluated these platforms
We compared platforms on **fees, custody, derivatives access, market coverage, and account fit** for traders considering a move from Coinbase. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation, cited inline; verified 2026-09-23. We did not independently test execution quality or liquidity.
## Verdict
If you want **self-custody, 24/7 multi-asset markets, and AI-assisted trading**, choose **Liquid**. For a long security track record, **Kraken**; deep derivatives liquidity, **OKX**; social copy trading, **eToro**. Keep Coinbase for simple, regulated buy-and-hold.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) — accessed 2026-09-23
- [OKX fees](https://www.okx.com/en-us/fees) — accessed 2026-09-23
- [eToro fees](https://www.etoro.com/trading/fees/) — accessed 2026-09-23
- [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) — accessed 2026-09-23
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-23
- Related: [Where to trade perpetual futures](/learn/best-perpetual-futures-platforms) · [Where can I trade stocks 24/7?](/learn/where-to-trade-stocks-24-7)
---
## eToro Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/etoro-alternatives
- Published: 2026-06-18
- Author: Franklyn Wang
- Summary: Looking beyond eToro? Compare alternatives by fees, custody, trading hours, and asset coverage — including a non-custodial, 24/7 option with up to 50x multipliers.
## The short answer
The best eToro alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset trading with up to 50x multipliers and AI-assisted research; **Webull** for commission-free stocks and options with overnight sessions; **Robinhood** for a simple app and IRA accounts; and **Coinbase** for US regulatory standing in crypto. eToro remains a good fit for traders who specifically want social copy trading.
## Why traders look beyond eToro
- **Fee structure.** eToro's stock commissions vary by region — **$0 in the US**, or **$1–$2 per side / 0.15%** elsewhere — crypto is **1%**, USD withdrawals are **$5**, and currency-conversion charges apply. [eToro fees](https://www.etoro.com/trading/fees/) (accessed 2026-09-23).
- **Copy-trading dependency.** CopyTrader mirrors another trader's positions; results can diverge on timing, sizing, slippage, or configuration.
- **Custodial model.** eToro holds your funds and controls withdrawals and transfers.
- **Regional restrictions.** Feature sets vary by region; the US experience is more limited than Europe's.
- **Limited derivatives.** eToro offers CFDs in some regions, but access varies; it's designed for simpler buy-and-hold or copy-trading use cases.
## Compare eToro alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Webull** | Custodial | 24/5 overnight (select) | Margin (varies) | Stocks, ETFs, options, futures | Yes (Agentic) | Charting + overnight |
| **Robinhood** | Custodial | 24/5 overnight (select) | Margin (varies) | Stocks, ETFs, options, crypto | No | Simple app + IRA |
| **Coinbase** | Custodial | 24/7 crypto; 24/5 stocks | Limited | Spot crypto, limited derivatives | No | US regulatory standing |
| **eToro** | Custodial | Market hours by product | CFD leverage varies | Stocks, ETFs, commodities, FX, crypto | No | Social copy trading |
## Fees compared
Every platform's published schedule in the **same format**: entry rate, structure, and other costs. Compare like-for-like — stock commissions, crypto fees, and perpetual fees are different products. Full schedules are linked.
| Platform | Product | Entry rate | Structure | Other costs |
|---|---|---|---|---|
| **Liquid** | Perps (all-in) | 0.065% maker / 0.095% taker (Tier 0) | Tiered by 14-day weighted volume | Funding; spreads |
| **Liquid** | Spot (all-in) | 0.040% / 0.070% | Tiered by 14-day weighted volume | — |
| **Webull** | Stocks/ETFs/options | $0; index options from $0.50/contract | Flat | Regulatory fees; $75 outgoing transfer |
| **Robinhood** | Stocks/ETFs/options | $0; index options $0.50/contract ($0.35 Gold) | Flat | Regulatory + index-option exchange pass-throughs |
| **Coinbase** | Spot (Advanced) | 0.40% / 0.60% entry; maker as low as 0.0% at top tier | Tiered by 30-day volume | Spread in simple mode |
| **eToro** | Stocks | $0 (US) or $1–$2 / 0.15% by region | Flat / region | Crypto 1%; $5 withdrawal; conversion; overnight (CFDs) |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [Webull](https://www.webull.com/pricing) · [Robinhood](https://robinhood.com/us/en/support/articles/trading-fees-on-robinhood/) · [Coinbase Advanced](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) · [eToro](https://www.etoro.com/trading/fees/)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders comparing AI-assisted research with copy trading, a non-custodial model, and published tiered fees.
**Fees:** Perps 0.095% / 0.065% (Tier 0); spot 0.070% / 0.040%; 14-day weighted volume tiers.
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7.
**Limitations:** No fiat custody (by design). Availability/eligibility vary by jurisdiction. Perps are derivatives, not ownership. Additional features include copy trading, news, and vaults/staking (Earn).
---
## 2. Webull
**Overview:** Commission-free brokerage with strong charting, popular with active US retail traders.
**Best for:** Traders who want advanced charts and 24/5 overnight sessions.
**Fees:** $0 commissions on US stocks, ETFs, and options; index options from $0.50/contract; $75 outgoing transfer. [Webull pricing](https://www.webull.com/pricing).
**Custody:** Custodial (cleared through Apex).
**Trading hours:** Overnight 8 p.m.–4 a.m. ET Sun–Thu (24/5, select securities).
**Limitations:** Custodial. 24/5, not weekends. Product coverage varies by account and jurisdiction.
---
## 3. Robinhood
**Overview:** The pioneer of commission-free trading, with a simple interface and IRA accounts.
**Best for:** Simple, long-term investing and retirement accounts.
**Fees:** $0 commissions on US stocks and ETFs; index options $0.50/contract ($0.35 with Gold), plus exchange and regulatory pass-throughs. [Robinhood trading fees](https://robinhood.com/us/en/support/articles/trading-fees-on-robinhood/).
**Custody:** Custodial.
**Trading hours:** 24 Hour Market Sun 8 p.m.–Fri 8 p.m. ET (24/5), limit orders overnight.
**Limitations:** Custodial. Historically restricted trading during volatile periods. Limited crypto selection. Payment for order flow.
---
## 4. Coinbase
**Overview:** The largest US-based exchange, publicly traded, with a beginner-friendly interface.
**Best for:** Traders who value US regulatory standing and simple crypto onboarding.
**Fees:** Coinbase Advanced spot starts at 0.40% maker / 0.60% taker (entry tier), with maker as low as 0.0% at top volume tiers; simple mode charges a spread plus fee. [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees).
**Custody:** Custodial.
**Trading hours:** 24/7 crypto; 24/5 stocks for eligible users.
**Limitations:** Custodial. Crypto-focused — limited multi-asset coverage. Higher simple-mode fees.
---
## How we evaluated these platforms
We compared platforms on **fees, custody, trading hours, asset coverage, and account fit** for traders considering a move from eToro. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation, cited inline; verified 2026-09-23. We did not independently test execution quality or liquidity.
## Verdict
If you want **24/7 multi-asset markets with leverage and self-custody**, choose **Liquid**. For commission-free stocks with overnight sessions, **Webull**; a simple app and IRAs, **Robinhood**; US-regulated crypto, **Coinbase**. Keep eToro if you specifically want social copy trading.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [eToro fees](https://www.etoro.com/trading/fees/) — accessed 2026-09-23
- [Webull pricing](https://www.webull.com/pricing) — accessed 2026-09-23
- [Webull Agentic AI](https://www.webull.com/agentic) — accessed 2026-09-24
- [Robinhood trading fees](https://robinhood.com/us/en/support/articles/trading-fees-on-robinhood/) — accessed 2026-09-23
- [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) — accessed 2026-09-23
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-23
- Related: [Where can I trade stocks 24/7?](/learn/where-to-trade-stocks-24-7) · [Which platforms let me trade on weekends?](/learn/weekend-trading-platforms)
---
## Kraken Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/kraken-alternatives
- Published: 2026-06-18
- Author: Franklyn Wang
- Summary: Exploring alternatives to Kraken? Compare the best platforms by fees, custody, derivatives access, and multi-asset coverage — including a non-custodial, 24/7 option with up to 50x multipliers.
## The short answer
The best Kraken alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset trading with up to 50x multipliers; **Coinbase** for US regulatory standing and simple onboarding; **OKX** for deep derivatives liquidity and a Web3 wallet; and **Webull** for commission-free stocks and options with overnight sessions. Kraken remains strong on security and track record.
## Why traders look beyond Kraken
- **Custodial model.** Despite a strong security record, Kraken holds customer funds; access depends on a centralized entity.
- **Fragmented experience.** Kraken splits the experience across a simple app, Kraken Pro, and separate API access.
- **Regional restrictions.** Kraken's futures and margin products aren't available in all jurisdictions.
- **Higher retail spot fees.** Kraken's entry spot tier is **0.40% maker / 0.80% taker**, among the higher entry rates among major exchanges. [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) (accessed 2026-09-23).
- **Product coverage varies.** Available assets and contract types differ by venue, account, and jurisdiction.
## Compare Kraken alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Coinbase** | Custodial | 24/7 crypto; 24/5 stocks | Limited | Spot crypto, limited derivatives | No | US regulatory standing |
| **OKX** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, options, Web3 | No | Deep derivatives liquidity |
| **Webull** | Custodial | 24/5 overnight (select) | Margin (varies) | Stocks, ETFs, options, futures | Yes (Agentic) | Charting + overnight |
| **Kraken** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, some equities | No | Security track record |
## Fees compared
Every platform's published schedule in the **same format**: entry tier, top tier, and tier basis. Compare like-for-like — spot, futures, and perpetual fees are different products. Full ladders are linked.
| Platform | Product | Entry tier (maker / taker) | Top tier (maker / taker) | Tier basis |
|---|---|---|---|---|
| **Liquid** | Perps (all-in) | 0.065% / 0.095% | 0.050% / 0.074% | 14-day weighted volume |
| **Liquid** | Spot (all-in) | 0.040% / 0.070% | 0.000% / 0.025% | 14-day weighted volume |
| **Kraken** | Spot | 0.40% / 0.80% | 0.00% / 0.05% | 30-day volume / assets on platform |
| **Kraken** | Futures | 0.02% / 0.05% | −0.006% / 0.0125% | 30-day volume |
| **Coinbase** | Spot (Advanced) | 0.40% / 0.60% | 0.00% / 0.05% | 30-day volume |
| **OKX** | Spot | 0.08% / 0.10% | Negative maker at VIP 7+ | 30-day volume |
| **OKX** | Futures | 0.02% / 0.05% | Negative maker at VIP 7+ | 30-day volume |
| **Webull** | Stocks/ETFs/options | $0; index options from $0.50/contract | — | Flat — no tiers; regulatory fees; $75 outgoing transfer |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) · [Coinbase Advanced](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) · [OKX](https://www.okx.com/en-us/fees) · [Webull](https://www.webull.com/pricing)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Serious traders who value reliability but want broader asset coverage, a unified experience, and non-custodial control.
**Fees:** Perps 0.095% / 0.065% (Tier 0); spot 0.070% / 0.040%; 14-day weighted volume tiers.
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7.
**Limitations:** No fiat custody (by design). Availability/eligibility vary by jurisdiction. Perps are derivatives, not ownership. Additional features include copy trading, news, and vaults/staking (Earn).
---
## 2. Coinbase
**Overview:** The largest US-based exchange, publicly traded, with a beginner-friendly interface.
**Best for:** Traders who value US regulatory standing and simple onboarding.
**Fees:** Coinbase Advanced spot starts at 0.40% maker / 0.60% taker (entry tier), with maker as low as 0.0% at top volume tiers; simple mode charges a spread plus fee. [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees).
**Custody:** Custodial.
**Trading hours:** 24/7 crypto; 24/5 stocks for eligible users.
**Limitations:** Custodial. Higher simple-mode fees. Limited derivatives. Not designed for active traders.
---
## 3. OKX
**Overview:** Global exchange with deep derivatives liquidity, an integrated Web3 wallet, and a broad product ecosystem.
**Best for:** Derivatives traders who want depth and a wide product set.
**Fees:** Spot entry 0.08% / 0.10%; futures 0.02% / 0.05%. [OKX fees](https://www.okx.com/en-us/fees).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Complex interface. Perpetual futures and advanced derivatives not available to US users.
---
## 4. Webull
**Overview:** Commission-free brokerage with strong charting, popular with active US retail traders.
**Best for:** Traders who want advanced charts and 24/5 overnight sessions.
**Fees:** $0 commissions on US stocks, ETFs, and options; index options from $0.50/contract; $75 outgoing transfer. [Webull pricing](https://www.webull.com/pricing).
**Custody:** Custodial (cleared through Apex).
**Trading hours:** Overnight 8 p.m.–4 a.m. ET Sun–Thu (24/5, select securities).
**Limitations:** Custodial. 24/5, not weekends. Product coverage varies by account and jurisdiction.
---
## How we evaluated these platforms
We compared platforms on **fees, custody, derivatives access, market coverage, and account fit** for traders considering a move from Kraken. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation, cited inline; verified 2026-09-23. We did not independently test execution quality or liquidity.
## Verdict
If you want **self-custody, 24/7 multi-asset markets, and AI-assisted trading**, choose **Liquid**. For US regulatory standing, **Coinbase**; deep derivatives liquidity, **OKX**; commission-free stocks with overnight sessions, **Webull**. Keep Kraken for security and fiat on/off-ramps.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) — accessed 2026-09-23
- [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) — accessed 2026-09-23
- [OKX fees](https://www.okx.com/en-us/fees) — accessed 2026-09-23
- [Webull pricing](https://www.webull.com/pricing) — accessed 2026-09-23
- [Webull Agentic AI](https://www.webull.com/agentic) — accessed 2026-09-24
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-23
- Related: [Where can I trade stocks 24/7?](/learn/where-to-trade-stocks-24-7) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## OKX Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/okx-alternatives
- Published: 2026-06-18
- Author: Franklyn Wang
- Summary: Exploring alternatives to OKX? Compare the best platforms by fees, custody, derivatives depth, and multi-asset coverage — including a non-custodial, 24/7 option with up to 50x multipliers.
## The short answer
The best OKX alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset trading with up to 50x multipliers and AI-assisted research; **Kraken** for a long security track record; **Coinbase** for US regulatory standing and simple onboarding; and **eToro** for multi-asset social and copy trading. OKX remains a strong choice for deep derivatives liquidity.
## Why traders look beyond OKX
- **Custodial risk.** OKX holds customer funds in centralized custody; despite proof-of-reserves reports, centralized exchanges remain vulnerable to security incidents and account compromises.
- **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 holding OKX's token. [OKX fees](https://www.okx.com/en-us/fees) (accessed 2026-09-23).
- **Different asset coverage.** Product coverage varies by venue and region; stock, commodity, and FX exposure should be compared directly.
- **Regional availability.** Licensing, products, and eligibility vary by jurisdiction.
- **Interface complexity.** Spot, margin, futures, options, structured products, NFTs, and DeFi tools create a steep learning curve.
## Compare OKX alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Kraken** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, some equities | No | Security track record |
| **Coinbase** | Custodial | 24/7 crypto; 24/5 stocks | Limited | Spot crypto, limited derivatives | No | US regulatory standing |
| **eToro** | Custodial | Market hours by product | CFD leverage varies | Stocks, ETFs, commodities, FX, crypto | No | Social copy trading |
| **OKX** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, options, Web3 | No | Deep derivatives liquidity |
## Fees compared
Every platform's published schedule in the **same format**: entry tier, top tier, and tier basis. Compare like-for-like — spot, futures, and perpetual fees are different products. Full ladders are linked.
| Platform | Product | Entry tier (maker / taker) | Top tier (maker / taker) | Tier basis |
|---|---|---|---|---|
| **Liquid** | Perps (all-in) | 0.065% / 0.095% | 0.050% / 0.074% | 14-day weighted volume |
| **Liquid** | Spot (all-in) | 0.040% / 0.070% | 0.000% / 0.025% | 14-day weighted volume |
| **OKX** | Spot | 0.08% / 0.10% | Negative maker at VIP 7+ | 30-day volume |
| **OKX** | Futures | 0.02% / 0.05% | Negative maker at VIP 7+ | 30-day volume |
| **Kraken** | Spot | 0.40% / 0.80% | 0.00% / 0.05% | 30-day volume / assets on platform |
| **Kraken** | Futures | 0.02% / 0.05% | −0.006% / 0.0125% | 30-day volume |
| **Coinbase** | Spot (Advanced) | 0.40% / 0.60% | 0.00% / 0.05% | 30-day volume |
| **eToro** | Stocks | $0 (US) or $1–$2 / 0.15% by region | — | Flat / region |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [OKX fees](https://www.okx.com/en-us/fees) · [Kraken](https://www.kraken.com/features/fee-schedule) · [Coinbase Advanced](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) · [eToro](https://www.etoro.com/trading/fees/)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Derivatives traders who want broad asset coverage, non-custodial control, and simpler pricing.
**Fees:** Perps 0.095% / 0.065% (Tier 0); spot 0.070% / 0.040%; 14-day weighted volume tiers.
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7.
**Limitations:** No fiat custody (by design). Availability/eligibility vary by jurisdiction. Perps are derivatives, not ownership. Additional features include copy trading, news, and vaults/staking (Earn).
---
## 2. Kraken
**Overview:** Founded in 2011; one of the longest-running exchanges, publishing proof-of-reserves reviews.
**Best for:** Traders who prioritize a long security track record.
**Fees:** Spot entry 0.40% / 0.80%; futures 0.02% / 0.05%. [Kraken fee schedule](https://www.kraken.com/features/fee-schedule).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Futures restricted in some jurisdictions. Lower derivatives liquidity than OKX.
---
## 3. Coinbase
**Overview:** The largest US-based exchange, publicly traded, with a beginner-friendly interface.
**Best for:** Traders who value US regulatory standing and simple onboarding.
**Fees:** Coinbase Advanced spot starts at 0.40% maker / 0.60% taker (entry tier), with maker as low as 0.0% at top volume tiers; simple mode charges a spread plus fee. [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees).
**Custody:** Custodial.
**Trading hours:** 24/7 crypto; 24/5 stocks for eligible users.
**Limitations:** Custodial. Limited derivatives depth. Not designed for active derivatives traders.
---
## 4. eToro
**Overview:** Multi-asset social trading platform with copy trading and broad asset coverage.
**Best for:** Traders who want social copy trading across stocks, commodities, FX, and crypto.
**Fees:** US stock commissions $0; elsewhere $1–$2 per side or 0.15%; crypto 1%; USD withdrawals $5. [eToro fees](https://www.etoro.com/trading/fees/).
**Custody:** Custodial.
**Trading hours:** Market hours by product.
**Limitations:** Custodial. Very limited derivatives depth vs OKX. Copy trading depends on other traders. Limited in the US.
---
## How we evaluated these platforms
We compared platforms on **fees, custody, derivatives depth, market coverage, and account fit** for traders considering a move from OKX. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation, cited inline; verified 2026-09-23. We did not independently test execution quality or liquidity.
## Verdict
If you want **self-custody, 24/7 multi-asset markets, and AI-assisted trading**, choose **Liquid**. For a long security track record, **Kraken**; US regulatory standing, **Coinbase**; social copy trading, **eToro**. Keep OKX for deep derivatives liquidity.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [OKX fees](https://www.okx.com/en-us/fees) — accessed 2026-09-23
- [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) — accessed 2026-09-23
- [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) — accessed 2026-09-23
- [eToro fees](https://www.etoro.com/trading/fees/) — accessed 2026-09-23
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-23
- Related: [Where to trade perpetual futures](/learn/best-perpetual-futures-platforms) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## Robinhood Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/robinhood-alternatives
- Published: 2026-06-18
- Author: Franklyn Wang
- Summary: Looking beyond Robinhood? Compare the best alternatives by fees, trading hours, custody model, and asset coverage — including a non-custodial, 24/7 option with up to 50x multipliers and AI-assisted trading.
## The short answer
The best Robinhood alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset trading with up to 50x multipliers and pre-IPO markets; **Interactive Brokers** for global access and low commissions; **Fidelity** and **Charles Schwab** for full-service brokerage and retirement accounts; and **Webull** for commission-free trading with overnight sessions. Robinhood still suits simple buy-and-hold investors wanting IRA access.
## Why traders look beyond Robinhood
- **No weekend trading.** Robinhood's 24 Hour Market runs Sunday 8 p.m. ET to Friday 8 p.m. ET (24/5) for select stocks and ETFs — markets close for the weekend. [Robinhood 24 Hour Market](https://robinhood.com/us/en/support/articles/24hour-market/) (accessed 2026-09-23).
- **Short selling is limited for most users.** Put options are the usual workaround. [Robinhood options FAQ](https://robinhood.com/us/en/support/articles/options-trading-faq/) (accessed 2026-09-23).
- **Custodial model.** Robinhood holds customer assets; it restricted buying in several stocks during the January 2021 GameStop volatility ([CNBC, January 2021](https://www.cnbc.com/2021/01/28/robinhood-interactive-brokers-restrict-trading-in-gamestop-s.html)).
- **Payment for order flow.** Trades are commission-free, but Robinhood earns revenue routing orders to market makers, which can affect execution quality. [Robinhood trading fees](https://robinhood.com/us/en/support/articles/trading-fees-on-robinhood/) (accessed 2026-09-23).
## Compare Robinhood alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Interactive Brokers** | Custodial | Extended; global sessions | Margin (varies) | Global stocks, options, futures, FX, bonds, funds | No | Global access, low cost |
| **Fidelity** | Custodial | Premarket + after-hours | Margin (varies) | Stocks, ETFs, options, funds, bonds | No | Full-service + retirement |
| **Charles Schwab** | Custodial | 24/5 overnight (thinkorswim) | Margin (varies) | Stocks, ETFs, options, futures, funds | No | Full-service + thinkorswim |
| **Webull** | Custodial | 24/5 overnight (select) | Margin (varies) | Stocks, ETFs, options, futures | Yes (Agentic) | Charting + overnight |
| **eToro** | Custodial | Market hours by product | CFD leverage (varies) | Stocks, ETFs, commodities, FX, crypto | No | Social copy trading |
| **Coinbase** | Custodial | 24/7 crypto; 24/5 stocks | Limited | Spot crypto, limited derivatives | No | Simple crypto access |
| **Robinhood** | Custodial | 24/5 (24 Hour Market) | Margin (varies) | Stocks, ETFs, options, crypto | No | Simple app + IRA |
## Fees compared
Fees differ by product, so we show every platform's published schedule in the **same format**: headline rate, structure, and other costs. Where a platform publishes volume tiers we show them (see *Fee detail* below); where it charges a single flat rate, we say so. Compare like-for-like — a stock commission and a perpetual-contract fee are not the same product.
| Platform | Product basis | Headline rate | Structure | Other costs |
|---|---|---|---|---|
| **Liquid** | Perps & spot | Perps 0.095% taker / 0.065% maker (Tier 0); spot 0.070% / 0.040% | Tiered by 14-day weighted volume; maker rebates paid continuously | Funding on perps; spreads |
| **Interactive Brokers** | Stocks/ETFs | $0 (Lite); $0.0005–$0.0035/share (Pro Tiered) or $0.005 fixed | Tiered or fixed | Regulatory fees; market data |
| **Fidelity** | Stocks/ETFs/options | $0 online; options $0.65/contract | Flat | Additional Assessment on sells (~$0.01–$0.03 per $1,000) |
| **Charles Schwab** | Stocks/ETFs/options | $0 online; options $0.65/contract | Flat | Regulatory fees |
| **Webull** | Stocks/ETFs/options | $0; index options from $0.50/contract | Flat | Regulatory fees; $75 outgoing transfer |
| **Robinhood** | Stocks/ETFs/options | $0; index options $0.50/contract ($0.35 Gold) | Flat | Regulatory + index-option exchange pass-throughs |
| **eToro** | Stocks | $0 (US); $1–$2/side or 0.15% (other regions) | Flat / region-dependent | Crypto 1%; $5 withdrawal; conversion; overnight (CFDs) |
| **Coinbase** | Crypto (spot) | Advanced: 0.40% / 0.60% entry | Tiered maker/taker by 30-day volume; maker as low as 0.0% at top tier | Spread in simple mode; network fees |
Sources for every row are linked in *Sources & further reading* (all accessed 2026-09-23). Fees change; verify on the platform's own schedule before trading.
### Fee detail: volume tiers (same format for every platform that publishes them)
**Liquid — perps and spot.** Tiered by rolling 14-day weighted volume, assessed daily at 00:00 UTC; maker rebates are paid continuously and spot volume counts double toward your tier. [Full fee schedule](/learn/perpetual-futures-fees).
**Interactive Brokers — US stocks/ETFs (Pro Tiered).** Monthly-volume tiers; IBKR Lite is $0 for eligible US residents.
| Monthly volume (shares) | Tiered rate |
|---|---|
| ≤ 300,000 | $0.0035 |
| 300,001–3,000,000 | $0.0020 |
| 3,000,001–20,000,000 | $0.0015 |
| 20,000,001–100,000,000 | $0.0010 |
| > 100,000,000 | $0.0005 |
**Fidelity, Charles Schwab, Webull, Robinhood — flat schedules.** These platforms charge a single headline rate ($0 commissions on US stocks/ETFs, with a per-contract options fee where applicable) plus regulatory pass-throughs. They do not publish volume tiers for retail stock/ETF trading. Full schedules: [Fidelity](https://www.fidelity.com/trading/commissions), [Schwab](https://www.schwab.com/pricing), [Webull](https://www.webull.com/pricing), [Robinhood](https://robinhood.com/us/en/support/articles/trading-fees-on-robinhood/).
**Coinbase Advanced — spot maker/taker tiers.** Tiered by 30-day volume from 0.40% maker / 0.60% taker at the entry level, with maker as low as 0.0% at top tiers; tiers are shown in-app. [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees).
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Traders who want to trade the same markets 24/7 — including weekends — with leverage, without handing custody to a broker, and with an AI assistant for research.
**Fees:** Perps all-in 0.095% taker / 0.065% maker at Tier 0; spot 0.070% / 0.040%; tiered by rolling 14-day weighted volume. [Fee guide](/learn/perpetual-futures-fees).
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7 across listed markets, including weekends and holidays. Liquidity, spreads, and reference pricing can differ when the underlying market is closed.
**Limitations:** No fiat custody (by design). Available markets, features, and eligibility vary by jurisdiction. Perpetual contracts are derivatives and do not confer share ownership. Additional features include copy trading, integrated news, and vaults/staking (Earn).
---
## 2. Interactive Brokers
**Overview:** A global brokerage known for low commissions, broad market access, and professional-grade tools.
**Best for:** Active and international traders who need global exchanges, options, futures, and FX in one account.
**Fees:** $0 (IBKR Lite) or $0.0005–$0.0035/share (Pro Tiered) / $0.005 fixed; options $0.15–$0.65/contract. [IBKR pricing](https://www.interactivebrokers.com/en/pricing/commissions-home.php).
**Custody:** Custodial.
**Trading hours:** Extended and global exchange sessions; overnight US trading available under program rules.
**Limitations:** Custodial. Complex interface for beginners. US overnight access has eligibility limits.
---
## 3. Fidelity
**Overview:** A full-service brokerage with $0 online commissions and a strong retirement offering.
**Best for:** Long-term investors and retirement accounts that also want options and extended-hours trading.
**Fees:** $0 online for US stocks and ETFs; options $0.65/contract. [Fidelity commissions](https://www.fidelity.com/trading/commissions).
**Custody:** Custodial.
**Trading hours:** Premarket and after-hours via Fidelity.com; not full weekend trading. [Fidelity extended hours](https://www.fidelity.com/webxpress/help/topics/help_notes_ecn.shtml).
**Limitations:** Custodial. No 24/7 weekend access. Per-contract options fee.
---
## 4. Charles Schwab
**Overview:** A full-service brokerage with broad products, research, and the thinkorswim platform suite.
**Best for:** Traders who want a full-service broker with a professional desktop platform and overnight access.
**Fees:** $0 online for US stocks/ETFs; options $0.65/contract. [Schwab pricing](https://www.schwab.com/pricing).
**Custody:** Custodial.
**Trading hours:** Regular, extended, and 24/5 overnight for eligible securities via thinkorswim (EXTO orders). [Schwab 24-hour trading announcement](https://www.schwab.com/stocks/extended-hours-trading).
**Limitations:** Custodial. Overnight is 24/5, not weekends. Availability varies by security and platform.
---
## 5. Webull
**Overview:** A commission-free brokerage aimed at more technical retail traders, with strong charting and overnight sessions.
**Best for:** Traders who want advanced charts and 24/5 overnight trading without commissions.
**Fees:** $0 commissions on US-listed stocks, ETFs, and options; index options from $0.50/contract; $75 outgoing stock transfer. [Webull pricing](https://www.webull.com/pricing).
**Custody:** Custodial (cleared through Apex).
**Trading hours:** Premarket 4–9:30 a.m. ET, after-hours 4–8 p.m. ET, overnight 8 p.m.–4 a.m. ET Sun–Thu (24/5, select securities). [Webull overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading).
**Limitations:** Custodial. Overnight is 24/5, not weekends. Product coverage varies by account and jurisdiction.
---
## Also consider: eToro and Coinbase
### eToro
**Overview:** A multi-asset social platform built around copy trading.
**Best for:** Social copy trading across many asset classes.
**Fees:** US stock commissions $0; other regions $1–$2 per side or 0.15% of trade value; crypto 1% per side; USD withdrawals $5. [eToro fees](https://www.etoro.com/trading/fees/) (accessed 2026-09-23).
**Custody:** Custodial.
**Trading hours:** Market hours by product.
**Limitations:** Custodial. The US feature set is more limited than Europe's. Crypto carries a flat 1% fee.
---
### Coinbase
**Overview:** The largest US-listed crypto exchange.
**Best for:** Simple spot crypto exposure.
**Fees:** Coinbase Advanced spot starts at 0.40% maker / 0.60% taker (entry tier), with maker as low as 0.0% at top volume tiers; simple mode charges a spread plus fee. [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) (accessed 2026-09-23).
**Custody:** Custodial.
**Trading hours:** 24/7 crypto; 24/5 stocks for eligible users.
**Limitations:** Custodial. Higher fees than most alternatives in simple mode. Limited derivatives access.
---
## How we evaluated these platforms
We compared platforms on **fees, custody model, trading hours, asset coverage, and account fit** for traders considering a move from Robinhood. Fees are presented in a uniform format, and volume tiers are shown for every platform that publishes them. Data comes from each platform's own pricing and support documentation and, for trading hours, from platform or exchange announcements cited inline. Verified 2026-09-23; figures change often — check the linked source before trading. We did not independently test execution quality or liquidity for every platform.
## Verdict
Robinhood is still a reasonable choice for simple, long-term investing and IRA accounts. Move to an alternative if you need **weekend trading, short exposure, leverage, non-custodial control, or multi-asset coverage**: Liquid covers all of these with 24/7 perpetual markets and up to 50x multipliers. If you want global exchanges and professional tools, choose **Interactive Brokers**; for full-service brokerage and retirement, choose **Fidelity** or **Schwab**; for commission-free trading with overnight sessions, choose **Webull**; for social copy trading across assets, **eToro** remains a fit.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [Robinhood trading fees](https://robinhood.com/us/en/support/articles/trading-fees-on-robinhood/) — Robinhood, accessed 2026-09-23
- [Robinhood 24 Hour Market](https://robinhood.com/us/en/support/articles/24hour-market/) — Robinhood, accessed 2026-09-23
- [Interactive Brokers commissions](https://www.interactivebrokers.com/en/pricing/commissions-home.php) — IBKR, accessed 2026-09-23
- [Fidelity commissions](https://www.fidelity.com/trading/commissions) — Fidelity, accessed 2026-09-23
- [Schwab expanded 24-hour trading](https://www.schwab.com/stocks/extended-hours-trading) — Schwab, accessed 2026-09-23
- [Webull pricing](https://www.webull.com/pricing) — Webull, accessed 2026-09-23
- [Webull Agentic AI](https://www.webull.com/agentic) — accessed 2026-09-24
- [eToro fees](https://www.etoro.com/trading/fees/) — eToro, accessed 2026-09-23
- [Coinbase Advanced fees](https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees) — Coinbase, accessed 2026-09-23
- [CNBC — Robinhood restricts trading in GameStop, other names (Jan 2021)](https://www.cnbc.com/2021/01/28/robinhood-interactive-brokers-restrict-trading-in-gamestop-s.html) — accessed 2026-09-23
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — Liquid, accessed 2026-09-23
- Related: [Where can I trade stocks 24/7?](/learn/where-to-trade-stocks-24-7) · [Which platforms let me trade on weekends?](/learn/weekend-trading-platforms) · [Which leverage trading platforms are non-custodial?](/learn/non-custodial-leverage-trading-platforms)
---
## Webull Alternatives: Best Trading Platforms in 2026
- URL: https://www.liquid.trade/learn/webull-alternatives
- Published: 2026-06-18
- Author: Franklyn Wang
- Summary: Looking beyond Webull? Compare alternatives by market hours, fees, short exposure, and custody — including a non-custodial, 24/7 option with up to 50x multipliers.
## The short answer
The best Webull alternatives in 2026 are **Liquid** for 24/7, non-custodial, multi-asset trading with up to 50x multipliers and AI-assisted research; **Robinhood** for a simple app and IRA accounts; **eToro** for multi-asset social and copy trading; and **Kraken** for a long security track record in crypto. Webull remains a strong choice for commission-free stocks and options with advanced charting.
## Why traders look beyond Webull
- **Trading hours.** Webull offers overnight trading for select securities **Sunday–Thursday**; eligible symbols, order types, and liquidity vary, and weekend trading is unavailable. [Webull overnight trading FAQ](https://www.webull.com/help/faq/10988-All-about-24-5-trading) (accessed 2026-09-23).
- **Intraday-margin rules.** FINRA replaced the count-based PDT framework with intraday-margin standards in 2026 ([Regulatory Notice 26-10](https://www.finra.org/rules-guidance/notices/26-10), April 2026); broker restrictions vary by account and product.
- **Complex short selling.** Shorting on Webull requires a margin account, share availability, and borrow fees; not all stocks are shortable.
- **Custodial model.** Your funds are held by Webull's clearing firm (Apex).
- **Product coverage varies.** Available assets and contract types differ by venue, account, and jurisdiction.
## Compare Webull alternatives at a glance
| Platform | Custody | Trading hours | Max multiplier | Asset classes | AI assistant | Best for |
|---|---|---|---|---|---|---|
| **Liquid** | **Non-custodial** | **24/7 incl. weekends** | **Up to 50x** | Stocks, pre-IPO, commodities, FX, indices, crypto — as perps | Yes (Co-Invest) | 24/7 multi-asset perps + AI |
| **Robinhood** | Custodial | 24/5 overnight (select) | Margin (varies) | Stocks, ETFs, options, crypto | No | Simple app + IRA |
| **eToro** | Custodial | Market hours by product | CFD leverage varies | Stocks, ETFs, commodities, FX, crypto | No | Social copy trading |
| **Kraken** | Custodial | 24/7 crypto | Derivatives limits vary | Spot, margin, futures, some equities | No | Security track record |
| **Webull** | Custodial | 24/5 overnight (select) | Margin (varies) | Stocks, ETFs, options, futures | Yes (Agentic) | Charting + overnight |
## Fees compared
Every platform's published schedule in the **same format**: entry tier, top tier, and tier basis. Compare like-for-like — stock commissions, futures fees, and perpetual fees are different products. Full schedules are linked.
| Platform | Product | Entry rate | Structure | Other costs |
|---|---|---|---|---|
| **Liquid** | Perps (all-in) | 0.065% maker / 0.095% taker (Tier 0) | Tiered by 14-day weighted volume | Funding; spreads |
| **Liquid** | Spot (all-in) | 0.040% / 0.070% | Tiered by 14-day weighted volume | — |
| **Robinhood** | Stocks/ETFs/options | $0; index options $0.50/contract ($0.35 Gold) | Flat | Regulatory + index-option exchange pass-throughs |
| **eToro** | Stocks | $0 (US); $1–$2 / 0.15% (other regions) | Flat / region | Crypto 1%; $5 withdrawal; conversion |
| **Kraken** | Spot | 0.40% / 0.80% | 30-day volume / AoP | — |
| **Kraken** | Futures | 0.02% / 0.05% | 30-day volume | — |
| **Webull** | Stocks/ETFs/options | $0; index options from $0.50/contract | Flat | Regulatory fees; $75 outgoing transfer |
**Full published schedules:** [Liquid](/learn/perpetual-futures-fees) · [Robinhood](https://robinhood.com/us/en/support/articles/trading-fees-on-robinhood/) · [eToro](https://www.etoro.com/trading/fees/) · [Kraken](https://www.kraken.com/features/fee-schedule) · [Webull](https://www.webull.com/pricing)
---
## 1. Liquid
**Overview:** AI-native, non-custodial platform for perpetual contracts across stocks, pre-IPO companies, commodities, FX, indices, and crypto — 300+ markets in one account, up to 50x multipliers, instant settlement, and [Co-Invest](/coinvest), an AI assistant in Claude, ChatGPT, Grok, Meta Muse, and iMessage.
**Best for:** Active traders who want 24/7 markets, direct long/short positioning, and non-custodial control.
**Fees:** Perps 0.095% / 0.065% (Tier 0); spot 0.070% / 0.040%; 14-day weighted volume tiers.
**Custody:** Non-custodial — funds stay in your wallet and trades settle on-chain; smart contracts are independently [audited](/audits). [Security docs](https://docs.liquid.trade/security). Smart-contract, protocol, oracle, liquidity, front-end, self-custody, and jurisdictional risks still apply.
**Trading hours:** 24/7.
**Limitations:** No fiat custody (by design). Availability/eligibility vary by jurisdiction. Perps are derivatives, not ownership. Additional features include copy trading, news, and vaults/staking (Earn).
---
## 2. Robinhood
**Overview:** The pioneer of commission-free trading, with a simple interface and IRA accounts.
**Best for:** Simple, long-term investing and retirement accounts.
**Fees:** $0 commissions on US stocks and ETFs; index options $0.50/contract ($0.35 with Gold), plus exchange and regulatory pass-throughs. [Robinhood trading fees](https://robinhood.com/us/en/support/articles/trading-fees-on-robinhood/).
**Custody:** Custodial.
**Trading hours:** 24 Hour Market Sun 8 p.m.–Fri 8 p.m. ET (24/5), limit orders overnight.
**Limitations:** Custodial. Historically restricted trading during volatile periods. Less advanced charting than Webull. Payment for order flow.
---
## 3. eToro
**Overview:** Multi-asset social trading platform with copy trading and broad coverage.
**Best for:** Traders who want social copy trading across stocks, commodities, FX, and crypto.
**Fees:** US stock commissions $0; elsewhere $1–$2 per side or 0.15%; crypto 1%; USD withdrawals $5. [eToro fees](https://www.etoro.com/trading/fees/).
**Custody:** Custodial.
**Trading hours:** Market hours by product.
**Limitations:** Custodial. Fees vary by region. Copy trading depends on other traders. Limited in the US.
---
## 4. Kraken
**Overview:** Founded in 2011; one of the oldest and most security-focused crypto exchanges.
**Best for:** Crypto traders who prioritize a long security track record.
**Fees:** Spot entry 0.40% / 0.80%; futures 0.02% / 0.05%. [Kraken fee schedule](https://www.kraken.com/features/fee-schedule).
**Custody:** Custodial.
**Trading hours:** 24/7 for crypto.
**Limitations:** Custodial. Crypto-focused — no stocks or options. Futures restricted in some jurisdictions.
---
## How we evaluated these platforms
We compared platforms on **fees, custody, trading hours, short exposure, and account fit** for traders considering a move from Webull. Fees use each platform's published schedule, shown in a uniform format. Data is from platform documentation, cited inline; verified 2026-09-23. We did not independently test execution quality or liquidity.
## Verdict
If you want **24/7 markets, short exposure without borrow, and non-custodial control**, choose **Liquid**. For a simple app and IRAs, **Robinhood**; social copy trading, **eToro**; a long crypto security track record, **Kraken**. Keep Webull for commission-free US options and charting.
## About the author
Franklyn Wang is the CEO & Founder of Liquid, an AI-native, non-custodial trading platform. [X](https://x.com/frank_liquid) · [LinkedIn](https://www.linkedin.com/in/franklyn-wang)
## Sources & further reading
- [Webull overnight trading](https://www.webull.com/help/faq/10988-All-about-24-5-trading) — accessed 2026-09-23
- [FINRA Regulatory Notice 26-10 — intraday margin standards replace day-trading rules](https://www.finra.org/rules-guidance/notices/26-10) — accessed 2026-09-23
- [Robinhood trading fees](https://robinhood.com/us/en/support/articles/trading-fees-on-robinhood/) — accessed 2026-09-23
- [eToro fees](https://www.etoro.com/trading/fees/) — accessed 2026-09-23
- [Kraken fee schedule](https://www.kraken.com/features/fee-schedule) — accessed 2026-09-23
- [Webull pricing](https://www.webull.com/pricing) — accessed 2026-09-23
- [Webull Agentic AI](https://www.webull.com/agentic) — accessed 2026-09-24
- [Liquid fee documentation](https://docs.liquid.trade/trading/fees) — accessed 2026-09-23
- Related: [Where can I trade stocks 24/7?](/learn/where-to-trade-stocks-24-7) · [Which platforms let me trade on weekends?](/learn/weekend-trading-platforms)
---
## 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, Claude, Grok, and Meta Muse, 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, and since then Grok and Meta Muse as well.
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.
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---
## 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 at any time, 24/7 — 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.
It is also the mirror image to place. There is no borrow, no locate and no separate product: the order ticket has a **Sell / Short** side next to **Buy / Long**, and choosing it is the whole act. The ticket turns red, the button changes from buy to sell, and the position that comes back carries a negative size — that minus sign is the short.
## 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.
## Example: CBRS Before and After Its IPO
Cerebras (CBRS) shows both halves of the story: what a perp does before a spot market exists, and what changes once one does.
A pre-IPO CBRS perp launched about two weeks before the company listed on Nasdaq on May 14, 2026. With no traded stock yet, the contract referenced a pre-listing level of about $175 rather than a live spot price, and traders priced it well above that. In the days before the listing it traded mostly between $280 and $320, far above the $185 underwriters eventually set as the IPO price.
In the final hour before the Nasdaq open, the perp's volume-weighted average price was about $354.54. CBRS opened at $350. **The perp landed within about 1.3% of the opening print**, while the IPO price sat roughly 47% below it.
Once shares started trading, the perp had an external spot price to track, and funding took over the job of keeping it there. If the perp drifts above the stock, longs pay shorts; if it drifts below, shorts pay longs. The perp's median bid-ask spread tightened from 0.26% on the eve of the IPO to 0.07% after the listing.
Before a listing, funding can only pull toward whatever reference the contract's methodology defines, such as private-market data, not a live traded stock. That reference can be stale, so the perp's price does much of the discovery. After the listing, the stock becomes the reference and funding keeps the perp aligned with it. CBRS is one market, and a tight pre-open print is not guaranteed for every IPO.
## 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.
Mechanically, the stop goes on with the entry rather than after it. On the order ticket, tick **TP/SL**, type the level into the **Stop Loss** price box — the percentage fills itself in — and place the order. What you get is a resting **Stop Market, Reduce Only** order sitting under Open Orders, which is the thing that will actually do the exiting. If the entry fills and the stop never gets placed, you are relying on watching the screen.
## 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." }
]}
/>
Leverage is the one input you choose before entry, and it sets the distance everything else eats into:
## 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.
## Latest Priced Round
Anthropic's latest priced round is its Series H, announced on May 28, 2026. It 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 still trades 24/7, including weekends.
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: May 28, 2026 Series H announcement](https://www.anthropic.com/news/series-h)
- [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).
## Latest Priced Round
As of the August 19, 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 listed on Nasdaq as SPCX on June 12, 2026. The Liquid perp now tracks the listed stock, so here is how the contract, the reference price, and the risks changed after the IPO.
SpaceX is no longer a private company. On **June 12, 2026**, Space Exploration Technologies Corp. listed on Nasdaq under the ticker **SPCX**. The IPO priced at **$135** per share, valuing the company at roughly **$1.8 trillion**, and the stock closed its first session around **$161**.
That changes what the SpaceX perp on Liquid is. Before the listing it needed a private-market oracle. Now it tracks an ordinary exchange tape, the same way the TSLA or NVDA perps do.
If you want to trade the market directly, you can open [SpaceX perps on Liquid](https://app.liquid.trade/trade/xyz:SPCX).
## What Changed at the Listing
Before June 12, SpaceX pricing was a private-market problem: tender offers, secondary transactions, institutional marks, broker indications, and the S-1 the company filed on May 20, 2026. The perp needed an oracle that triangulated those inputs because there was no continuous public price.
After the listing, there is. The reference price is now the Nasdaq market for SPCX.
So the current state is:
- SpaceX is a **listed public company**.
- The SPCX perp on Liquid **tracks the exchange price**, not a private-market estimate.
- Pre-IPO inputs such as Nasdaq Private Market data are **no longer part of the reference**.
- The perp trades 24/7, including when Nasdaq is closed, so the price can move on news before the stock reopens.
## 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 the SPCX price. **The contract does not give ownership of SpaceX common stock, voting rights, dividends, or any other shareholder rights.** That was true before the IPO and it is still true now.
## How the Perp Trades Around the Listed Price
The market has two layers:
- **Reference layer**: the Nasdaq price for SPCX sets the anchor.
- **Trading layer**: users trade the perp continuously around that anchor.
If the perp trades materially above the reference, funding makes long exposure more expensive and short exposure more attractive. If it trades materially below, funding does the reverse. That mechanism keeps the perp tied to the stock, and it matters most outside Nasdaq hours, when the perp keeps trading but the reference does not update until the next session.
## How the Transition Was Handled
A perp on a company going public has to be explicit about when the reference changes and how the two regimes are stitched together.
The IPO priced at $135 and the first-day close was around $161, so the private marks and the public market did diverge, which is exactly why the reference had to migrate rather than blend the two.
## Why Traders Care About SpaceX Perps
SpaceX has the ingredients that make a stock perp busy: global recognition, intense investor and trader demand, a fresh public listing with a short trading history, and high uncertainty around valuation, growth, and risk.
Those ingredients create two-sided interest. Bulls can express the view that SPCX should keep rerating higher. Bears can express the view that a $1.8 trillion IPO valuation and a first-day pop already price in too much. Hedgers can manage related exposure around space, defense, satellites, broadband, AI infrastructure, or Elon-Musk-linked assets.
Available multipliers vary by market, account, and jurisdiction. See the live order ticket for the current maximum before you size a position.
## Key Risks
**Gap risk.** The perp trades when Nasdaq is closed, so news can move the perp before the stock reopens, and the stock can gap when it does. **Volatility.** Recently listed stocks with short trading histories can move sharply on earnings, lockup expiries, and index inclusion. **Funding risk.** Crowded demand for one side can make the position expensive to hold. **Liquidity risk.** Perp liquidity can thin out during major news, and exiting during a wick can cost more than expected. **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)
- [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 long or short exposure to the listed SPCX price with leverage. **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.