Basic Knowledge for Beginners Playing with Contracts:

Perpetual contracts are cryptocurrency leveraged derivatives without expiration or delivery, anchored to spot prices through funding rates, supporting 24/7 two-way trading, allowing long and short positions, and leveraging to amplify profits and losses.

Trading hours: 24/7 nonstop trading, no closing days, no expiration dates, positions can be held indefinitely.

Trading directions: Can go long to profit from rising prices; can go short to profit from falling prices.

Order types: Market orders, limit orders, take-profit and stop-loss orders, and some advanced order types.

Position modes: Isolated margin, risk isolation, losses in one position do not affect others; recommended for beginners. Cross margin, all positions share margin, profits and losses are interconnected, and stop-loss is mandatory.

Funding rate: Keeps contract prices close to spot prices, paid between longs and shorts, platform does not charge. Settled every 8 hours (UTC+8: 08:00, 16:00, 24:00), only charged if holding a position during settlement. Positive rate: longs pay shorts. Negative rate: shorts pay longs.

Price mechanism: Index price, a weighted average of spot prices across multiple exchanges, serving as the price anchor. Mark price, used for calculating profits and losses, triggering liquidations, and avoiding malicious pinning to cause forced liquidations; more fair than transaction prices.

Fees: Order placement fees, charged on opening and closing positions, divided into Maker (placing orders) and Taker (taking orders) fee rates.