RUJI Perps - Perps DEX

Q: What is RUJI Perps? RUJI Perps (v1) is our perpetual trading product, built on a peer-to-pool model, where you can trade with up to 50x leverage. You can access RUJI Trade at rujira.network/perps. A more detailed description is available here.

Note: The current version was built by the Levana team as an intermediate step and is not fully integrated with the rest of the applications. We will release a brand-new version of the protocol with a peer-to-peer orderbook model and improved UX as part of our 2026 roadmap.

Q: How do perpetuals differ from spot trading? Perpetuals let you use leverage, which means you can take a larger position than your actual capital. They are more adapted for short-term trading, include different costs, and come with higher risk and higher potential reward compared to spot trading.

Q: How do perpetuals differ from spot margin trading? Spot margin trading also lets you use leverage in the spot market. The key difference is that you borrow funds to increase your position size in actual crypto assets using your existing balance as collateral, whereas with perps trading you are trading derivatives and settle trades in the same asset as your collateral (you only get exposure to the price fluctuations of the assets you trade, not the actual assets themselves). Spot margin trading typically offers lower leverage and has a different cost structure. Spot margin trading incurs interest on borrowed funds, while perpetual futures involve funding fees paid periodically between long and short traders to keep the contract price aligned with the spot price.

Q: What leverage options are available? You can choose your leverage from 1x to 50x. The available multiplier differs per market, with higher-market-cap assets offering higher maximum leverage.

Q: How is the funding rate calculated? The funding rate is used to keep the perpetual price aligned with the real market price. The system compares the perp price to the oracle price. If the perp price is higher than the oracle price, long traders pay a funding fee to short traders. If the perp price is lower, the short traders pay funding to long traders. This mechanism balances the pool’s exposure and helps keep perp prices close to market value. Funding is paid periodically and adjusted based on the difference between long and short open interest, and the difference between perp price and the oracle price.

Q: What happens during liquidation? When your position is liquidated, it means your margin is no longer enough to cover the position’s loss. The system automatically closes your trade, and your collateral is used to repay the pool. If there is any remaining collateral after covering the loss, it is returned to you. Liquidation protects the pool and ensures that account values cannot go negative.