Polymarket perps: fees, leverage and how they work
Polymarket launched perpetual futures (perps) on September 3, 2026. Matching runs off the blockchain, and custody and settlement run on Polygon. The entry-tier fee is 0.0400% taker and 0.0125% maker, and funding is paid every hour. The docs do not permit order placement from the United States or Canada.
PerpFinder opened each source on 2026-09-25. No PerpFinder account traded on Polymarket.
What the product is
Polymarket Perps is a perpetual futures exchange from Polymarket. Margin and collateral use pUSD.
Source: Polymarket docs: perps overview, Polymarket docs: perps concepts (read 2026-09-25).
Launch date and status
Polymarket states that it launched Perps on September 3, 2026. The post also refers to accounts from an earlier beta.
Source: Polymarket news: inside Polymarket Perps (September 9, 2026) (read 2026-09-25).
Where the orders fill and clear
Polymarket Perps is a hybrid exchange. Matching happens off the blockchain for speed, and custody and settlement run on Polygon.
Source: Polymarket docs: perps architecture (read 2026-09-25).
The index price uses Pyth, Chainlink Data Streams and Hyperliquid as price sources.
Source: Polymarket docs: perps index price (read 2026-09-25).
Who can use it
The FAQ states that order placement is not permitted from the United States, Canada, Cuba, Iran, North Korea, Syria, Crimea, Donetsk or Luhansk.
Source: Polymarket docs: perps FAQ (read 2026-09-25).
Trading fees
The fee is the absolute notional value (price times quantity) multiplied by the rate. At the entry tier, the rate is 0.0400% taker and 0.0125% maker.
Source: Polymarket docs: perps fees (read 2026-09-25).
At $1 billion of 30-day volume, the rate is 0.0200% taker and -0.0050% maker, which is a rebate to the maker.
Source: Polymarket docs: perps fees (read 2026-09-25).
Funding mechanics
Funding is paid every hour. The hourly rate is one eighth of an 8-hour rate, clamped to ±4% per hour.
Source: Polymarket docs: perps funding, Polymarket perps API: instruments (read 2026-09-25).
Leverage and margin
The FAQ states up to 20x for crypto, SP500, oil, gold and silver, and up to 10x for other real-world assets.
Source: Polymarket docs: perps FAQ (read 2026-09-25).
On 2026-09-25, the instruments API showed 50x on BTC, ETH, SP500 and NAS100. The FAQ and the API do not agree.
Source: Polymarket perps API: instruments (read 2026-09-25).
Maintenance margin is the notional value times a rate of 0.5 divided by the maximum leverage of the market.
Source: Polymarket docs: perps margin (read 2026-09-25).
Available markets
On 2026-09-25, the instruments API listed 89 perps: 40 crypto, 39 equity, 6 index and 4 commodity markets.
Source: Polymarket perps API: instruments (read 2026-09-25).
Of the 89 markets, 64 showed a 10x cap, 8 showed 20x, 9 showed 5x, 4 showed 3x and 4 showed 50x.
Source: Polymarket perps API: instruments (read 2026-09-25).
API and documentation
The perps REST API base URL is api.perpetuals.polymarket.com/v1. The instruments list needs no key.
Source: Polymarket docs: perps trading API, Polymarket perps API: instruments (read 2026-09-25).
Measured cost
Polymarket publishes a perps market-data API. The PerpFinder cost engine does not read the Polymarket book, so no measured spread or price impact exists.
Polymarket against Hyperliquid and Binance
| Term | Polymarket | Hyperliquid | Binance |
|---|---|---|---|
| Entry-tier fee | 0.0400% taker, 0.0125% maker (entry tier) source | 0.045% taker, 0.015% maker (tier 0) source | 0.050% taker, 0.020% maker (regular user) source |
| Maximum leverage | 50x on BTC, ETH, SP500, NAS100 (API); FAQ says 20x source | 40x on BTC source | 150x on BTCUSDT (smallest bracket) source |
| Funding | Every hour, capped at ±4% per hour source | Every hour source | Every 8 hours on BTCUSDT source |
| Custody | Custody and settlement on Polygon source | Not in the sources read | Not in the sources read |
| Access | No orders from the US, Canada or listed sanctioned regions source | Not for the US, Ontario or sanctioned regions source | Not in the sources read |
Each cell links its own source. A cell without a source shows that the pages PerpFinder read do not state the value.
Risks and open questions
Leverage increases losses as well as gains. A small price move against a leveraged position can cause liquidation and the loss of the margin.
- The perps docs name no operating company and no regulator or license for the perps exchange.
- The FAQ and the instruments API give different leverage caps. PerpFinder shows both values.
Terms used on this page
- Funding rate
- A funding rate is the periodic payment between long and short positions that keeps a perpetual futures price near its index price. When the rate is positive, longs pay shorts.
- Total trading cost (all-in cost)
- Total trading cost (all-in cost) is the selected-side cost of one order at a given size: the fee plus half of the spread plus the price impact, in bps and USD.
You can lose all your money on perp trades. Details