Cheat sheet

The Polymarket Perps cheat sheet

Q: What are the key numbers for Polymarket Perps?

Taker fees start at 0.0400% and maker at 0.0125% of notional. Funding settles every 1 hour, sampled off the order book every 5 seconds, capped at 4% per hour. Maintenance margin is 0.5 divided by the market's max leverage, so 2.5% of notional on a 20x market and 5% on a 10x market. Leverage runs up to 20x on the largest markets and 10x on the rest, across 39 listed markets.

Q: Is there a Polymarket Perps cheat sheet I can screenshot?

This page is it — every rate, formula and limit on one screen, with a changelog at the foot.

Q: What is the maintenance margin rate on Polymarket Perps?

MM = Notional × MMR, where MMR = 0.5 / MaxLeverage. It is a flat per-market rate that does not depend on the leverage you selected: 2.5% of notional on a 20x market whether you opened at 20x or at 2x, and 5% on a 10x market. Choosing lower leverage does not lower the liquidation floor, it just starts you further above it.

Q: How much does it cost to be liquidated on Polymarket Perps?

While your account is flagged for liquidation, every fill carries a liquidation fee on top of the usual maker or taker rate: 0.5% of notional on every listed market. Auto-deleveraging is the exception and charges neither side, because it bypasses the order book entirely.

Q: Can I trade Polymarket Perps from the US?

No. Polymarket does not permit Perps order placement from United States, Canada, Cuba, Iran, North Korea, Syria, Crimea, Donetsk or Luhansk. Reading market data from the public API is not restricted; submitting an order is. Integrations are required to block order submission rather than merely warn.

Published 11 August 2026

Every rule, rate and formula that governs a Polymarket Perps position. One line of prose per block.

Short answer

Taker from 0.0400%, maker from 0.0125%. Funding every 1 hour, capped at 4%. Maintenance margin is MMR = 0.5 / MaxLeverage — flat per market, 2.5% at 20x and 5% at 10x. Up to 20x leverage across 39 markets. Open to anyone, no code required, order placement blocked from 9 jurisdictions.

Access and referral codes

Item	Value
Stage	open
Trading live	Yes — markets are matching orders now
Invite code required	No — dropped 2026-08-14
Link format	https://polymarket.com/perps?c={code}
Order placement blocked from	United States, Canada, Cuba, Iran, North Korea, Syria, Crimea, Donetsk, Luhansk
Market data	Unrestricted — reading is fine, submitting an order is not

The product is live and open to anyone, a code is now only a referral tag, and no code makes the geographic restriction go away.source source

Fees and volume tiers

Trailing 30-day volume	Taker	Maker
New account	0.0400%	0.0125%
$1M+	0.0370%	0.0100%
$5M+	0.0350%	0.0080%
$25M+	0.0300%	0.0050%
$100M+	0.0270%	0.0020%
$500M+	0.0250%	0.0000%
$1B+	0.0200%	-0.0050% rebate

Tier is re-evaluated every UTC day. Charged in pUSD.

Fee = abs(Price × Quantity) × Rate
FillFee = Notional × (MakerOrTakerRate + LiquidationFeeRate)
LiquidationFeeRate = 0.5%   (every listed market)

Per fill, on notional. The liquidation rate is added only while the account is flagged.

You pay 0.0400% a side to start, the maker fee only turns into a rebate at $1B of 30-day volume, and getting liquidated adds 0.5% on top of whichever rate you were already paying.source Fee calculator.

Funding rates

Parameter	Value
Settlement window	1h
Book sampling interval	5s
Impact notional walked each side	$1K
Interest leg (per 8h)	0.01%
Interest clamp	±0.05%
Scale — crypto / everything else	1.0 / 0.5
Hourly cap	±4%
Resting rate at zero premium — crypto	+0.0013%/h
Resting rate at zero premium — non-crypto	+0.0006%/h
Protocol cut	None
Runs when the underlying is closed	Yes

bid_impact = VWAP of top bids filling 1,000 quote notional
ask_impact = VWAP of top asks filling 1,000 quote notional
IPD = max(bid_impact − Index, 0) − max(Index − ask_impact, 0)
PremiumIndex = IPD / Index
F_8h = scale × (mean_P + clamp(0.0001 − mean_P, ±0.0005))
FR_hour = clamp(F_8h / 8, ±0.04)

A side too thin to fill the impact notional falls back to Index, which zeroes its half of the IPD.

Funding is charged twenty-four times a day instead of three, and because of the fixed interest leg a perfectly fair crypto market still bills longs +0.0013% an hour for doing nothing.source Live funding by market.

Margin and maintenance margin

Equity = Collateral + UnrealizedPnL(Mark) − FeesDue − FundingDue
Long PnL = PositionSize × (Mark − Entry)
Short PnL = PositionSize × (Entry − Mark)
IM = Notional / Leverage
MM = Notional × MMR,  where MMR = 0.5 / MaxLeverage
MarginRatio = Equity / MaintenanceMargin
WorstCaseSize = max(|Position + OpenBuys|, |Position − OpenSells|)
Withdrawal allowed while Equity_after ≥ IM_required

MMR comes from the market's maximum leverage, not from the leverage you selected.

State	Condition	Behaviour
Healthy	Equity ≥ IM	Normal trading.
Margin call	MM ≤ Equity < IM	Reduce-only. Close exposure or deposit collateral.
Liquidation	Equity < MM	The system starts closing the position.

The three states an account is always in.

Initial margin is your choice, maintenance margin is the market’s, and at 20x on a 20x market the gap between them is a 2.56% adverse move.source Isolated versus cross.

Leverage and risk tiers

Class	Markets	Max leverage	MMR at the ceiling
Crypto	9	20x / 10x	2.5%
Stocks	24	10x	5.0%
Commodities	3	20x	2.5%
Indices	3	20x / 10x	2.5%

Ceilings as listed on the instruments endpoint. MMR is derived from the ceiling.

Position notional from	BTC-USD cap	AAPL-USD cap
$0	20x	10x
$250K+	10x	—
$1M+	8x	3x
$2.5M+	6x	—
$5M+	5x	1x
$7.5M+	2x	—
$10M+	1x	—

Representative risk-tier ladders: BTC-USD for the 20x markets, AAPL-USD for the 10x markets. Ladders vary slightly between markets.

The cap falls as the position grows, it applies to your entire notional rather than bracket by bracket, and an order that would push you past a threshold at your current setting is rejected with invalid_leverage.source Every leverage setting, costed.

Liquidation and auto-deleveraging

Item	Rule
Trigger	MarginRatio < 1.0, which means Equity < MM
Order shape	Reduce-only, immediate-or-cancel, market-priced.
Protective spread off mark	None — the orders sweep the book
Isolated	The affected position is closed in full.
Cross	Positions are closed one at a time until the account recovers.
Extra fee while flagged	0.5% of notional on every fill
Recovery	The flag clears when equity recovers to the recovery initial margin.
Insurance fund takes over	equity below two-thirds of maintenance margin
Insurance fund condition	The backstop only fires if the fund stays at or above its own maintenance margin afterwards.
ADL ordering	Most profitable, most leveraged counterparties first.
ADL price — isolated / cross	the liquidated position's bankruptcy price / the Mark Price frozen when the liquidation started
ADL fees	None — it bypasses the book entirely

AdlIndex = ProfitRatio × Notional / Equity

ProfitRatio is Mark / Entry for longs, Entry / Mark for shorts. A counterparty is only ever reduced, never flipped or increased.

Below maintenance margin the system closes you at market with no price protection, below two-thirds of it the insurance fund steps in, and if that fails the loss is pushed onto the most profitable traders on the other side — which can be you, on a position that was doing fine.source

Mark, index and last price

Price	What it is	Margins you?
Index	Weighted average across the selected feeds, after dropping stale prices and filtering outliers. Feeds: Pyth, Chainlink Data Streams, Hyperliquid. Updated every 200ms.	Indirectly
Mark	Mark = median(C1, C2, C3), updated every 200ms. Used for: unrealized pnl, margin checks, liquidation triggers, funding premium, take-profit and stop-loss triggers.	Yes
Last	The price of the most recent fill on the local book. The number on the chart.	No

Candidate	Formula	Weakness
C1 Smoothed order book mid	C1 = Index + EMA(Mid − Index)	Can lag during fast moves.
C2 Local market activity	C2 = median(BestBid, BestAsk, LastTrade)	Can be pushed around by thin liquidity.
C3 Aggregated external mark	weighted average of external mark feeds, outliers filtered	Depends on external feeds being up.

Every candidate degrades to Index, so in the worst case Mark tracks Index. EMA window on C1: 150s.

The price on the chart is not the price that liquidates you. “The candle never touched my liquidation level” is a coherent complaint and still a losing one.source Mark versus index.

Order types and flags

Group	Name	Meaning	Use when
Type	Limit	Trades at your price or better, and rests on the book if it cannot.	The trade needs an explicit price.
	Market	Takes whatever liquidity is resting, immediately.	Getting filled matters more than the price you get.
Time in force	GTC	Good-til-canceled: rests on the book until it fills or you cancel it.	You are willing to wait at your price.
	IOC	Immediate-or-cancel: fills what it can right now, cancels the rest.	You want a partial fill rather than a resting order.
	FOK	Fill-or-kill: the whole quantity fills immediately or nothing does.	A partial fill would be worse than no fill.
Flag	Post-only	A GTC order that is rejected if it would cross the book and take liquidity.	You want the maker rate and will not pay taker by accident.
	Reduce-only	Cannot increase exposure — only close or shrink a position.	Closing, and you refuse to accidentally flip to the other side.

Types, time-in-force and flags, as the API exposes them.

Behaviour	Rule
Self-trade prevention	Always on, mode CancelMaker. If your taker would match your own resting order, the resting maker is cancelled and the taker keeps matching against everyone else.
Can STP be disabled	No
Bracket triggers watch	mark price
Long TP / SL	Mark rises to the trigger / Mark falls to the trigger
Short TP / SL	Mark falls to the trigger / Mark rises to the trigger
Limit close available for	Bracket orders only

Post-only is how you stop paying taker by accident, reduce-only is how you stop flipping side by accident, and your stop-loss fires on mark rather than on the last print.source Order types in full.

Markets and order limits

Class	Count	Min notional	Max market order	Max limit order
Crypto	9	$10	$1M	$5M
Stocks	24	$10	$500K	$2.5M
Commodities	3	$10	$1M	$5M
Indices	3	$10	$1M	$5M
Total	39	—	—	—

Counts and limits from the instruments endpoint.

39 instruments — 24 stocks, 9 crypto, 3 commodities and 3 indices — all matching orders continuously, including weekends.source The full live market table, and the long-form explanation of all of the above.

Screenshot it. If a number here disagrees with Polymarket, Polymarket is right. The docs, summarised.

bookie.dog/polymarket-perps-cheat-sheet

Questions people ask

What are the key numbers for Polymarket Perps?

Taker fees start at 0.0400% and maker at 0.0125% of notional. Funding settles every 1 hour, sampled off the order book every 5 seconds, capped at 4% per hour. Maintenance margin is 0.5 divided by the market's max leverage, so 2.5% of notional on a 20x market and 5% on a 10x market. Leverage runs up to 20x on the largest markets and 10x on the rest, across 39 listed markets.

Is there a Polymarket Perps cheat sheet I can screenshot?

This page is it — every rate, formula and limit on one screen, with a changelog at the foot.

What is the maintenance margin rate on Polymarket Perps?

MM = Notional × MMR, where MMR = 0.5 / MaxLeverage. It is a flat per-market rate that does not depend on the leverage you selected: 2.5% of notional on a 20x market whether you opened at 20x or at 2x, and 5% on a 10x market. Choosing lower leverage does not lower the liquidation floor, it just starts you further above it.

How much does it cost to be liquidated on Polymarket Perps?

While your account is flagged for liquidation, every fill carries a liquidation fee on top of the usual maker or taker rate: 0.5% of notional on every listed market. Auto-deleveraging is the exception and charges neither side, because it bypasses the order book entirely.

Can I trade Polymarket Perps from the US?

No. Polymarket does not permit Perps order placement from United States, Canada, Cuba, Iran, North Korea, Syria, Crimea, Donetsk or Luhansk. Reading market data from the public API is not restricted; submitting an order is. Integrations are required to block order submission rather than merely warn.

Sources · checked 11 August 2026