> For the complete documentation index, see [llms.txt](https://docs.smardex.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/long-side/long-perpetual.md).

# Long Perpetual

In this section, we will explain what a perpetual is and why the long-only perpetual of the [USDN protocol](/ultimate-synthetic-delta-neutral/the-usdn-protocol/glossary.md#usdn-protocol) is redefining the standards of decentralized trading.

## What Is a Perpetual?

A perpetual trading platform allows you to bet on the rise or fall of a cryptocurrency’s price, such as ETH, without needing to own it. Unlike traditional exchanges, the contracts on these platforms have no expiration date—you can keep your position open for as long as you wish.

To open a position, you must deposit [collateral](/ultimate-synthetic-delta-neutral/the-usdn-protocol/glossary.md#collateral) as a guarantee. With [leverage](/ultimate-synthetic-delta-neutral/the-usdn-protocol/glossary.md#leverage), you can increase the size of your bet relative to your collateral, but this also increases the risk of loss.

## The Long-Only Perpetual of USDN

The USDN long-only perpetual is a trading platform that allows users to bet exclusively on the rise of the asset’s price, with leverage of up to 25x. This means that traders can amplify their potential gains by borrowing up to 24 times their initial stake. The [funding rate](/ultimate-synthetic-delta-neutral/the-usdn-protocol/vault-side/yields/funding-rates.md) is competitive, making trading costs attractive for users.

Unlike other platforms, the USDN long-only perpetual is backed by those holding the [USDN token](/ultimate-synthetic-delta-neutral/the-usdn-protocol/glossary.md#the-usdn-token). These holders have deposited their assets into the protocol and are exposed to USDN, acting as counterparts for traders’ long positions. This creates a unique balance where USDN token holders facilitate leveraged long positions without having to take leveraged short positions themselves.

In the next section, we will explore why this perpetual is revolutionary and why it offers significant advantages compared to anything currently available on the market.


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