> For the complete documentation index, see [llms.txt](https://docs.dexponent.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.dexponent.com/dtf-types/perpetual-dtfs.md).

# Perpetual DTFs

A Perpetual DTF uses Hyperliquid to trade supported perpetual markets. LP participation is handled through the DTF on Base; the strategy also depends on trading-venue collateral and settlement.

## How it works

LPs deposit the configured USDC asset and receive DTF shares. The manager manages supported positions and collateral. Trading P\&L, funding, venue fees and other costs affect the DTF's value.

The venue side can have separate balances and pending transfers. A Base balance alone may not show the DTF's full economic position.

## Example

A simplified DTF with 1,000 USDC of equity takes a 2,000 USDC long position. A 5% adverse price move creates about 100 USDC of trading loss before funding and fees: roughly 10% of starting equity. Real liquidation thresholds depend on the venue's margin rules and the actual position.

Leverage amplifies losses as well as gains. Liquidation can result in substantial loss.

## Deposits and withdrawals

Use the Dexponent app's DTF flow. Do not send funds directly to a venue or bridge address unless an explicit, verified instruction in that flow requires it.

A redemption may be paid immediately from available funds or become a pending USDC claim. When a claim is created, shares may already be burned. USDC settlement can be partial and depends on liquidity and collateral returning from the venue. There is no fixed completion time promised here.

## Manager checklist

Monitor position size, margin, liquidation exposure, funding, outstanding withdrawal claims and pending transfers. Closing a position, returning collateral and paying a withdrawal are distinct steps.

See the [manager guide](/stakeholders-guide/farm-owners-guide.md), [LP withdrawal guide](/stakeholders-guide/liquidity-providers.md) and [beta risks](/beta-scope-and-risks.md).