What is the current JPY funding rate?
The current JPY funding rate is 0.0004%. Funding is charged periodically to keep the perp price anchored to the underlying exchange rate. Rates update continuously on trade.xyz on Hyperliquid.
What is the maximum leverage for JPY on trade.xyz on Hyperliquid?
JPY perpetual futures support up to 50× leverage on trade.xyz on Hyperliquid. Button recommends sizing positions to your conviction and risk tolerance — high leverage amplifies both gains and losses.
How do JPY perpetual futures work?
JPY perps are derivative contracts with no expiry date that track the exchange rate of USD/JPY. A funding rate mechanism (currently 0.0004%) keeps the perp anchored to the underlying by transferring periodic payments between longs and shorts.
When can I trade JPY perpetual futures?
JPY perps are available Sun–Fri 5PM–5PM ET. Outside session hours, the market enters reduce-only mode — you can close positions but cannot open new ones.
Is JPY trading on-chain?
Yes. All JPY perp positions are matched and settled on-chain via trade.xyz on Hyperliquid, with USDC as the margin and settlement currency.
What fees apply when trading USD/JPY perps through Button?
Button does not charge a platform markup. You pay the standard trade.xyz on Hyperliquid maker/taker fees plus any funding cost if you hold a position across funding intervals. There are no hidden spreads or withdrawal fees.
How does liquidation work on JPY positions?
JPY positions are liquidated automatically by trade.xyz on Hyperliquid when your margin ratio falls below the maintenance threshold. Button surfaces your real-time liquidation price so you always know how much room you have before you open or scale into a trade.
When can I trade JPY perpetual futures?
JPY perps are available Sunday 6 PM ET through Friday 5 PM ET, with reduce-only mode outside those hours. Button reflects the market status live, so you can see at a glance whether the market is open, reduce-only, or actively trading.
Do I need to sign up or complete KYC to trade JPY?
No. Button is a self-custodial interface — you connect a wallet and trade JPY directly on-chain. There is no account, no identity verification, and no custodian holding your collateral. Local jurisdictional rules still apply.