Katana | Perps — Perpetual Futures, Cross-Margin & Trading
Understand Katana Perps: perpetual futures, offchain order matching, onchain custody, vbUSDC collateral, cross-margin and advanced order types.
What Katana Perps is
Katana Perps is the core perpetual futures venue on Katana. It combines low-latency offchain order matching with onchain custody and settlement so traders can manage leveraged positions while retaining smart-contract-based asset custody.
How orders work
Orders are signed by the trader and matched offchain. This reduces per-order gas overhead. Deposits, withdrawals and settlement interact with onchain contracts.
Collateral and cross-margin
Katana Perps uses vbUSDC collateral. Cross-margin means available collateral is shared across open positions. This can improve capital efficiency, but losses in one market reduce margin available to others.
Order types
The trading system can support market and limit orders alongside risk-management orders such as stop-loss, take-profit and conditional instructions. Time-in-force settings can change how long an order remains active and whether it may take or add liquidity.
Risk management
Leverage amplifies both profit and loss. Traders should monitor maintenance margin, liquidation thresholds, funding, slippage and cross-position exposure. Perpetual futures are higher risk than spot trading or unleveraged lending.
How Perps connects to Katana
Perps uses Katana collateral and settlement infrastructure. Trading activity contributes to network usage, while the broader ecosystem connects perps to productive bridge assets, DeFi liquidity and incentive mechanisms.
Frequently Asked Questions
What collateral does Katana Perps use?
Katana Perps uses vbUSDC as collateral.
Are orders matched onchain?
Orders are matched offchain for speed while custody and settlement remain onchain.
What is cross-margin?
Cross-margin shares available collateral across open positions, linking their margin risk.
Are perpetual futures high risk?
Yes. Leverage, liquidation and market volatility make perps significantly higher risk than unleveraged spot positions.