> For the complete documentation index, see [llms.txt](https://docs.thena.fi/thena/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.thena.fi/thena/thena-perps-v2.md).

# THENA Perps V2

Introduction

THENA Perps V2 brings intent-based perpetual trading to the THENA ecosystem, powered by Orbs Ultra. Traders can take leveraged long or short exposure without buying or holding the underlying asset.

The platform connects a trading interface with the infrastructure needed to execute orders, manage positions and settle their outcomes. Orbs Ultra provides the underlying perpetual trading stack.

### Intent-based trading

An intent expresses the trade a user wants to make and the conditions under which it may execute. The trader defines the desired exposure through an order, and the execution infrastructure handles the steps needed to fulfil it within the applicable constraints.

This separates the trader's instructions from the mechanics of execution. Submitting an order is not the same as opening a position: a position is established when the order executes. Its size and entry price reflect the executed trade.

The same distinction matters when reducing or closing exposure. An instruction to close a position still needs to execute before that exposure is removed. An order that remains pending should not be treated as a completed trade.

### Powered by Orbs Ultra

Orbs Ultra brings together the core functions behind a perpetual trading venue:

* **Execution:** processing orders and position changes.
* **Hedging:** managing counterparty exposure through external trading venues.
* **Pricing:** providing the price inputs used by the trading and risk infrastructure.
* **Liquidation:** monitoring margin requirements and handling positions that no longer meet them.
* **Settlement:** recording the resulting position and balance changes onchain.

These functions work together throughout the life of a trade. Execution establishes exposure, pricing supports its valuation, risk controls assess whether sufficient margin remains, and settlement records the outcome.

For more on the underlying infrastructure, see [Orbs' Perpetual Hub Ultra architecture overview](https://www.orbs.com/introducing-perpetual-hub-ultra-2.0).

### Perpetual exposure and liquidity

A perpetual contract provides exposure to an asset's price without a fixed expiry date. Going long expresses an expectation that the price will rise; going short expresses an expectation that it will fall. Profit and loss depend on the position size, entry and exit prices, and applicable trading costs.

Ultra's hedging infrastructure connects perpetual execution with external liquidity. THENA's spot pools and the liquidity supporting perpetual trades serve different purposes. Spot pool TVL does not describe the capacity available to execute a perpetual order.

### Collateral and risk

Collateral supports a trader's exposure. Leverage increases the size of that exposure relative to collateral, magnifying both gains and losses. If the account or position no longer meets its required margin conditions, liquidation can occur.

Trading fees and applicable funding also affect the result. The price displayed on a chart should not be assumed to be the price used for every execution or risk calculation.

Before submitting an order, review the selected market's trading conditions and the account information shown in [THENA Perps](https://perps.thena.fi). Leverage limits, position limits, margin requirements and costs can vary by market. Use the relevant market and account rules when assessing a trade.