BTC/USD $95,420 · ETH/USD $3,218 · SOL/USD $148 · Funding Rate +0.01% · Open Interest $28.4B · 24h Volume $112B · BTC/USD $95,420 · ETH/USD $3,218 · SOL/USD $148 · Funding Rate +0.01% · Open Interest $28.4B · 24h Volume $112B ·
PerpsQuest
The perps learning platform
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Founder's Note · May 2026

We built a flight simulator
for losing money
crypto trading

Perpetual contracts move over $100 billion a day. Most people trading them have no idea what a funding rate is. They find out what a liquidation price is by hitting one. We think that's a problem worth fixing.

Start for free → See the curriculum ↓
BTC / USD · PERP Simulated
$95,420
+2.4% today
Funding Rate
+0.01%
Next in
7:59:42
Open Interest
$28.4B
24h Volume
$112B
Real 30-day data · Paper trading only
The problem
01
They find out what liquidation means by hitting it
At 20× leverage, a 5% move against you wipes half your collateral. Most traders discover this the expensive way. The information existed — it just wasn't explained anywhere useful.
02
Funding rates drain accounts while people sleep
Every 8 hours, a fee is quietly paid between longs and shorts. Most traders don't know it exists until they check their balance a week later and wonder where it went.
03
The information exists — it's just buried
Scattered across YouTube videos, Reddit threads, and exchange documentation written for people who already know what they're reading. There's no clear path from curious to competent.
04
Reading isn't enough. You have to feel it.
You can read about leverage all day. The concept only really lands when you watch your liquidation price sitting on the chart as a red line, moving closer with every tick.

"The goal was never to make people better traders. It was to make sure they understood what they were getting into before they found out the hard way."

— Founder, Perps Quest
The curriculum
12 lessons.
Two worlds.
~4 hours total
01
What Are Perps?
5 min · 3 slides
W1
02
Long vs Short
6 min · 4 slides
W1
03
Leverage
8 min · 5 slides
W1
04
Liquidations
9 min · 4 slides
W1
05
Funding Rates
7 min · 4 slides
W1
06
Your First Trade
15 min · Boss level
W1
07
Mark vs Index Price
7 min · 4 slides
W2
08
Cross vs Isolated Margin
8 min · 4 slides
W2
09
Open Interest
7 min · 4 slides
W2
10
Order Types
8 min · 4 slides
W2
11
Risk Management
10 min · 5 slides
W2
12
Reading a Perps Interface
15 min · Boss level
W2
Paper trading simulator

Real data. No real risk.

After each lesson, open positions against actual 30-day BTC, ETH, and SOL price history. Watch the funding rate clock tick. See your liquidation price on the chart. Close in profit or get liquidated — all with play money.

PAPER TRADER · BTC/USD PERP
LIVE SIMULATION
Position
10× Long
$5,000 exposure
Unrealised P&L
+$248
+24.8% on collateral
Liq. Price
$85,910
9.7% away
Simulated position · $500 collateral · Entry $95,000 · Funding paid: $0.24
What's included
◎
Interactive Lessons
Slide-by-slide explainers with real analogies, visual diagrams, worked scenarios, and quiz cards with instant feedback. Not a video. Not a PDF. Something you actually interact with.
⇄
Paper Trade Simulator
Open, manage, and close positions against real 30-day market data. BTC, ETH, and SOL. Funding rate clock ticks in real time. Liquidation line sits on the chart.
≡
Full Glossary
Every term defined clearly. Tappable inline throughout lessons — see the definition without losing your place. 32 terms covering everything from basis to portfolio heat.
↑
Progress & XP
Earn XP, maintain streaks, unlock badges. Cross-device sync keeps your progress wherever you are. Leaderboard ranks you against other learners.
◈
Two Full Worlds
World 1 covers the fundamentals. World 2 covers the advanced mechanics pros use — mark price, OI, order types, risk management. World 3 is in development.
$
Completely Free
No paywall. No premium tier. No upsell. All 12 lessons and the full simulator are free. We believe financial education shouldn't cost money to access.
12
Interactive lessons
3
Assets to simulate
30d
Real price history
$0
To get started
Get started

The funding rate clock
is ticking.

Lesson one takes five minutes. No signup required to start. No real money involved — ever.

✓ Free forever
✓ No credit card
✓ Works on mobile
✓ No real funds
Start Learning for Free →
perpsquest.app · Built for anyone curious about crypto derivatives