Guide · Futures to perps
Futures to perps: how the mapping works.
What changes when a futures fill drives a perpetual futures order: the instruments, the symbol map, the contract-to-size maths and what can go wrong. Written for prop traders who run futures today.
Futures and perpetual futures aren't the same contract
Both are leveraged derivatives you can go long or short. Almost everything else differs, and each difference shows up in a mirrored account.
| CME futures (NQ, ES, GC, CL) | Perpetual futures | |
|---|---|---|
| Expiry | Quarterly or monthly; you roll to the next contract | None |
| Trading hours | Nearly 24 hours on weekdays, with a daily break and a weekend close | 24/7, including weekends |
| Staying near the index | Converges at expiry; the price includes carry | Funding payments between longs and shorts |
| Size | Contracts with a fixed $ per point (MNQ $2, NQ $20) | Units of the underlying, in steps set by the venue |
| Margin | Set by the broker or prop firm | Leverage and margin mode you set, with liquidation |
| Settlement | US dollars | Usually USDT or USDC |
Step 1: choose a perp for each futures symbol
Start from the underlying. An index or commodity perp tracks the same thing as your future; a crypto perp doesn't. Map the micro and the full-size contract separately if you trade both.
| Futures leader | Hyperliquid (HIP-3, trade.xyz) | Bybit | Watch out for |
|---|---|---|---|
| NQ / MNQNasdaq-100 futures (CME) | xyz:XYZ100 | QQQUSDT | Index perp vs an ETF perp (QQQ tracks the Nasdaq-100 at a different price level). |
| ES / MESS&P 500 futures (CME) | xyz:SP500 | None listed | No S&P 500 index perp on Bybit at the time of checking. |
| GC / MGCGold futures (COMEX) | xyz:GOLD | XAUUSDT | Spot-style gold perp vs a dated futures contract with its own basis. |
| CL / MCLWTI crude futures (NYMEX) | xyz:CL | Crude oil perp | Check which crude benchmark the perp tracks before mapping. |
| AnyMap to BTC or ETH perps | BTC, ETH | BTCUSDT, ETHUSDT | A different asset entirely. You are translating a signal, not copying exposure. |
Examples only, not recommendations. Listings checked 29 September 2026; what you can trade depends on the venue and your country.
Step 2: convert contracts to perp size
| Contract | $ per 1.00 move |
|---|---|
| NQ | $20 |
| MNQ | $2 |
| ES | $50 |
| MES | $5 |
| GC | $100 |
| MGC | $10 |
| CL | $1,000 |
| MCL | $100 |
A futures contract's exposure is contracts × $ per point × price. A perp's exposure is units × price. Matched notional sets them equal:
perp units = contracts × $ per point × futures price ÷ perp price
Example (illustrative numbers). The leader buys 3 MES with the S&P 500 future at 6,000: 3 × $5 × 6,000 = $90,000. On an S&P 500 perp priced at 6,000, that's 15 units. If you want the follower at half the leader's exposure, apply a 0.5 multiplier: 7.5 units.
Then round down to the venue's size step. If the result is below the venue's minimum order, skip it and log it rather than rounding up; rounding up quietly adds risk.
Fixed-per-contract sizing (say, 1 MES = 2 units) is easier to reason about but drifts as prices move, and it breaks badly if the perp trades at a different price level from the future, as ETF perps do.
Closing and reducing orders use the same rule, capped at the follower's open position so a rounding difference can never flip it the other way.
Step 3: know what can go wrong
None of these are bugs. They're what happens when one instrument follows another.
Weekend gaps
Your leader can't trade from Friday's close to Sunday's open. A perp follower keeps moving and can be liquidated in that window.
Funding drift
Funding accrues on the follower only. Over days, it can outweigh small differences in entry price.
Different fills
Perp liquidity differs by market and time of day. Market orders fill at the perp's price, not the leader's.
Rolls
When you roll the leader from one futures month to the next, the close and re-open are two fills. Map both months to the same perp, or the follower will close and reopen too.
Mapping mistakes
Mapping MNQ with NQ's ratio gives you ten times the size. DRY_RUN exists to catch this before it costs money.
Firm rules
Some perp prop firms ban copying or reversed positions across accounts. Check before connecting a prop account as a follower.
Setup checklist
- Pick the follower venue and check it's available in your country.
- If it's a prop account, read the firm's copy-trading and hedging rules.
- Create trade-only credentials: an API wallet on Hyperliquid, an order-only key on Bybit.
- Use a dedicated sub-account for perps followers.
- Map every futures symbol you trade, micros included, and every contract month you roll through.
- Choose matched-notional or fixed sizing, and a multiplier.
- Set leverage and margin mode on the venue.
- Set caps: maximum size, maximum notional, allowed hours and a daily loss stop.
- Decide what happens before the weekend close.
- Run in DRY_RUN for a few sessions and compare the log with your leader's fills before going live.
Early access
Test futures-to-perps mirroring early
Tell us what you trade and where. We'll invite testers venue by venue, starting in DRY_RUN. This is a waitlist, not a purchase.
- In development, not live
- DRY_RUN before any live order
- No card needed