Perps and spot, in one terminal.
MUTEX Perps and Spot puts perpetual futures and spot tokens behind one order ticket and one chart. Perps on crypto, stocks, ETFs, commodities and forex match on Lighter's public order books, spot routes through Jupiter on Solana, and the same market, limit, stop, TWAP and grid orders work on both, with take-profit and stop-loss brackets you can drag on the chart.
What you can trade: perps and spot side by side
MUTEX Perps and Spot has two desks in one terminal. A switch in the market picker moves the chart and the ticket between them. The markets page lists both with price, 24-hour change and volume, plus the maximum leverage of each perp, and the market picker shows each perp's funding rate.
| Perps | Spot | |
|---|---|---|
| What you trade | Perpetual futures on crypto, stocks, ETFs and indices, commodities, FX | Solana tokens: tokenized US stocks and ETFs, and crypto |
| Where it executes | Lighter order books, a zk-rollup on Ethereum | Jupiter routing on Solana |
| Settles in | USDC margin | The token itself, bought and sold for USDC |
| Leverage | Per market, currently 3x to 50x | None |
| Fee | Currently 0.05% maker and taker, venue and MUTEX combined | Currently a flat 0.5% each way |
| Minimum order | Currently 10 USD notional, plus a per-market minimum size | Currently 1 USD on crypto, 20 USD on stocks |
| Market hours | No MUTEX market-hours gate | Crypto around the clock; stock market orders wait for the US session |
MUTEX Perps currently lists about 200 markets, from bitcoin and ether to stocks such as NVDA and TSLA, gold and FX pairs; MUTEX Spot lists several hundred Solana tokens, most of them tokenized US stocks and ETFs. A perp being delisted turns close-only first.
How perpetual futures work on MUTEX
A perpetual future tracks a market's price with no expiry date. On MUTEX Perps you post USDC as margin, open a long or a short, and your profit or loss follows the price until you close. Every MUTEX perp matches on Lighter, a public order book that runs as a zk-rollup on Ethereum, so there is no in-house matching engine between you and the book.
- Fund the perps account. Move USDC to it from your MUTEX balance in the app.
- Pick a market and a leverage.Each market has a venue maximum, currently between 3x and 50x. Until you change it, you trade at the venue's default for that market.
- Size the order. Enter it in dollars, in units, as margin, as a share of your balance, or as the amount you are willing to lose at your stop loss, and the ticket converts the rest.
- Add exits and place it.Before anything is sent, the ticket shows the order's margin, its value, your slippage bound and the reward against risk of your brackets.
- Manage it from the chart or the blotter. Drag a resting order to move it, drag TP/SL off the position line, or close from the positions table.
Funding. Perps pay a funding rate each hour to keep the price near the underlying market. A positive rate means longs pay shorts. MUTEX shows the current rate in the market picker.
Order types: market, limit, stop, TWAP, grid and brackets
One ticket serves both MUTEX desks. Every type below works on perps; the spot desk takes market, limit, stop, TWAP and grid orders, with take profit and stop loss on buys.
- Market
- Fills now. On perps it goes out immediate-or-cancel with a worst price set by your slippage bound, 1% by default and at most 5%, so it fills at that price or better or is cancelled.
- Limit
- Rests at your price until it fills or you cancel it. On perps, post-only keeps it from taking liquidity.
- Stop
- Type a limit price beyond the other side of the book and the ticket sends it as a stop, labelled Stop on the button: it waits for the price to reach that level, then works as a limit there.
- TWAP
- Slices one order evenly over 5 minutes to 4 hours.
- Grid
- One size split into 2 to 50 equal orders, spaced evenly from a start to an end price on the resting side of the market. The ticket previews every level first, and one click cancels the whole ladder.
- Take profit and stop loss
- Attach them to an entry and they arm on the fill, sized to it; when one triggers, the other is cancelled. Set each as a price, ticks, a percent of price, or the dollars or share of balance at stake.
- Exit levels
- Scale out in steps: extra TP/SL levels, each a share of the order, behind the main pair. A level may carry only a take profit.
- Reduce-only
- On a perp market or TWAP order, so it can only shrink an open position, never flip it.
Spot crypto trading and tokenized stocks
MUTEX Spot buys and sells real tokens on Solana for USDC. A market order is quoted and filled through Jupiter, and your balance is what the swap's on-chain receipt says you received. Spot slippage is currently capped at 3%; a route needing more is refused before anything is charged.
Spot limit and stop orders wait in MUTEX's own book and fire as a market swap when the price reaches them. A limit fills only when the fresh quote is at your price or better, nothing is reserved while it waits, and it expires after 28 days. A spot buy can carry a take profit and stop loss that arm once the whole buy is done.
Trading tokenized stocks. Stock and ETF tokens follow the US regular session, 09:30 to 16:00 New York time, with holidays and half days from an exchange calendar. While the market is shut, the ticket holds a market order on a stock token; limit and stop orders can still be placed and wait for the open. The markets page draws exchange hours on a 24-hour bar in your time zone. Stock perps are Lighter contracts and are not held at this gate.
Spot and perps keep separate balances, and you move USDC between them in the app.
Chart trading, indicators and drawings
Trade on the chart
The MUTEX chart draws your ticket's entry, take profit and stop loss as lines you drag, plus your position's average entry and every resting order, which you can move or cancel from its line.
Over 20 indicators
Moving averages, VWAP, Bollinger Bands, RSI, MACD, Supertrend, ATR, channels and volume studies, plus order blocks with fair value gaps. Candles, line or area.
Drawing tools
Lines, rays, parallel channels, rectangles and Fibonacci retracements, saved per market in your browser and kept across timeframes.
Fees and limits
- Perps fee:currently 0.05% of the order value on maker and taker fills alike, the venue's fee and the MUTEX fee combined. On a 10,000 USD position that is 5 USD to open and about 5 USD to close.
- Spot fee: currently a flat 0.5% on every buy and sell.
- Funding passes between longs and shorts each hour; it is not a MUTEX fee. Moving USDC to and from the spot account is free.
- Minimums:perps currently need 10 USD of notional and each market's minimum size; spot currently needs 1 USD on crypto tokens and 20 USD on stock tokens, because stock market makers refuse most smaller quotes.
Risks of perps and spot trading
- Leverage multiplies losses as much as gains. If your margin falls below a market's maintenance requirement, the venue liquidates the position and you can lose the margin behind it.
- Funding can cost you every hour you hold a position on the paying side.
- A market order can fill worse than the last price, up to your slippage bound. A stop does not guarantee its price in a fast market.
- Tokenized stocks track a share price but are tokens on Solana, not shares in your name, and they only take market orders while the US market is open.
- MUTEX can pause new orders platform-wide. Cancels still work while trading is halted.
Who MUTEX Perps and Spot is for
Traders who want perpetual futures on crypto, stocks, ETFs, commodities and forex, spot crypto and tokenized stocks in one place, with the order types of a professional terminal: brackets, scaled exits, TWAP and grids, sized by the risk you set. If you would rather a rule or a model place the orders, the same markets run under trading bots and an AI agent, and the prop desk lets you trade the same perps terminal with a funded account. Algo traders can drive a bot account over the trading API.
MUTEX is an interface, not a broker or custodian, and is not available to users in the US, UK, EU/EEA or sanctioned countries.
Pick a market. Place the trade.
Browse every perp and spot market without an account, then sign in to trade.