> For the complete documentation index, see [llms.txt](https://docs.force.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.force.xyz/overview/what-is-a-macro-perp.md).

# What is a Macro Perp

Force lists perpetual futures on macroeconomic rates. The launch markets: FORCE-US10Y, referencing the US 10-Year Treasury yield, and FORCE-MORT30, referencing the US 30-year fixed mortgage rate. This page explains what that means for a reader familiar with crypto or equity perps but not necessarily with rates.

## Why macro exposure is normally hard to get

Direct exposure to rates and other macro variables is, in traditional markets, gated behind institutional infrastructure. Trading the swaps and forwards that express a clean rate view generally requires ISDA master agreements, a prime brokerage relationship, posted collateral, and credit approval. The instruments themselves, interest-rate swaps, Treasury futures, forward-rate agreements, are accessible in size to institutions and not to most participants. The result is that a view as basic as "10-year yields are going higher" is, in practice, difficult to hold without that apparatus.

Force lists these exposures as perpetual contracts on Hyperliquid, margined and settled in USDC, with no ISDA and no prime broker. That is what the venue opens: a permissionless, cash-settled way to be long or short a macro rate.

## The one thing an equity-perp reader must internalise: the underlying is a rate

On a conventional perp the underlying is a price, a share, a coin, a barrel, quoted in currency. On a Force macro perp the underlying is a rate, published in percent.

FORCE-US10Y quotes the 10-Year Treasury yield: a value like `4.25` means 4.25%.

The consequences:

**Direction.** The quoted number rises when rates rise. This is the opposite sign to the price of the underlying bond or bond future. Long FORCE-US10Y is a short-duration position: it profits when yields go up and bond prices go down. A trader porting intuition from a bond-price instrument must flip the sign.

**PnL is denominated in the rate.** Position PnL accrues in the quoted unit, basis points of yield, not in the price of any bond. One basis point (0.01%) is the natural increment. Quote and risk in basis points, not dollars-per-share.

**Settlement.** The contract is cash-settled in USDC against the published rate index. There is no delivery of a bond, no coupon, no ownership of any underlying instrument, and nothing to borrow or locate.

## Why a yield perp is linear, and a bond future is not

This is the subtle point, and it is a feature.

A Treasury futures contract references a bond price. The relationship between a bond's price and its yield is curved (convex): equal moves in yield do not produce equal moves in price, and the sensitivity itself (duration) changes as yields move. A trader who is long a bond future and thinking in yield terms carries convexity: their yield exposure is not constant.

A Force yield perp references the yield directly. PnL is linear in the quoted rate:

$$
\text{PnL} \approx \text{multiplier} \times (y\_{\text{exit}} - y\_{\text{entry}})
$$

There is no convexity: a 1 bp move produces the same PnL whether yields are at 2% or 6%, and whether the position is up or down. The exposure is exactly what the name says, a linear position in the rate, with none of the DV01-drift, roll, or delivery-option complexity of a bond future. That linearity is precisely why the underlying must be converted to a yield before publication: sources that start from a futures price are transformed to an implied yield so the traded instrument is clean and linear (see the [Oracle Price](/perp-mechanics/oracle-price.md) page).

## Where to go next

* [**Sessions**](/perp-mechanics/sessions.md): when the underlying market is open, and what Force does when it is closed.
* [**Oracle Price**](/perp-mechanics/oracle-price.md): how the rate index is built, session by session.
* **Asset Directory**: the specific markets.
* [**DV01 and Cross-Hedging**](/asset-directory/dv01-and-cross-hedging.md): what the linearity above means for sizing and for hedging one market against the other.


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