> ## Documentation Index
> Fetch the complete documentation index at: https://help.arcus.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# How does an Equity Perp differ from a Stock Token?

A Stock Token gives you (1:1) spot exposure to the underlying asset, redeemable for the asset's cash value through the issuer (Bitstamp BVI).

In contrast, an Equity Perpetual is a derivative contract with leveraged price exposure - long or short, up to 50x - to the underlying asset.

A trader may use a perpetual contract to take a directional view, hedge, or trade with leverage; whereas the same trader may use a Stock Token for straightforward exposure to the share price without margin or leverage.

Arcus offers both in one account.