> For the complete documentation index, see [llms.txt](https://support.backpack.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://support.backpack.exchange/backpack-securities/trading-stocks-and-stock-perpetuals.md).

# Trading Stocks & Stock Perpetuals

## Before You Start

Before placing your first trade, make sure:

* Your Backpack account is verified (KYC)
* You're located in a supported region
* You have available USD for purchases

There is no additional stocks-specific verification process.

For eligibility requirements and account access, see [**Eligibility & Access**.](/backpack-securities/eligibility-and-access.md)

***

## Important Notes

**No Margin Purchases**

* Stock purchases are funded using available USD.
* Backpack does not automatically borrow funds to fund stock purchases.
* If you want to use borrowed USD, borrow it first and then place your order.
* See [**Stock Trading Hours & Fees**](/backpack-securities/stock-trading-hours-and-fees.md) for details.

**Order Book & Execution**

* During the weekend trading session, eligible stocks trade through Backpack's Weekend Order Book.
* Shares bought or sold over the weekend are the same real U.S. securities traded during regular market hours.
* When the overnight session reopens, trading routes back to U.S. exchanges until the next weekend session begins.

**Real Ownership**

* **Stocks:** Filled stock trades represent real ownership held as a security entitlement.
* **Stock Perpetuals:** Stock Perpetuals are derivative contracts and do **not** provide ownership of the underlying stock.
* For more information, see [**Real Ownership & Legal Framework**.](/backpack-securities/real-ownership-and-legal-framework.md)


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