Crypto derivatives

Perpetual futures

A futures contract with no expiry date, kept near spot by funding payments.

A perpetual future (perp) is a futures contract with no expiry or settlement date, so a position can be held indefinitely. Instead of expiring, it uses a periodic funding payment to keep its price close to spot. Perps are the most-traded crypto derivative and the source of most funding, open-interest and liquidation data.

Educational content, not financial advice.