What is a perpetual future?

A perpetual future is a contract to trade an asset at a future price, but unlike a traditional future it never expires. You can hold the position open indefinitely, which is why perpetuals dominate crypto derivatives volume.

No expiry, so what anchors it?

A dated future settles on a set date, which pulls its price toward spot as expiry nears. A perpetual has no such date, so it uses a funding payment between longs and shorts to keep it tethered to the spot price.

Why traders use them

Perpetuals offer leverage and let traders go long or short without owning the underlying asset or rolling contracts before expiry. That convenience is also why leverage and liquidation risk sit at the center of the market.

How to read it here

Most of the signals we track, funding, open interest, and liquidations, come from the perpetual market. Start here, then explore those lessons.