Trading & Markets
Also: perps, perpetuals, inverse contracts
Perpetual Futures Perps
Derivative contracts that track an asset's price without an expiry date, kept in line with spot via funding rates.
Perpetual futures (perps) are derivative contracts similar to traditional futures but with no expiration date. They allow traders to hold leveraged long or short positions indefinitely. The funding rate mechanism periodically transfers payments between longs and shorts to keep the contract price anchored to spot. Perpetual futures are the dominant trading instrument in crypto, with volumes regularly exceeding spot markets. Bybit, Binance, and dYdX are major perpetuals venues.
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