Trading

Perpetual futures (perps)

Also called: perps · perpetual swap · perpetuals

In shortFutures contracts with no expiry date, kept close to the spot price by regular funding payments.

Perps are the most traded product in crypto. Their price is tied to the spot price through the funding rate. They are offered by centralized exchanges and by perp DEXs such as Hyperliquid.

High leverage makes perps fast — and makes liquidation a constant danger.