Glossary · Perpetual futures (perps)

What are perpetual futures?

Perpetual futures are futures contracts with no expiry date, held open as long as margin allows and tied to spot through the funding rate.

Open chart

Why do perpetual futures matter for price?

Most crypto derivatives volume trades in perps on centralized exchanges and on Hyperliquid, which is why their liquidations, funding and open interest matter for price.

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