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Crypto
Perpetual Futures
Crypto futures contracts that never expire — traders can hold positions as long as they want.
Perpetuals are the most popular crypto trading product. They allow high leverage and easy long or short positions. The funding rate keeps the contract price close to the real Bitcoin price. Many traders use them instead of spot trading because of leverage.
It's like a futures contract that never reaches its delivery date — you can keep rolling it forever.
Real world: On Binance or Bybit, traders buy Bitcoin perpetual futures with 50x leverage. There is no expiry date. Every 8 hours a small funding payment happens between long and short traders to keep the price close to spot Bitcoin.
💡 Perpetual futures are the main reason crypto traders can use massive leverage 24/7.