Perpetual Futures
Perpetual futures ("perps") are leveraged bets on a token's price with no expiry date — you post margin, pick long or short, and a funding rate keeps the p
Perpetual futures (“perps”) are leveraged bets on a token’s price with no expiry date — you post margin, pick long or short, and a funding rate keeps the price tracking spot. dYdX and Hyperliquid brought them fully on-chain.
Why it matters
Perps are where most crypto leverage lives, which makes them where most retail money *dies*: high leverage + volatility + auto-liquidation is a designed wealth transfer from the impatient to the patient. Understand funding rates and liquidation prices before touching leverage — or better, don’t.