Futures vs. perpetuals: expiry, funding, and margin
Compare how dated futures and perpetual contracts maintain exposure, transfer cash, and close positions.
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♾️ Perpetuals market guide
Perpetuals
derivatives
marketplace.
No standard expiry does not mean no exit event.
Conventional perpetual contracts generally lack a scheduled expiry and commonly use funding transfers to connect their price to a reference market. Products described as perpetual-style may have a contractual maturity. Liquidation, termination, and delisting provisions still need to be read.
Three things to understand
Read these before the price.
01
Funding convention
Check the rate, interval, eligible notional, and payer.
02
Risk valuation
The liquidation reference may differ from last trade.
03
Termination rules
Read provisions for closure and market discontinuation.
A practical comparison
A receiving funding rate is not a guaranteed investment yield. Separate funding from price profit and loss, fees, and collateral changes. Compare a defined holding period under several funding paths rather than annualizing one observed interval indefinitely.
Use the learning center to clarify unfamiliar terms and the source library to continue with official documentation. This page explains mechanics, not a current product ranking or trading recommendation.
Hypothetical teaching example
Make the exposure visible.
Under an illustrative convention, 0.01% of $10,000 is $1 for one funding assessment. The rate can change, and a price loss can exceed any payment received.
Examples are simplified and exclude fees unless stated. Actual payoff formulas, margin rules, and eligibility vary. Read risk information.
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Futures vs. perpetuals explained.
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