Perpetual (perp)
perpperpetual swapperpetual future
A futures contract with no expiry, kept anchored to spot via the [[funding-rate]].
Perps are the dominant derivative instrument in crypto by volume. Stablecoin yield strategies use them for delta-hedging (Ethena USDe), basis trades, and synthetic exposure. Major venues: Binance, OKX, Bybit, Hyperliquid, dYdX, GMX.
Related terms
- Funding rateA periodic payment between long and short perp holders that anchors perpetual price to spot.
- Basis tradeLong spot + short perpetual (or futures) to harvest the funding-rate differential, structurally close to delta-neutral.
- Delta-neutralA position where price-sensitivity to the underlying asset nets to zero — long spot offset by short derivative.