Perpetual futures

A perpetual future is a derivative with no expiry, held in line with the spot price by periodic funding payments between longs and shorts. It is the dominant instrument on crypto derivatives venues.

Also known as perps. manipulation techniques · updated 2026-11-06

Where does perpetual futures come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• Perpetual market spoofing — Perpetual market spoofing is placing orders on a crypto derivatives venue with no intention of trading them, on infrastructure that frequently keeps no order audit trail and may sit outside any regulator's reach.

See also

• Funding rate — The funding rate is the periodic payment between long and short holders of a perpetual future that keeps its price anchored to spo…

Terms that refer here

Funding rate

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