Perpetual swap
A perpetual swap is a futures-style derivative with no expiry date. Instead of converging to spot at settlement, it is kept close to an index price through periodic funding payments between longs and shorts. Perpetuals are the dominant crypto trading instrument on both centralized exchanges and on-chain venues.
Steadyrain analysis covering this term
- Futures or Swaps? Perpetuals Meet US Regulators Jun 24, 2026
- HIP-3 and the Architecture of Hyperliquid's Perp Dominance Jun 5, 2026
- Hyperliquid and the Anatomy of Perpetual-Vault Risk May 11, 2026
- After the Flippening: Auditing the Perp DEX Wars Sep 28, 2026
- HIP-3 and the Limits of Permissionless RWA Perps Jun 29, 2026
- The Stablecoin Trilemma: Can Synthetic Dollars Survive? May 8, 2026
- The Great Crashes, Part 3 — 10/10, The $19B Day Jul 13, 2026
- Structured Credit Onchain: Ethena's $250M CLO Bet Jun 19, 2026