In crypto markets, perpetual futures—often called perpetual swaps—let market participants speculate on an asset’s price path without owning the asset or arranging delivery. The phrase “perpetual coin” is usually shorthand for a perpetual contract tied to a particular coin (for example, a BTC perpetual), not a separate coin or token.

These instruments are derivatives akin to traditional futures contracts, but they remove expiration, enabling traders to keep long or short exposure open indefinitely while profits and losses are settled continuously.

Futures Versus Perpetuals: How They Differ

Classical futures emerged from commodities such as wheat, where producers and buyers locked in pricing ahead of harvest. When yields are…