logo
    • Buy Crypto
    • Markets
    • Futures
    • Spot
    • Earn
    • Affiliates & AI
    • More
    1. WEEX
    2. Crypto Wiki
    3. What Are Perpetual Contracts? The Futures That Never Expire

    What Are Perpetual Contracts? The Futures That Never Expire

    By: WEEX|2026/07/15 16:13:02
    0
    Share
    copy
    Prefer us on GooglePrefer us on Google
    CAPCAP
    00.00%--
     

    A perpetual contract (or "perpetual future") is a type of futures contract with no expiry date. Unlike traditional futures, which settle on a fixed calendar date, a perpetual can be held open indefinitely. This is the dominant form of crypto futures — when people say "crypto futures trading," they usually mean perpetuals.

    Understanding perpetuals ties together several concepts you may have already met: leverage, margin, funding rate, and liquidation. This article shows how they fit into one product.

    How Perpetual Contracts Work

    Traditional (dated) futures have a built-in problem for continuous trading: they expire, forcing you to close or roll the position. Perpetuals remove the expiry — but that creates a new problem. Without a settlement date, what keeps the contract's price tied to the actual (spot) price of the coin?

    The answer is the funding rate: small periodic payments exchanged directly between long and short traders.

    • When the perpetual trades above spot, longs pay shorts — nudging the price back down.
    • When it trades below spot, shorts pay longs — nudging it back up.

    This continuous incentive keeps the perpetual price anchored close to spot without any expiry. Everything else works like standard leveraged futures: you post margin, choose leverage and direction (long or short), and face liquidation if losses exhaust your margin.

    A worked example: you open a 10x long perpetual on BTC with 100 USDT margin (a 1,000 USDT position). You profit if BTC rises and lose if it falls; a ~10% adverse move liquidates you. On top of price P&L, each funding interval you either pay or receive a small funding amount depending on the rate and your direction — a cost that accrues the longer you hold.

    Why Traders Use Perpetuals

    • No expiry to manage — no forced roll-overs; a position can stay open as long as it is funded and not liquidated.
    • Deep liquidity — perpetuals are the most actively traded crypto derivative, which tends to mean tighter spreads.
    • Two-directional, leveraged exposure — the full flexibility of futures (long/short, leverage) in a continuously tradable product.

    The Risk Section — Read This Carefully

    • Leverage + liquidation apply exactly as in any futures product: an adverse move can consume your entire margin, at a price you do not choose.
    • Funding is a running cost. "No expiry" is not "no cost of carry" — holding through many funding periods, especially on a leveraged size, adds up and can quietly erode a position.
    • The lack of expiry can encourage over-holding. Because nothing forces you out, it is easy to sit in a losing position too long. Discipline (stop-losses, sizing) matters more, not less, on perpetuals.

    Perpetual contracts guarantee no profit; they are a flexible but high-risk instrument that demands active risk management.

    -- Price

    --
    --
    --

    A Practical Next Step

    Learn how funding, margin, and liquidation interact on a perpetual before risking real money. WEEX offers a demo futures mode with virtual funds where you can hold a perpetual position across funding intervals and watch the combined effect on your balance. When you trade real perpetuals, use low leverage, size positions with a fixed risk cap, and set a stop-loss.

    Download the WEEX app, open the futures section, and practise perpetuals in demo mode first.

    FAQ

    Q. What is the difference between perpetual and dated futures? A. Dated futures expire on a set date and settle; perpetuals never expire and use a funding rate to stay anchored to the spot price.

    Q. How does a perpetual stay close to the spot price? A. Through the funding rate — periodic payments between longs and shorts that push the contract price back toward spot.

    Q. Do I pay to hold a perpetual position? A. You pay or receive funding at each interval, depending on the rate and your position's direction. Over time this is a real cost (or income) separate from price moves.

    Q. Are perpetuals riskier than spot? A. Yes. They are leveraged and can be liquidated, and they carry funding costs — none of which apply to simply buying and holding a coin on spot.

    This article is general educational information about trading terminology, not investment advice. Perpetual futures trading carries a high risk of loss and guarantees no profit. Trade at your own responsibility.

    This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.

    You may also like

    How Pre-IPO Perpetuals Work: Index Pricing, Funding, and Risks

    How Pre-IPO Perpetuals Work: Index Pricing, Funding, and Risks

    A plain-English guide to pre-IPO perpetuals: what they are, how index pricing works, funding and leverage mechanics, IPO resolution, and key risks.
    What Is OPENAIUSDT? WEEX's Pre-IPO OpenAI Perpetual Explained

    What Is OPENAIUSDT? WEEX's Pre-IPO OpenAI Perpetual Explained

    OPENAIUSDT is a USDT-margined pre-IPO perpetual on WEEX referencing OpenAI's market-implied valuation. Learn what it is, how it works, and its risks.
    ANTHROPICUSDT Explained: How WEEX's Anthropic Pre-IPO Perpetual Works and Its Risks

    ANTHROPICUSDT Explained: How WEEX's Anthropic Pre-IPO Perpetual Works and Its Risks

    ANTHROPICUSDT is a USDT-margined pre-IPO perpetual on WEEX referencing Anthropic's market-implied valuation. Learn how it works, its fees, and key risks.
    NEC Corp Stock (6701): Price, Board Talking Points and Outlook

    NEC Corp Stock (6701): Price, Board Talking Points and Outlook

    NEC (TSE 6701) doubled its operating margin to a record profit, then fell ~41% from its November peak before rebounding. cotomi LLM, board talking points, July 2026.
    SoftBank Corp (telecom) Stock (9434): Price, Board Talking Points and Outlook

    SoftBank Corp (telecom) Stock (9434): Price, Board Talking Points and Outlook

    SoftBank Corp (TSE 9434) — the telecom, not group 9984 — posted its first ¥1 trillion operating profit and pays a ~4% never-cut dividend. Board talking points, July 2026.
    SoftBank Group Stock (9984): Price, Board Talking Points and Outlook

    SoftBank Group Stock (9984): Price, Board Talking Points and Outlook

    SoftBank Group (TSE 9984) is the AI-holdco proxy — $30B into OpenAI (~13%), ~90% of Arm — that quadrupled then fell 9% on July 17. Board talking points and outlook, July 2026.
    FRONTEO Stock (2158): Price, Board Talking Points and Outlook

    FRONTEO Stock (2158): Price, Board Talking Points and Outlook

    FRONTEO (TSE 2158, ex-UBIC) is a KIBIT-based AI name — strong FY3/2026 but down FY3/2027 guidance and a balance-sheet worry; a July rebounder. Board talking points, July 2026.
    MODEC Stock (6269): Price, Board Talking Points and Outlook

    MODEC Stock (6269): Price, Board Talking Points and Outlook

    MODEC (TSE 6269), the world's #2 FPSO builder, hit a Nov 2025 high then fell ~43% into the JPY9,000s by Jul 2026. Board talking points, catalysts and outlook.
    Ryohin Keikaku (MUJI) Stock (7453): Price, Board Talking Points and Outlook

    Ryohin Keikaku (MUJI) Stock (7453): Price, Board Talking Points and Outlook

    Ryohin Keikaku (7453), the MUJI operator, hit an all-time high after a raised FY guide; boards debate margin-quality growth vs a ~34x P/E. Talking points and outlook, July 2026.
    Toyo Engineering Stock (6330): Price, Board Talking Points and Outlook

    Toyo Engineering Stock (6330): Price, Board Talking Points and Outlook

    Toyo Engineering (6330) went parabolic on Japan's deep-sea rare-earth trial, then crashed ~80% after a February profit warning. Board talking points and outlook as of July 2026.
    AnGes Stock (4563): Price, Board Talking Points and Outlook

    AnGes Stock (4563): Price, Board Talking Points and Outlook

    AnGes (TSE 4563), a gene-therapy penny stock ~98% off its 2020 peak, trades on warrant dilution and a US FDA BLA path. Board talking points and outlook, Jul 2026.
    Mitsui O.S.K. Lines Stock (9104): Price, Board Talking Points and Outlook

    Mitsui O.S.K. Lines Stock (9104): Price, Board Talking Points and Outlook

    Mitsui O.S.K. Lines (9104) faces freight normalization but adopted a progressive dividend with a ~¥200 floor. Board talking points and how to read the stock, July 2026.
    Daiichi Sankyo Stock (4568): Price, Board Talking Points and Outlook

    Daiichi Sankyo Stock (4568): Price, Board Talking Points and Outlook

    Daiichi Sankyo (TSE 4568) is a large-cap ADC pharma leader; a roughly 34% first-half slide has begun to recover amid investment-led margins. Outlook, July 2026.
    Healios Stock (4593): Price, Board Talking Points and Outlook

    Healios Stock (4593): Price, Board Talking Points and Outlook

    Healios (TSE 4593) is a pre-revenue biotech trading on the fate of HLCM051 under Japan's conditional-approval path, against dilution. Outlook, July 2026.
    Nippon Steel Stock (5401): Price, Board Talking Points and Outlook

    Nippon Steel Stock (5401): Price, Board Talking Points and Outlook

    Nippon Steel (5401) completed the U.S. Steel deal in June 2025; FY3/2026 net fell 95% on one-offs while boards stay 87% bullish on the dividend. Outlook as of July 2026.
    Frutafruta Stock (2586): Price, Board Talking Points and Outlook

    Frutafruta Stock (2586): Price, Board Talking Points and Outlook

    Frutafruta (TSE 2586) is a small-cap acai food company; a superfood-boom turnaround met warrant-dilution complaints on a thin float. Outlook, July 2026.
    Okamoto Glass Stock (7746): Price, Board Talking Points and Outlook

    Okamoto Glass Stock (7746): Price, Board Talking Points and Outlook

    Okamoto Glass (7746) ran ~4.4x in early 2026 on AlN substrates for AI datacenters and rare-earth glass, then halved under warrant supply. Talking points and outlook, July 2026.
    Unitika Stock (3103): Price, Board Talking Points and Outlook

    Unitika Stock (3103): Price, Board Talking Points and Outlook

    Unitika (TSE 3103), a textile house exiting textiles for materials, saw a nominal squeeze from ¥287 to about ¥4,380 and back. Outlook, July 2026.
    eole Stock (2334): Price, Board Talking Points and Outlook

    eole Stock (2334): Price, Board Talking Points and Outlook

    eole (TSE 2334), a profitable ex-messaging firm, pivoted into GPU servers, AI datacenters and a Bitcoin treasury (~168.5 BTC). Board talking points and outlook, July 2026.
    Hotta Maruzen Stock (Now Bitcoin Japan, 8105): Price, Board Talking Points and Outlook

    Hotta Maruzen Stock (Now Bitcoin Japan, 8105): Price, Board Talking Points and Outlook

    Hotta Maruzen, renamed Bitcoin Japan (8105), held zero BTC as of June 2026; a July 17 raise of ~9.66 billion yen funds its first buy. Board talking points and outlook, July 2026.
    Daikokuya Holdings Stock (6993): Price, Board Talking Points and Outlook

    Daikokuya Holdings Stock (6993): Price, Board Talking Points and Outlook

    Daikokuya Holdings (TSE 6993), a sub-¥100 reuse holding company, is betting on a new team's return-to-profit plan. Board talking points and outlook, July 2026.
    GlobalWay Stock (3936): Price, Board Talking Points and Outlook

    GlobalWay Stock (3936): Price, Board Talking Points and Outlook

    GlobalWay (TSE 3936): a former 2021 crypto/metaverse name, now a Careekone + Salesforce Agentforce micro-cap back to profit but guiding recurring profit down ~60%. July 2026.
    Rakuten Group Stock (4755): Price, Board Talking Points and Outlook

    Rakuten Group Stock (4755): Price, Board Talking Points and Outlook

    Rakuten Group (TSE 4755) posted operating profit but a 7th straight net loss; the KDDI roaming deal expires end-September 2026. Board talking points and outlook, July 2026.
    Sumitomo Electric Stock (5802): Price, Board Talking Points and Outlook

    Sumitomo Electric Stock (5802): Price, Board Talking Points and Outlook

    Sumitomo Electric (TSE 5802) is a cable major re-rated as an AI-infrastructure play; note the 1-for-4 split effective July 1. Outlook, July 2026.
    Pixela Stock (6731): Price, Board Talking Points and Outlook

    Pixela Stock (6731): Price, Board Talking Points and Outlook

    Pixela (TSE 6731): a loss-making electronics micro-cap with an early-stage Web3 project (WellthVerse) — not a crypto-treasury company. Board talking points and outlook, July 2026.
    Mitsui Kinzoku Stock (5706): Price, Board Talking Points and Outlook

    Mitsui Kinzoku Stock (5706): Price, Board Talking Points and Outlook

    Mitsui Kinzoku (TSE 5706) makes MicroThin copper foil for AI-server substrates; the stock roughly tripled to a record then nearly halved by July. Outlook, July 2026.
    Asteria Stock (3853): Price, Board Talking Points and Outlook

    Asteria Stock (3853): Price, Board Talking Points and Outlook

    Asteria (TSE 3853): an enterprise-software maker whose crypto exposure is the JPYC yen stablecoin (not Bitcoin), with a now-listed SpaceX stake driving the price. July 2026.
    Hamamatsu Photonics Stock (6965): Price, Board Talking Points and Outlook

    Hamamatsu Photonics Stock (6965): Price, Board Talking Points and Outlook

    Hamamatsu Photonics (TSE 6965), a photonics pure play, went limit-up on a May earnings inflection then fell in July's chip selloff. Outlook, July 2026.
    Murata Manufacturing Stock (6981): Price, Board Talking Points and Outlook

    Murata Manufacturing Stock (6981): Price, Board Talking Points and Outlook

    Murata Manufacturing (TSE 6981): the world's No.1 MLCC maker and an AI-server play, up ~4x then down 38% into July 31 earnings. Board talking points and outlook, July 2026.
    Ibiden Stock (4062): Price, Board Talking Points and Outlook

    Ibiden Stock (4062): Price, Board Talking Points and Outlook

    Ibiden (TSE 4062) is a near-exclusive AI-server IC-substrate supplier to NVIDIA. Its stock ran +317% then fell -43% by mid-July. Board talking points and outlook, July 2026.

    How Pre-IPO Perpetuals Work: Index Pricing, Funding, and Risks

    A plain-English guide to pre-IPO perpetuals: what they are, how index pricing works, funding and leverage mechanics, IPO resolution, and key risks.

    What Is OPENAIUSDT? WEEX's Pre-IPO OpenAI Perpetual Explained

    OPENAIUSDT is a USDT-margined pre-IPO perpetual on WEEX referencing OpenAI's market-implied valuation. Learn what it is, how it works, and its risks.

    ANTHROPICUSDT Explained: How WEEX's Anthropic Pre-IPO Perpetual Works and Its Risks

    ANTHROPICUSDT is a USDT-margined pre-IPO perpetual on WEEX referencing Anthropic's market-implied valuation. Learn how it works, its fees, and key risks.

    NEC Corp Stock (6701): Price, Board Talking Points and Outlook

    NEC (TSE 6701) doubled its operating margin to a record profit, then fell ~41% from its November peak before rebounding. cotomi LLM, board talking points, July 2026.

    SoftBank Corp (telecom) Stock (9434): Price, Board Talking Points and Outlook

    SoftBank Corp (TSE 9434) — the telecom, not group 9984 — posted its first ¥1 trillion operating profit and pays a ~4% never-cut dividend. Board talking points, July 2026.

    SoftBank Group Stock (9984): Price, Board Talking Points and Outlook

    SoftBank Group (TSE 9984) is the AI-holdco proxy — $30B into OpenAI (~13%), ~90% of Arm — that quadrupled then fell 9% on July 17. Board talking points and outlook, July 2026.
    ...
    One account, every market
    Trade stocks, gold, oil and more!
    One account, every marketTrade now

    Contents

    How Perpetual Contracts Work
    Why Traders Use Perpetuals
    The Risk Section — Read This Carefully
    cap-app
    A Practical Next Step
    FAQ

    Latest articles

    08/18/2026

    Ansem Launches 'New Meme Endorsement' with Promotion Fees Up to $98,000

    CAPCAP
    00.00%--
    08/18/2026

    The Bull Is Here, Along with the Token Creator Who Didn't Make Any Money

    CAPCAP
    00.00%--
    08/18/2026

    WEEX Trade to Earn Season 6: Mine WXT, Climb the Leaderboard, Hunt USDT — All in One Campaign

    WEEX launches Season 6 of its Trade to Earn campaign from August 17 to September 6, 2026 — its most rewarding edition yet, stacking real-time WXT rebates up to 35%, a brand-new Treasure Map fragment hunt, a USDT trading leaderboard, and a referral bonus into a single campaign.

    WXTWXT
    00.00%--
    CAPCAP
    00.00%--
    08/18/2026

    KuCoin’s new perp rule can turn one funding-rate extreme into 36 hours of hourly settlements

    KuCoin's USDT and USDC contracts move from the next period, while returning to four-hour settlement requires 36 stable hours.
    CAPCAP
    00.00%--
    08/18/2026

    Important News from Last Night and This Morning (August 17 - August 18)

    CAPCAP
    00.00%--
    More

    Latest coin listings on WEEX

    logoCommunity
    iconiconiconiconiconiconicon
    Customer Support:@weikecs
    Business Cooperation:@weikecs
    Quant Trading & MM:bd@weex.com
    VIP Program:support@weex.com
    • About Us
    • Announcement Center
    • Media Kit
    • WEEX Community
    • WXT Zone
    • Announcement
    • Legal Statement
    • Risk Disclosure
    • Terms and Policies
    • Privacy Policy
    • Whistleblower Notice
    • AML/CTF Policy
    • Law Enforcement
    • User Guide
    • Product Launches
    • Crypto News
    • Product Launches
    • Crypto Wiki
    • Learn
    • Q&A
    • Spot
    • Futures
    • Glossary
    • VIP Program
    • Download
    • Affiliate
    • Protection Fund
    • Proof of Reserves
    • Sitemap
    • ETFs
    • Crypto Prices
    • Price Predictions
    • WXT Price
    • BTC Price
    • ETH Price
    • DOGE Price
    • How to Buy Crypto
    • How to Buy WXT
    • How to Buy BTC
    • How to Buy ETH
    • How to Buy DOGE
    • Help Center
    • Fee Schedule
    • Trading Rules
    • WEEX Academy
    • Contact Verifier
    • Submit Feedback
    • About Us
    • Announcement Center
    • Media Kit
    • WEEX Community
    • WXT Zone
    • Announcement
    • Help Center
    • Fee Schedule
    • Trading Rules
    • WEEX Academy
    • Contact Verifier
    • Submit Feedback
    • Customer Support Bot
    • VIP Services
    • Legal Statement
    • Risk Disclosure
    • Terms and Policies
    • Privacy Policy
    • Whistleblower Notice
    • AML/CTF Policy
    • Law Enforcement
    • Proof of Reserves
    • Invite Friends
    • OTC
    • Download
    • Affiliate
    • VIP Program
    • API
    • Broker
    • Listing Application
    • Affiliate T&C
    • Sitemap
    • Futures
    • Spot
    • Copy Trade
    • Markets
    • WEEX Store
    • User Guide
    • Product Launches
    • Crypto News
    • Product Launches
    • Crypto Wiki
    • Learn
    • Q&A
    • Spot
    • Futures
    • Glossary
    • VIP Program
    • Download
    • Affiliate
    • Protection Fund
    • Proof of Reserves
    • Sitemap
    • ETFs
    • Crypto Prices
    • Price Predictions
    • WXT Price
    • BTC Price
    • ETH Price
    • DOGE Price
    • How to Buy Crypto
    • How to Buy WXT
    • How to Buy BTC
    • How to Buy ETH
    • How to Buy DOGE
    • About Us
    • Announcement Center
    • Media Kit
    • WEEX Community
    • WXT Zone
    • Announcement
    • Help Center
    • Fee Schedule
    • Trading Rules
    • WEEX Academy
    • Contact Verifier
    • Submit Feedback
    • Legal Statement
    • Risk Disclosure
    • Terms and Policies
    • Privacy Policy
    • Whistleblower Notice
    • AML/CTF Policy
    • Law Enforcement
    • Customer Support Bot
    • VIP Services
    • Futures
    • Spot
    • Copy Trade
    • Markets
    • WEEX Store
    • Proof of Reserves
    • Invite Friends
    • OTC
    • Download
    • Affiliate
    • VIP Program
    • API
    • Broker
    • Listing Application
    • Affiliate T&C
    • Sitemap
    • User Guide
    • Product Launches
    • Crypto News
    • Product Launches
    • Crypto Wiki
    • Learn
    • Q&A
    • Spot
    • Futures
    • Glossary
    • VIP Program
    • Download
    • Affiliate
    • Protection Fund
    • Proof of Reserves
    • Sitemap
    • ETFs
    • Crypto Prices
    • Price Predictions
    • WXT Price
    • BTC Price
    • ETH Price
    • DOGE Price
    • How to Buy Crypto
    • How to Buy WXT
    • How to Buy BTC
    • How to Buy ETH
    • How to Buy DOGE

    Where new wealth is made

    Download app

    Sign Up
    h5 logo
    Download