Бессрочный фьючерс
Perpetual Futures
Perpetual futures are derivative contracts on a crypto asset with no expiry date, whose price is kept close to the spot price by a funding rate mechanism.
A perpetual future is a derivative contract that, unlike a classic futures contract, has no expiration date. A position can be held for as long as the account has enough margin to support it.
## How It Works
To keep the contract price from drifting away from the spot price, the exchange uses periodic payments between traders called the funding rate. If the contract trades above spot, long positions pay short positions; if it trades below spot, the payments flow the other way. This pulls the market price toward the index price.
Positions are usually opened with leverage, and the exchange calculates the liquidation price based on the mark price. If collateral falls below the minimum margin, the position is closed forcibly.
## Where It Is Used
Perpetual contracts dominate centralized exchanges and are increasingly appearing on decentralized protocols, where oracles and liquidity pools are used to anchor the price.
## Common Mistakes
Beginners often confuse the funding rate with a trading fee and fail to account for it when holding a position for a long time. Another typical mistake is using high leverage without calculating the buffer to liquidation during sharp volatility.
FAQ
How does a perpetual future differ from a regular futures contract?
A regular futures contract has an expiration date on which it settles. A perpetual future has no expiration date, and its price convergence to spot is maintained by the funding rate.
What is the funding rate?
It is a periodic payment between holders of long and short positions. Its sign and size depend on the gap between the contract price and the spot price, and it is paid directly between traders.
Why can a position be closed forcibly?
If collateral falls below the minimum margin, the exchange liquidates the position at the mark price to prevent losses from exceeding the collateral.