Definition
Perpetuals (perps) are the dominant instrument in crypto derivatives — over $200B in monthly volume on Hyperliquid alone. They behave like spot leverage but with funding payments and liquidation engines.
Perp (a.k.a. perpetual futures, perpetual contract)
Futures contract with no expiry, settled continuously via funding rate.
Frequently asked questions
What is Perp?
Perpetuals (perps) are the dominant instrument in crypto derivatives — over $200B in monthly volume on Hyperliquid alone. They behave like spot leverage but with funding payments and liquidation engines.