Perpetual Swap
Futuro sem vencimento, ajustado ao spot por funding rates.
Perpetual swaps (perps) are the most traded crypto derivative. Unlike traditional futures that expire quarterly, perps never settle. Instead, they use a funding rate mechanism to tether their price to the spot market. This makes them simpler to trade since there is no need to roll contracts.
Perps were pioneered by BitMEX in 2016 and have since become the dominant instrument on every major crypto exchange. Daily perp volume often exceeds spot volume by 3-5x, making them the primary venue for price discovery.
The absence of an expiry date means perps carry an ongoing funding cost. In a bullish market with positive funding, holding a long perp position continuously can erode returns through cumulative funding payments.
Perpetual swaps dominate crypto trading volume and drive price discovery. Understanding their mechanics, especially funding, is essential for interpreting market dynamics.
Como o CryptoRadar24 monitora
CryptoRadar24 monitors perp prices, funding rates, and open interest across exchanges, using the data to detect divergences between derivative positioning and spot market conditions.
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FAQ
How do perps stay close to spot price?
Through funding rates. When the perp trades above spot, longs pay shorts, creating an incentive to sell the perp and buy spot, pushing prices back toward parity.
Who invented perpetual swaps?
The concept was first implemented by BitMEX in 2016, borrowing from the idea of contracts for difference (CFDs) in traditional finance.
Are perpetual swaps available for all coins?
Most major coins have perp markets. Smaller-cap tokens may only have perps on select exchanges or not at all.
What are the risks of holding perps long term?
Cumulative funding costs, liquidation risk from leverage, and exchange counterparty risk. Perps are designed for shorter-term trading rather than buy-and-hold.