# Perpetual futures: price exposure without owning the underlying token

A perpetual future is a derivative with no scheduled expiry. It gives long or short exposure under a contract’s margin and settlement rules, while funding payments help keep its market price near a reference price. Holding a perpetual does not give the same asset ownership or withdrawal rights as buying the underlying token.

Evidence: [Default funding rates on dYdX](https://help.dydx.trade/en/articles/166992-default-funding-rates-on-dydx); [Liquidations on dYdX Chain](https://help.dydx.trade/en/articles/166991-liquidations-on-dydx-chain); [Settlement](https://support.deribit.com/api/v2/help_center/en-us/articles/29734325712413.json)

Canonical: https://degreesofsatoshi.com/encyclopedia/perpetual-futures/
Published: 2026-10-02
Substantively modified: 2026-10-02
Independently verified by an automated reviewer: 2026-10-02T19:18:00.092Z
Data current through: 2026-10-02

AI-assisted research and drafting with a separate automated source-verification pass; no external expert or named human review is implied.

## Key facts

- **Expiry:** A perpetual has no scheduled final expiry. ([Default funding rates on dYdX](https://help.dydx.trade/en/articles/166992-default-funding-rates-on-dydx))
- **Funding:** Payments can move between long and short holders. ([Default funding rates on dYdX](https://help.dydx.trade/en/articles/166992-default-funding-rates-on-dydx))
- **Margin:** Insufficient equity can lead to forced position reduction. ([Liquidations on dYdX Chain](https://help.dydx.trade/en/articles/166991-liquidations-on-dydx-chain))

## Describe the contract before its leverage

A hypothetical linear contract with exposure to 2 units of an asset changes gross value by 2 quote units for each one-unit price move. Being long benefits from a rise; being short benefits from a fall. Contract multipliers and inverse settlement can change this calculation, so the instrument specification comes first.

The margin deposit supports the contract. It is not necessarily a payment purchasing two withdrawable tokens.

Evidence: [Liquidations on dYdX Chain](https://help.dydx.trade/en/articles/166991-liquidations-on-dydx-chain); [Settlement](https://support.deribit.com/api/v2/help_center/en-us/articles/29734325712413.json)

## No expiry still permits continuing costs and closures

Funding can be paid or received while the position remains open. Falling equity can trigger liquidation long before a trader’s intended holding period ends. A protocol can also have market closure procedures; no scheduled expiry is not a promise of permanent trading availability.

Evidence: [Default funding rates on dYdX](https://help.dydx.trade/en/articles/166992-default-funding-rates-on-dydx); [Liquidations on dYdX Chain](https://help.dydx.trade/en/articles/166991-liquidations-on-dydx-chain)

## Read the venue’s accounting

Deribit documents daily realization of futures and perpetual profit while non-expiring positions remain open. This is a venue-specific settlement process, distinct from final contract delivery. Another platform’s balance labels or timing may differ even when both products are called perpetuals.

Evidence: [Settlement](https://support.deribit.com/api/v2/help_center/en-us/articles/29734325712413.json)

## Questions

### Does no expiry mean I can hold forever without paying anything?

No. Funding, trading costs and margin requirements still apply, and a position can be liquidated.

Evidence: [Default funding rates on dYdX](https://help.dydx.trade/en/articles/166992-default-funding-rates-on-dydx); [Liquidations on dYdX Chain](https://help.dydx.trade/en/articles/166991-liquidations-on-dydx-chain)

## Claims and scope

### perpetual-futures-quick-answer

A perpetual future is a derivative with no scheduled expiry. It gives long or short exposure under a contract’s margin and settlement rules, while funding payments help keep its market price near a reference price. Holding a perpetual does not give the same asset ownership or withdrawal rights as buying the underlying token.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

### perpetual-futures-fact-expiry

Expiry: A perpetual has no scheduled final expiry.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

### perpetual-futures-fact-funding

Funding: Payments can move between long and short holders.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

### perpetual-futures-fact-margin

Margin: Insufficient equity can lead to forced position reduction.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

## Sources

- [Default funding rates on dYdX](https://help.dydx.trade/en/articles/166992-default-funding-rates-on-dydx) — dYdX Operations Services. Funding direction, position-sized transfers and governance-adjustable calculation. Locator: Funding rates; premium; time intervals. Retrieved: 2026-10-02T18:53:20.972Z.
- [Liquidations on dYdX Chain](https://help.dydx.trade/en/articles/166991-liquidations-on-dydx-chain) — dYdX Operations Services. Distinguishes eligibility, order execution and account losses. Locator: Margin; fillable price; liquidation. Retrieved: 2026-10-02T18:53:20.755Z.
- [Settlement](https://support.deribit.com/api/v2/help_center/en-us/articles/29734325712413.json) — Deribit. Official support article retrieved through its public API; venue-specific mechanics. Locator: Daily settlement versus expiration. Retrieved: 2026-10-02T19:02:03.014Z.

## Revision history

- 2026-10-02: First publication after primary-source research and separate automated verification.

## Cite this entry

Degrees of Satoshi editorial project. “Perpetual futures: price exposure without owning the underlying token.” Published 2026-10-02; updated 2026-10-02. https://degreesofsatoshi.com/encyclopedia/perpetual-futures/