Derivatives
Perpetual futures (perps)
Futures contracts with no expiry date, kept near the spot price by periodic funding payments between longs and shorts.
A perp lets you hold a leveraged long or short on Bitcoin, Ethereum or, on Hyperliquid, tokenised stocks and commodities, without ever rolling a contract. Every hour or eight hours, whichever side is crowding the price away from spot pays the other side a funding fee.
Perps are the dominant crypto derivative by volume and the instrument behind most whale activity BetG8 tracks on Hyperliquid. Leverage of 10x to 50x is common, which makes liquidation the central risk.
They are not prediction markets, but the same crowd of traders uses both, and funding and open interest data say a lot about sentiment.
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Frequently asked questions
- What does "Perpetual futures (perps)" mean?
- Futures contracts with no expiry date, kept near the spot price by periodic funding payments between longs and shorts.
- Why does perpetual futures (perps) matter for prediction markets?
- They are not prediction markets, but the same crowd of traders uses both, and funding and open interest data say a lot about sentiment.