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Perpetual futures
Perpetual futures are contracts that let you bet on a coin's price going up or down without owning it and without an expiry date. Instead of expiring, they use regular funding payments between buyers and sellers to keep the contract price close to the coin's market price.
What it means for you. Perpetuals are usually traded with leverage, so a small price move can wipe out the margin you posted and close your position. You also pay or receive funding for as long as the position stays open, which can add up over weeks. A regulator warns leveraged traders can lose more than they put in.
Sources: Hyperliquid docs: Contract specifications, CFTC: Understand the Risks of Virtual Currency Trading, Hyperliquid docs: Funding · checked 4 October 2026
Futures contract
A futures contract is an agreement to buy or sell an asset on a set future date at a price fixed today. Both sides are obligated, and most traders close the contract before that date rather than deliver, so it is mainly used to bet on or hedge against price moves.
What it means for you. Futures are traded on margin, so a small deposit controls a much larger position, and gains and losses are settled to your account every day. A move against you can bring a margin call or a forced close well before expiry. Some futures settle in cash rather than the asset, so you never receive the coin.
Source: CFTC Glossary · checked 4 October 2026