The Vibe: Leveraged contracts that let you bet on crypto prices forever — no expiration date, just ongoing trading with funding fees.
The Details: Perps (short for perpetual futures or perpetual swaps) are futures contracts without an expiry — unlike traditional futures that settle at a fixed date, perps can be held indefinitely. You go long (bet price up) or short (bet price down) with leverage (up to 100x+ on some platforms). Price tracks the spot market via a funding rate mechanism: longs pay shorts (or vice versa) every few hours to keep the perp price close to spot. Popular on Binance, Bybit, OKX, dYdX. In 2026, perps dominate crypto trading volume — most leverage action happens here.
Pro Tip: Perps are high-risk — funding rates can eat profits if you hold against the crowd for long. Use low leverage (1x–5x), set stop-losses, and watch funding rate (positive = longs pay shorts). Great for hedging or short-term trades, but most people get liquidated chasing big moves.