
What Are Crypto Perpetual Contracts (Perps)? Definition, Mechanics & Risk Analysis (2026)
Learn what crypto perpetual futures are, how funding rates work, initial & maintenance margin rules, liquidation risks, and multi-asset trading features.
Facts First. Decisions Next.
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Structured answers on total cost, network selection, KYC limits, product choice and account security—with links to deeper guides where needed.
Spot trading exchanges one asset for another without built-in leverage. Perpetual futures are derivatives with margin, liquidation risk and recurring funding mechanics.
Choose based on the task: direct asset exposure, hedging, or short-term directional trading—not based on feature count alone.
Choose the right product guide →Funding is a periodic payment between long and short participants based on the position size and the prevailing funding rate. It can materially change holding cost even when the entry trading fee was low.
Include expected holding time and the current funding schedule in any pre-trade cost check.
How platform fees work →