What are perpetual futures in crypto?

Perpetual futures in crypto are derivative contracts that follow the price of a coin such as bitcoin but have no settlement date. Traders go long or short, usually with leverage, and pay or receive a regular funding payment instead of rolling into a new contract. They are among the most traded products on many crypto exchanges.

What are perpetual futures and how do they work?

A trader posts collateral, called margin, and opens a position sized larger than that deposit. Kraken explains that perpetuals have no expiry, so there is nothing to roll over, but they charge or pay a periodic funding rate based on how far the contract trades from the index price. The details of that payment are in what is a funding rate.

If the price moves against the position and margin runs low, the exchange closes it. That process is covered in what happens if you get liquidated, and the basics of leverage are in crypto futures and leverage.

What is the difference between perpetual and regular futures in crypto?

The main difference is the end date. Kraken lists its fixed maturity contracts in monthly, quarterly and semiannual terms. A position held to maturity is cash settled at a rate based on the spot market price. A perp skips that step and uses funding to keep its price in line instead.

That changes the costs. A dated future builds the expected price gap into the contract itself, while a perp holder pays or earns funding for as long as the position is open. Kraken notes that perpetuals generally have the deepest liquidity of its contracts.

What are inverse perpetual futures?

An inverse contract is quoted in US dollars but margined and settled in the coin. BitMEX describes its inverse futures this way, with bitcoin as the margin and settlement asset. Kraken calls the same idea Coin-M, and says only the base coin works as collateral, so a BTC/USD inverse contract needs bitcoin.

The payoff is not a straight line. Kraken gives the example of a 10% price rise on a BTC/USD inverse contract producing a 9.09% gain measured in bitcoin. Linear contracts, which Kraken calls Multi-M, pay one for one and settle in dollars by default.

Are perpetual futures available in the US?

Partly, as of November 2026. Coinbase Derivatives listed nano bitcoin and nano ether perpetual-style futures on July 21, 2025, according to The Block. Coinbase says these have five-year expiries, trade around the clock, offer up to 10x intraday leverage and accrue funding hourly with settlement twice a day. A nano bitcoin contract equals 0.01 BTC.

Fully perpetual products followed. On May 29, 2026, the CFTC approved Kalshi to list a bitcoin perpetual contract, and a CFTC letter let Coinbase Financial Markets offer certain perpetuals to US customers through Coinbase Bermuda, CoinDesk reported. CoinDesk noted this was agency guidance rather than a formal rule. Decentralized venues are covered separately in what is a perp DEX.