Perpetual futures, commonly known as perpetual swaps or perps, have become the dominant force behind Bitcoin, Ethereum, and broader cryptocurrency price discovery, reshaping how digital asset markets function. While many investors assume crypto prices are determined by spot market trades, research increasingly suggests derivatives now lead the market. Unlike traditional futures contracts, perpetual futures have no expiration date, allowing traders to hold positions indefinitely while paying or receiving a periodic funding rate. This mechanism keeps perpetual prices closely aligned with the… Read more





