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What is Perpetual Swap?
Crypto Glossary Definition
A derivative product similar to a futures contract, but has no expiration date. BitMEX has popularized this kind of crypto derivative.
Why Perpetual Swap Matters
A perpetual swap is a futures-like contract with no expiry date, kept in line with the underlying spot price through periodic "funding rate" payments between long and short traders — it's now the single most heavily traded instrument type in crypto derivatives markets.
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