Perpetual Futures Explained: How They Work and Why Traders Use Them

When you trade perpetual futures, a type of derivative contract that never expires and tracks the price of an underlying asset like Bitcoin or Ethereum. Also known as perps, they let traders go long or short without ever having to own the actual coin. Unlike regular futures that expire on a set date, perpetuals keep going—forever. That’s why they’re so popular on platforms like Binance, Bybit, and BloFin, where traders use them to bet on price swings without waiting for delivery.

What makes perpetual futures different is the funding rate—a mechanism that keeps the contract price close to the real market price. If longs pay shorts, it means the market is overbought. If shorts pay longs, the market might be oversold. This system keeps things balanced, even when leverage hits 100x or more. You’ll find this in action on exchanges like Superp, a decentralized exchange offering up to 10,000x leverage with no liquidations, or BloFin, a high-leverage platform focused on unified spot-futures trading and enterprise-grade security. But high leverage isn’t free. One wrong move, and your position can vanish fast, which is why understanding liquidity pool risks, including impermanent loss and smart contract bugs matters even when trading perps.

Perpetual futures aren’t for beginners who just want to HODL. They’re tools for active traders who watch charts, manage risk, and know when to cut losses. That’s why many posts here focus on exchanges that offer them—like BloFin, Superp, and even risky ones like XeggeX, which collapsed after users lost everything. You’ll also find warnings about scams hiding behind fake airdrops or unregulated platforms that promise crazy returns. The truth? Perpetual futures are powerful, but they demand discipline. If you’re not tracking funding rates, managing margin, or avoiding over-leveraged bets, you’re playing with fire. Below, you’ll find real reviews, breakdowns of platforms that offer perps, and sharp warnings about what to avoid. No fluff. Just what you need to trade smarter—or stay out of trouble.