A derivative that tracks an asset's price with no expiry date, held to spot by a periodic funding payment between longs and shorts.
Last verified 13 September 2026 · written by the DexLadder team
What it means
A derivative that tracks an asset's price with no expiry date, held to spot by a periodic funding payment between longs and shorts.
Why it matters when you trade
A future with no settlement date needs another mechanism to stop it drifting from spot; funding is that mechanism. It makes perps a market in positioning as much as in price: when everyone is long, longs pay, and the cost of being crowded is charged every few hours. Perps are also where leverage and liquidation cascades live, which is why they lead spot during violent moves.
Worked example
BTC perp trades at 68,900 with spot at 68,600 and funding at +0.03% per 8 hours — longs pay roughly 32% a year to hold that premium.
See it on live markets
DexLadder runs perpetual futures against live market and pool data, with simulated capital, so you can watch it act on an order instead of reading about it — no account, no wallet, nothing installed.