Perpetual futures, or perps, are derivative contracts that track the price of an underlying asset without expiring. A position can remain open as long as the trader meets its margin requirements and pays any funding owed. Funding payments between long and short positions help keep the contract price close to the spot price. Perps can be traded with leverage, which increases both potential gains and losses and may lead to liquidation. Learn about perpetual futures or trade with Solflare.