What are Perps?

Perpetual Futures Explained

Perpetual Futures (perps) are a type of derivative contract that can be bought and sold at roughly the same price as the underling crypto asset. Perps differ from typical futures contracts because there is no expiration date, this makes them simpler to deal with as they can be traded and held almost as if they were the spot token itself.

Perps are typically used in trading because they can be collateralized by as little as 1% of the position. This equates to 100x leverage.