This module explores perpetual futures, a dominant derivative in crypto that allows indefinite trading on asset prices with high leverage. We covered how perps work—centered on the funding rate, and how they differ from traditional futures. We highlighted their advantages, including liquidity, leverage, hedging, and arbitrage, while emphasizing inherent risks such as liquidation, funding costs, and regulatory considerations. Armed with history, mechanics, and best practices, users can evaluate perps’ opportunities and risks before trading.