A perpetual future is a contract that tracks the price of an underlying asset — a cryptocurrency, an index, a commodity — without ever settling on a fixed date. You can hold the position for as long as you keep enough collateral behind it.
Long or short
Going long profits when the price rises; going short profits when it falls. You are trading the price movement itself, not the asset, which is why either direction is easy to open.
Why “perpetual”
Traditional futures expire on a set date, forcing you to close or roll the position. A perpetual has no expiry, so the only things that end it are closing the trade or running out of margin.
The trade-offs
Perpetuals almost always involve leverage, which magnifies gains and losses alike, and a funding rate keeps the contract price tethered to the spot market. Understanding both is essential before you trade.