Perpetual futures versus dated futures
Perpetual contracts have no expiry and use funding to encourage price alignment. Dated futures expire and settle under a defined contract specification, so their basis normally converges toward settlement.
Different convergence mechanisms
A dated future has a known settlement date. A perpetual contract relies on recurring funding and the venue's mark/index design.
Neither product is simply equivalent to spot ownership: both add leverage, collateral, counterparty, and contract-rule risks.
Choosing the instrument
Perpetuals can be operationally convenient but expose holders to variable funding. Dated futures avoid recurring funding but introduce expiry, roll, and calendar-basis decisions.
Compare total expected cost and liquidity for the intended holding period.
Frequently asked questions
Do dated futures have funding fees?⌄
Normally they price carrying costs through the futures basis rather than periodic perpetual funding.
Do perpetuals always track spot closely?⌄
Funding encourages convergence, with temporary gaps and venue-specific index effects.
View perpetual funding rates →