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The defining difference is expiry. A dated crypto futures contract has a specified maturity or settlement date. A perpetual swap has no expiry, so the exchange uses recurring funding payments between longs and shorts to keep its price aligned with the underlying market. Both products can use leverage, both can be liquidated, and neither is automatically safer or cheaper. Your actual cost and liquidation risk depend on the contract, exchange, margin mode, maintenance-margin tier, fees and market conditions.
What is the difference between crypto futures and perpetual swaps?
Crypto futures and perpetual swaps are leveraged derivatives: you trade a contract whose value follows an underlying asset such as bitcoin rather than buying the asset itself. The contract design determines how the position is maintained and eventually closed.
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| Feature | Dated futures | Perpetual swaps |
|---|---|---|
| Expiry | Has a stated maturity, such as a monthly or quarterly cycle. The contract expires or settles according to its terms. | No scheduled expiry. You can keep the position open while it remains adequately margined and the venue continues to list the contract. |
| Price-alignment mechanism | Convergence toward the underlying at expiry, plus the exchange’s normal pricing and margin rules. | Recurring funding transfers between longs and shorts are used to keep the contract price near the reference market. |
| Holding-time costs | There is no perpetual funding payment, but the futures price can trade at a premium or discount and the position must be closed, rolled or settled by maturity. | Funding can be paid or received at each scheduled interval. The rate and interval can change. |
| Liquidation reference | Usually based on the venue’s mark price and margin rules, not simply the last trade shown on a chart. | Also normally uses a mark price and maintenance-margin rules; a last-price stop can fail to execute before mark-price liquidation. |
Binance’s explanations of traditional and perpetual contracts make the maturity distinction explicit. Its quarterly-futures FAQ describes a finite calendar cycle, while its perpetual-contract materials describe a product without expiry. Those are venue descriptions, not a universal specification: another exchange may name products differently or impose different settlement, margin and fee rules.
How expiry changes the trade
Dated futures have a contractual end date
When you open a dated future, you choose a contract with a stated maturity. At that point the venue applies the contract’s settlement procedure. The materials cited here establish that a contract has a defined maturity, but they do not establish one settlement method for every crypto future. Read the individual specification to see whether the product is cash-settled, how the final reference price is calculated and when trading stops.
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Before maturity, the futures price can be above (contango) or below (backwardation) the current spot reference. That difference is not automatically a fee charged to you. It reflects supply and demand, financing expectations, hedging pressure and time remaining. If you hold to expiry, the contract’s final settlement rules determine the result; if you close earlier, your result depends on the price at which you exit and all applicable costs.
Perpetuals remove the scheduled settlement
A perpetual swap is designed to remain open indefinitely. There is no quarterly or monthly date forcing a close or roll. That convenience comes with a continuing funding mechanism. Instead of waiting for expiry to bring the derivative toward spot, the venue periodically transfers funding between traders on opposite sides of the contract.
“No expiry” does not mean “no obligations.” You still need sufficient initial and maintenance margin, must pay trading and close fees, and can be liquidated during an adverse move. A venue can also change product parameters or suspend a contract under its rules.
How funding works on perpetual swaps
Funding is a transfer, not a universal borrowing fee
Funding is a periodic payment exchanged between long and short positions. Under the convention described by Binance and Bybit, a positive funding rate means longs pay shorts; a negative rate means shorts pay longs. The payment is calculated from the position’s notional value and the venue’s stated rate at the relevant funding time.
The rate is not fixed. Bybit describes a calculation that uses interest and premium components, with the rate updated during the funding interval. Binance notes that funding parameters and cadence can vary by contract. Therefore, never assume that every perpetual settles every eight hours, or that a displayed percentage will remain unchanged until the next payment.
A worked example with the necessary qualifications
Suppose an exchange lists a perpetual contract with a funding interval stated in its rules. At the published funding timestamp, the rate is +0.010% and your position’s funding notional is 20,000 USDT. Under the convention above, the gross transfer for that interval would be 20,000 × 0.00010 = 2 USDT from the long side to the short side. This is an illustration, not a standing market rate: the venue, contract, timestamp, notional definition, caps, discounts and account currency can change the amount. A rate can also change before the next settlement.
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If the rate is −0.010% for the same notional and interval, the direction reverses and shorts pay longs. Funding is assessed separately from entry and exit trading fees, spread, slippage, interest on borrowed collateral and any liquidation or close fee specified by the venue.
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For a position held through many funding events, small transfers accumulate. A trader who is consistently on the paying side may lose equity even when the underlying price is flat. Conversely, receiving funding is not guaranteed income: rates can turn negative, the notional can change as the position’s mark value changes, and price losses can overwhelm receipts.
Check the contract page for:
- the current and predicted funding rate;
- the exact funding interval and the event timestamp;
- whether the rate is capped or subject to a clamp;
- the notional and price used in the calculation;
- which margin balance is debited or credited; and
- what happens if you open or close near the funding timestamp.
Leverage and initial margin
What leverage changes
Leverage lets you control a larger notional position with less initial margin. At a simple 10:1 setting, a 10,000-unit notional position might require about 1,000 units of initial margin before fees and venue-specific adjustments. That arithmetic is only an illustration. Exchanges can impose minimums, maximums, risk limits, tiered leverage and different requirements for each contract.
Leverage magnifies the percentage effect of a price move on the equity you posted. A 1% adverse move on a 10,000-unit position changes unrealized profit or loss by roughly 100 units before fees and funding, regardless of whether the initial margin was 1,000 units or a larger amount. Higher leverage generally leaves less equity buffer, but the leverage number alone does not tell you the liquidation price.
Why the leverage setting is not a liquidation formula
Liquidation is triggered when the position or account fails the venue’s maintenance-margin requirement. The threshold can include:
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- position notional and exposure-based tier changes;
- unrealized profit or loss calculated from mark price;
- trading, estimated close and liquidation fees;
- additional margin you add after opening;
- other positions and liabilities in cross or portfolio margin; and
- the venue’s rules for partial liquidation, insurance funds or risk reduction.
Bybit’s liquidation rules and formulas include maintenance-margin rates, fees, added margin and risk tiers. Binance also describes exposure-related margin adjustments. The exact equation and available calculator are therefore more reliable than a generic “percentage move equals liquidation” shortcut.
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Mark price, last price and the liquidation trigger
Mark price is a risk-control reference
Last price is the price of the most recent trade on that order book. Mark price is an exchange-calculated reference intended to represent a fair value and reduce the effect of a single anomalous trade. Binance states that mark price is used in calculating liquidation price and unrealized PnL for its futures products. The formula and data sources are venue-specific.
A chart set to last price can therefore show a level that has not yet triggered liquidation, while the mark price has already reached the liquidation threshold. The reverse can also occur during a brief last-price spike that does not move the mark price enough to liquidate.
Why a stop order can lose the race
Bybit’s order-execution and liquidation FAQ describes a practical failure mode: if a stop is triggered by last traded price, the mark price may reach the liquidation threshold first. In that case, the position can be liquidated before the stop order becomes active or fills. Review both settings:
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- Open the contract’s risk or position panel and identify the displayed liquidation reference.
- Check whether your stop trigger is based on last price, mark price or an index price.
- Compare the trigger with expected spread, volatility and order-book liquidity.
- Leave a buffer between the stop trigger and the displayed liquidation price; a stop at the liquidation threshold is not a protective buffer.
Stops are not guaranteed execution prices. A trigger can activate a market or limit order that suffers slippage, partial execution or no fill if the chosen limit is too aggressive.
Maintenance margin and liquidation mechanics
Isolated margin
In isolated mode, a defined amount of margin is assigned to one position. Losses generally consume that position’s allocated margin rather than the full derivatives balance, subject to the venue’s rules. The trade-off is that the position has a smaller buffer and can liquidate even when unused account funds remain elsewhere.
Cross margin
Cross margin allows eligible account collateral to support multiple positions. A losing trade may draw on more balance, delaying its individual liquidation compared with isolated mode. The corresponding risk is broader: one position’s loss can reduce the equity available to other positions and threaten the account as a whole.
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Portfolio or unified margin
Some venues calculate risk across several derivatives and spot assets. Offsetting positions may receive margin recognition, while correlated losses can increase requirements. Bybit’s unified-account liquidation rules show why the account-level calculation cannot be reduced to one contract’s leverage setting.
What the liquidation process can include
When maintenance margin is breached, the venue may cancel open orders, reduce the position in stages, close it at available prices or transfer it to an insurance and risk-management process. The sequence, bankruptcy-price treatment, close fee and any residual-liability rules are contract-specific. Read the venue’s liquidation protocol before relying on a displayed estimate.
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| Cost or exposure | Dated future | Perpetual swap |
|---|---|---|
| Trading fees | Charged according to the venue’s maker/taker schedule when opening or closing. | Charged according to the venue’s maker/taker schedule when opening or closing. |
| Funding | No perpetual funding transfer, although the futures basis can embed market financing expectations. | Periodic transfer; you may pay or receive depending on the rate and your side. |
| Expiry or roll cost | Must close, settle or roll into a later contract before or at maturity, potentially incurring spread and trading costs. | No scheduled roll caused by expiry, but ongoing funding and margin requirements continue. |
| Liquidation and close fees | Determined by the venue’s rules and risk tier. | Determined by the venue’s rules and risk tier. |
| Price basis | Premium or discount to spot can widen or narrow before maturity. | Funding and the venue’s pricing mechanism seek to keep the contract near its reference market. |
There is no universal answer to “which is cheaper.” A dated future with an unfavorable basis can cost more than a perpetual with low funding; a perpetual held through repeated positive funding can cost more than entering a well-priced dated contract. Compare the actual contract, expected holding period, funding history and spread rather than the product label.
Choosing between the two structures
A dated future may fit when
- you need a known maturity for a hedge, event or delivery schedule;
- you want to avoid an uncertain stream of perpetual funding payments;
- the listed basis and expiry date match your planned holding period; or
- you can monitor and execute a roll before maturity.
A perpetual may fit when
- you want to keep directional exposure without selecting a monthly or quarterly expiry;
- you need a highly traded contract available continuously under the venue’s listing rules; or
- you can budget for variable funding and maintain a substantial margin buffer.
These are structural considerations, not recommendations. Liquidity, jurisdiction, collateral currency, contract size, leverage limits and access restrictions can outweigh the theoretical advantages.
A step-by-step pre-trade checklist
- Read the contract specification. Confirm expiry, settlement method, price index, contract multiplier, quote and settlement currency.
- Record the margin mode. Select isolated, cross or portfolio/unified mode deliberately; do not assume the interface’s previous setting is appropriate.
- Check the risk tier. Note the notional threshold at which maintenance margin rises or maximum leverage falls.
- Inspect the mark-price methodology. Find the mark price, index constituents and displayed liquidation calculation.
- Estimate all holding costs. Include entry and exit fees, expected funding transfers or basis/roll costs, collateral interest and a realistic slippage allowance.
- Set risk controls away from liquidation. Choose a stop trigger that leaves room for mark-price movement and execution slippage.
- Stress the position. Model a rapid adverse move, a funding-rate reversal, a spread widening and a fee increase within the venue’s published limits.
- Verify operational details. Check funding timestamps, maintenance windows, order-trigger settings, collateral balance and whether the venue can reduce or cancel orders during liquidation.
Common mistakes and how to correct them
“Perpetual means there is no expiry risk, so it is safer.”
No expiry removes a scheduled maturity, not liquidation risk. Funding, mark-price moves and maintenance margin remain active for as long as the position is open.
“A positive funding rate is a fixed fee for every long.”
It is a rate for a particular interval under a particular contract’s rules. It can change, be capped, use a different cadence and reverse direction. Confirm the timestamp and notional before estimating the transfer.
“Ten-times leverage means liquidation occurs after a 10% move.”
That shortcut ignores maintenance margin, fees, risk tiers, added margin and account mode. Use the venue’s calculator and test the mark-price trigger.
“The candle never touched liquidation, so the liquidation was wrong.”
The candle may display last price while the venue liquidates from mark price. Compare the mark-price chart, liquidation log and trigger settings.
“Cross margin is automatically safer.”
Cross margin can provide a larger buffer for one position, but it can also expose more of the account to a losing trade. Choose it only when you understand the account-level consequences.
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Official help pages are useful explanations, but Binance’s comparison page warns that educational material can become outdated and directs users to binding terms and contract specifications. Before trading, confirm the current rules for the exact symbol:
- Does the contract expire, and what are the final trading and settlement times?
- What reference price is used for unrealized PnL and liquidation?
- How are funding rates calculated, capped and timed?
- Which maintenance-margin tier applies at your intended notional?
- What fees are charged when a position is force-closed?
- Can the venue partially liquidate, cancel orders or use other account collateral?
- Are the product and margin features available in your jurisdiction and account type?
Rules can change. Save the contract page and calculator output you used, then re-check them after a major parameter, leverage or risk-limit announcement.
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