What Is a Perpetual Futures Contract?
ABCEX offers perpetual futures only. Learn how they work, how they differ from spot trading, and why they have no expiration date.
A simple analogy
Imagine agreeing with a friend that they will pay you the difference if BTC rises, while you will pay if it falls. No BTC changes hands. You are trading a contract based on the price change — a futures contract.
Traditional futures expire on a specified date. A perpetual futures contract, or perp, has no expiration date and can be held indefinitely. ABCEX offers perpetual futures only.
Long and short
| Position | Market expectation | Profits when | Loses when |
|---|---|---|---|
| Long / Buy | Price will rise | The price rises | The price falls |
| Short / Sell | Price will fall | The price falls | The price rises |
Futures vs Spot
| Parameter | Spot | Perpetual futures |
|---|---|---|
| Asset owned | Yes | No |
| Short | No | Yes |
| Leverage | No | Up to 50x |
| Expiration date | — | No (perpetual) |
| Funding | No | Every 8 hours |
| Liquidation | No | Yes |
Mark Price vs Last Price
- Last Price — The price of the latest trade, shown in the interface as the current price. It can move sharply when a large order executes.
- Mark Price — A fair price calculated from data across several exchanges. It is used for PnL and liquidation calculations and reduces the impact of Last Price manipulation.
ABCEX currently uses one-way position mode. You cannot hold both long and short positions in the same pair: an order in the opposite direction reduces or closes the existing position. Hedge mode is not yet available.
Frequently asked questions
Currently, ABCEX operates in a single position mode (without a hedge mode): opening a position in the opposite direction reduces or closes the current one. Hedge mode will appear later.