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Perp stands for perpetual swap, a crypto futures derivative with no expiration date, invented in 2016 by Arthur Hayes, founder of the derivative crypto exchange Bitmex.
It is mainly like a future contract in traditional finance: traders deposit a margin to trade the futures contract of the underlier, but no expiration date, which means traders can get exposed or speculate (long and short) the underlying assets with leverage and never worry about delivery or storage of the spot. (This is also the fundamental goal of perp)
Why do traders need perp? Well, there are three main benefits that perp has:
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