Perpetuals refer to perpetual futures contracts—crypto derivatives enabling 24/7 speculation on asset prices without expiration. Unlike traditional futures, they use funding rates to align with spot markets, allowing leveraged long/short positions. This category combines high-risk/reward trading opportunities with advanced tools like on-chain order books (e.g., Hyperliquid’s gas-free L1 blockchain protocol). Key applications include hedging volatility, capitalizing on market trends, and leveraging synthetic exposure to assets like Bitcoin or Ethereum. While offering institutional-grade liquidity, perpetuals carry risks from margin liquidations, funding rate fluctuations, and market manipulation. Explore strategies, platforms, and emerging protocols in this dynamic category shaping modern crypto trading.