Perpetual futures have become one of crypto's defining financial products, but DRW CEO Don Wilson says much of what people think they know about them is wrong. In a series of posts on X, Wilson argued that perpetual futures — or "perps" — are simply futures contracts without an expiration date. The features often associated with crypto perpetuals, such as high leverage, auto-deleveraging (ADL) and around-the-clock trading, are characteristics of how some crypto exchanges chose to implement…
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