Choose the instrument’s rules before comparing its leverage.
The calendar changes the contract
A dated future has an expiry and settlement specification. If you want to keep exposure beyond that expiry, you may need to close or roll into another contract. A perp has no scheduled expiry, although market-specific halt or settlement provisions can still apply.
Both are derivatives. Neither should be confused with simply buying the underlying asset on spot.
Compare holding costs
Perps have a funding mechanism. Dated futures can trade at a premium or discount to spot and can involve roll costs when switching expiries. Similar headline exposure does not mean identical carrying costs.
Use a holding period when comparing alternatives. A structure that looks convenient for an hour may be less suitable for maintaining exposure across several months.
Read the specification
Check the quote currency, contract size, settlement method, trading session, price reference, and margin requirements. Position quantities are only comparable once those units are understood.
HYPE’s Perps section is for perpetual markets. Do not use a dated-futures strategy without checking whether the expected expiry or delivery feature exists in the instrument you are actually trading.
Rolling versus holding
A trader with a contract expiring next month may need a separate transaction to maintain exposure beyond expiry. A perp avoids that scheduled roll, but funding and margin obligations continue while it remains open.
Illustrative figures only. Not a price forecast or trade recommendation.Further reading
Protocol details and market rules can change. Check the current specification before trading.
Educational content, not investment advice. Trading perpetuals can result in substantial loss. Market access is subject to eligibility and location. Product disclosures.