Ask most people how a crypto price gets set and they will describe spot trading: buyers and sellers meet on an exchange, and the last trade prints the price. But that has not been how it actually works for years as far as bitcoin, ether and the broader crypto markets are concerned. Perpetual futures, also called perpetual swaps or “perps” for short, are leverage-friendly contracts that never expire, and they now account for roughly 93% of all crypto futures volume, with daily perp volume routin…
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