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Perpetual futures, often called “perps,” are a type of leveraged investment that doesn’t expire. They’ve become incredibly popular, with over $61.7 trillion traded in 2025 – a 29% increase from the previous year. In fact, they make up as much as 90% of all crypto derivative trading, according to some reports. Until recently, traders in the US haven’t been able to easily access these investments, needing to use exchanges located outside the country or avoid them completely.







