What Is a Perpetual Contract in Crypto Futures on Pluang?

A perpetual contract is a derivative contract with no expiration date, so you can keep a position open for as long as you choose instead of it automatically closing on a set date. On Pluang, every Crypto Futures contract is structured as a perpetual contract, quoted and settled in USDT, and there is no expiry-dated alternative to choose from. Because there's no fixed settlement date pulling the contract price back toward spot the way an expiry-dated futures contract would, Pluang uses a funding rate mechanism instead — a periodic payment exchanged between long and short position holders that keeps the perpetual contract's price anchored close to the underlying spot price.

• No fixed settlement date — you control exactly when to close a perpetual contract position, by your own decision, or when a margin call or liquidation forces it.
• Funding rate replaces the expiry mechanism — a periodic payment between long and short holders keeps the contract's price anchored close to spot.
• Same core risks as any leveraged position — margin requirements, liquidation price, and funding costs all apply for as long as the position stays open.
• Contrast with expiry-dated futures — some other exchanges offer contracts that settle and close automatically on a fixed date; Pluang doesn't offer that contract type.
• Always quoted and settled in USDT — margin, unrealized profit and loss, and settlement are all calculated in USDT terms, never IDR.

Related questions:

Q: Does a perpetual contract ever expire automatically?
No. A perpetual contract has no expiration date — it stays open until you close it yourself, or until margin conditions force a liquidation. Unlike expiry-dated futures on some other exchanges, there's no settlement date to track or plan a rollover around, so you can hold a position indefinitely as long as your margin stays sufficient.

Q: How does a perpetual contract's price stay close to the spot price without an expiry date?
Through the Funding Rate — a periodic payment exchanged between long and short holders that discourages the contract price from drifting too far from spot. When the perpetual price trades above spot, longs pay shorts, and vice versa, nudging the contract back toward the underlying market price.

Q: Do I still pay margin and face liquidation risk on a perpetual contract?
Yes. Margin requirements and liquidation risk apply for as long as your position is open, regardless of the lack of an expiry date. A perpetual contract removes the settlement-date risk of expiry futures, but it doesn't remove leverage-related risk — you still need to monitor your margin level closely.

Q: Are perpetual contracts quoted in USDT on Pluang?
Yes. Perpetual contracts on Pluang are quoted and settled in USDT, never IDR. This is different from Crypto Assets (spot), which trades exclusively in IDR pairs, so make sure your Futures margin wallet is funded in USDT before opening a position.

Q: Does Pluang offer any expiry-dated futures contracts as an alternative to perpetual contracts?
No. Every Crypto Futures contract on Pluang is a perpetual contract — there is no expiry-dated option available, so you never need to worry about rolling a position over to a new contract.