BRVX Glossary · Perpetual futures · Updated September 24, 2026
A perpetual future is a futures contract with no expiry date. It tracks the price of an underlying asset, settles in cash rather than delivery, and is held in line with that price by a periodic payment between longs and shorts called funding.
The formula
No expiry + Funding tracks the index
A perpetual never settles on a date; periodic funding keeps its price near the asset it follows.
How it works
- Open Long or short
- Hold Funding each period
- Close Any time, in cash
Try it on SOL/USDT
Live SOL/USDT tariff. The rate is reset every period; this uses the current one.
Funding on a long, per hour 0.3995 USDT
- Funding on a short, per hour
- 0.2568 USDT
- Per day at the current rate · Long
- 9.59 USDT
- Per day at the current rate · Short
- 6.16 USDT
On this page
Why there is no expiry
A dated future has a settlement date, and as that date approaches the contract price is pulled toward the price of the underlying. The calendar does the work.
A perpetual contract removes the date, so nothing forces it back toward the asset it tracks. Funding replaces the calendar: when the contract trades above its reference price longs pay shorts, and when it trades below shorts pay longs. Holding the crowded side becomes expensive, which pulls the price back. It is a price anchor made of economics instead of time.
- No expiry, and therefore no roll date.
- Cash-settled — the underlying is never delivered.
- Short is as easy as long, with no borrow required.
- Position size is set in notional, not in whole units.
What a perpetual is not
A perpetual future is a contract with a venue. It is not the asset, and it is not a wrapped or tokenised claim on the asset. Holding one gives price exposure and nothing else — no ownership, no dividend, no voting right, no entitlement of any kind.
On BRVX every market is a perpetual quoted against USDT, including the equity markets. BRVX equity perps are synthetic positions quoted in USDT. They are not tokenised equities: there are no shares held behind them and no claim on the company.
Perpetual futures on BRVX
BRVX lists 41 perpetual markets across crypto, US and Asian stocks, commodities, forex and an index. Each has its own leverage range — up to 150x on BTC/USDT, 50x on NVDA/USDT — and its own fees: 0.1% to open BTC/USDT, 0.05% to open NVDA/USDT.
Margin can be posted in USDC, BTC, ETH, USDT, SOL or BNB. Stock perpetuals trade 24/7.
Questions about Perpetual futures
Do perpetual futures expire?
No. A perpetual has no expiry date and stays open until you close it or it is liquidated.
What is the difference between perpetual futures and regular futures?
Regular futures have a settlement date; perpetuals do not, and use funding payments to stay close to the underlying price.
Can I trade stocks as perpetual futures?
Yes, on venues that list stock perpetuals. On BRVX they are synthetic contracts quoted in USDT — no shares are owned.
What does it cost to hold a perpetual?
Opening and closing fees plus funding for as long as the position is open.
Perpetual futures: next steps on BRVX
Perpetual futures on SOL/USDT today: 5x to 150x, fees 0.08% in and 0.08% out, funding 0.016% long and 0.0103% short per hour.
Read next: Futures trading, Funding rate and Perp DEX.
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