Perpetual futures

A perpetual swap is a futures contract that never expires, kept in line with spot price by periodic funding payments instead of a settlement date. That makes it the default instrument for trading Hyperliquid, but it also means open interest and funding tell you more about a position than the candle chart does. Compare that to a dated future or a spot position and the real difference is the funding leg itself, a payment that flips direction with the crowd rather than a fixed cost baked into the price. Hedging an existing spot holding with a perp is the same mechanic pointed at protection instead of speculation.