Regardless of what stats you look at, it’s clear that perpetual contracts are the most popular trading product in crypto. As a refresher, a perpetual contract is a special type of futures contract (futures are a contract between two parties to buy or sell an underlying asset at a specific date for a predetermined price in the future). As the name suggests, perpetual contracts go on “forever” and do not come with an expiry date. Instead, perpetual swaps allow traders to take highly leveraged positions with minimal upfront capital. Pioneered by Bitmex in 2016, Bitcoin perpetual contracts are now traded on every centralized derivatives exchange. It’s been a long time coming…but this week, decentralized perpetual contracts were finally introduced to the market.