> ## Documentation Index
> Fetch the complete documentation index at: https://help.arcus.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# What is a perpetual future?

A perpetual future ("perp") gives long or short exposure to an asset's price with no expiry.

Unlike a traditional futures contract, it does not settle or expire, so you can hold it as long as you like to maintain exposure to the underlying.

Periodic funding payments help to keep the price of the perpetual tethered to the underlying: when the perp trades above the underlying, longs pay shorts; below, shorts pay longs.