A spot market trades an asset for immediate delivery: the buyer pays and receives the asset itself. A perpetual futures market trades a contract that tracks the asset's price without delivering it, has no expiry date, and stays open until a trader closes it or is liquidated. A venue that runs both needs the same order matching, but different settlement and risk systems behind it.
Last updated: November 9, 2026.
What does a trader own in each market?
In a spot market, a filled buy order transfers the asset to the buyer. If the market lists a token, the buyer ends up holding that token and can withdraw it, hold it, or sell it later.
In a perpetual futures market, a filled order opens a position. The trader holds an agreement whose value moves with the price of the underlying asset, and profits or losses are paid in the margin asset, often a stablecoin. Nothing is delivered. The guide to perpetual futures on real-world assets explains how these contracts can track stocks or commodities the venue never holds.
How do the two markets compare?
| Feature | Spot market | Perpetual futures market |
|---|---|---|
| What changes hands | The asset itself | A contract that tracks the asset's price |
| Expiry | None, the trade settles once | None, the position stays open until closed |
| Collateral | Full payment, unless the venue offers margin trading | Margin, a fraction of the position's value |
| Price link | The traded price is the price | A funding rate keeps it close to a reference price |
| Main risk control | Checking that the buyer can pay | Margin checks and liquidation of weak positions |
| Short selling | Needs the asset to be borrowed first | Needs only margin, the same as opening a long |
Why does a perpetual market need more risk machinery?
A spot trade is complete once both sides have been delivered. A perpetual position stays open, and its value changes every time the price moves. The venue has to keep checking that each trader has enough margin to cover losses.
That adds three pieces a spot market does not need. A price feed supplies an index price, and the venue uses a mark price derived from it to value every open position. A funding mechanism makes periodic payments between longs and shorts so the contract price does not drift far from the reference price. A liquidation engine closes positions whose margin falls too low, with the aim of closing them before losses exceed the collateral.
Can one exchange backend run both?
Yes. Both markets need an order book and a matching engine to pair buyers and sellers. The difference sits after the match. Spot settlement moves assets between accounts, while perpetual settlement updates positions and margin balances. The overview of exchange backends describes how these components fit together.
Questions we get asked
Is a perpetual future the same as leverage?
Not exactly. Perpetuals usually allow leverage because a trader posts margin instead of the full position value, but a trader can also hold a perpetual position with margin equal to its full value.
Why would a venue offer perpetuals instead of spot?
A perpetual market can track an asset the venue does not hold, and it lets traders take short positions without borrowing the asset. A spot market is the natural fit when users want to own and withdraw the asset itself.
Do spot markets run all day?
Onchain spot and perpetual markets can run continuously because blockchains do not close. Opening hours depend on the venue and on the asset's reference price, not on the market type.
Build trading across chains
For tools to build applications that work across chains, see the LayerZero developer resources.