Learn

⌂Dashboard◈Learn

Practice

⌁Charts◷Replay↻Review

My learning

▥Stats☆Bookmarks⌕Search✦AI

Learning principle

Understand risk before practising decisions.

Trade ButyFree · Neutral
👤 Log in
📚Learn📈Markets⏮Replay✎Review🔍Search🤖AI👤 Log in
Trade Buty

A free & neutral trading education platform for Chinese speakers worldwide. Structured courses (learn) × live charts & replay (practice).

⚠️ Risk notice: All content is for study and research only and does not constitute investment advice. Markets are risky.

Navigate

LearnMarketsReplaySearchAIStatsPrivacy PolicyContent from kline-butyFeedback
© 2026 sun1090 · MIT LicenseContent from kline-buty
Learn/05 · Crypto Perpetuals

Chapter progress

05 · Crypto Perpetuals

Crypto derivatives are the world's hottest — and most brutal — casino: 24/7 trading, 100x leverage, funding rates, wick-

📚 6 lessons

Continue this course

01 · Perpetual Swaps

Next lesson · 05 · Crypto Perpetuals

⚠️ Risk Warning

This content is for education and research only and is not investment advice. Trading involves significant risk, and losses may exceed your principal.

Chapter Intro

Crypto derivatives are the world's hottest — and most brutal — casino: 24/7 trading, 100x leverage, funding rates, wick-hunt liquidations... This chapter explains the mechanics and risks of perpetual swaps, funding rates, and the wider zoo of crypto derivatives (options, leveraged tokens, dual investment, on-chain contracts). Perpetual swaps carry extreme risk — read the margin and liquidation sections of 03-Futures↗ first, then come back here.

Suggested Learning Path

text
① 01-Perpetual Swaps (understand the contract mechanics and how the liquidation price is calculated)
   ↓
② 02-Funding Rates (understand why the perpetual price hugs the spot price)
   ↓
③ 03-Crypto Derivatives (meet each advanced product one by one, and dodge each trap one by one)
   ↓
④ 04-Perpetual Trading in Practice & Risk Control (pass the 8-question checklist before opening any position; review blow-ups with the template afterwards)
  • Read the futures chapter before this one: a perpetual swap is essentially "a futures contract that never settles" — the principles of leverage, margin, and liquidation are identical to futures. Without the foundation of 02-Futures, the liquidation-price formulas and position management in this chapter have nowhere to stand.
  • Crypto contracts trade 24/7 with no price limits and no circuit breakers, and leverage can exceed 100x — volatility moves far faster than in traditional futures.
  • Every article carries a "⚠️ Risk Warning" box. Read the risk box before the body text.

If 01-Getting Started is like learning to drive, crypto perpetuals are a supercar on a straight race track: stomping the accelerator feels great, but when the brakes fail there is no runoff zone to save you.

Conventions

  • All rates, contract sizes, leverage tiers, settlement times, and similar data in this chapter are general teaching values; always defer to the latest rules of Binance, OKX, and other exchanges.
  • Every section covering leverage and derivatives contains a "⚠️ Risk Warning" box.
  • Prices in the examples only illustrate the calculations and are not trading advice of any kind.

Chapter Contents

📝

加密合约篇 · 随堂测

3 concept questions · instant grading

→

Lessons

0/6
  1. 0101 · Perpetual Swaps

    Crypto perpetual swaps explained — what a perpetual swap is, USDT-margined vs coin-margined contracts, cross vs isolated margin, liquidation price calculation, leverage risk, and how to avoid liquidation

  2. 0202 · Funding Rates

    Crypto perpetual funding rates explained — positive vs negative rates, the 8-hour settlement mechanism, typical ranges, rate arbitrage in extreme markets, and holding cost control

  3. 0303 · Crypto Derivatives

    The crypto derivatives zoo — how crypto options, leveraged tokens, dual investment, tokenized synthetic assets, on-chain contracts, and other products work, how to play them, and where the risks are

  4. 0404 · Perpetual Trading in Practice & Risk Control

    Practical risk control for crypto perpetuals — how to choose leverage, position sizing, take-profit and stop-loss placement, spotting liquidation walls, and how to exit after consecutive blow-ups

  5. 0505 · The Math of Leverage: Why 10x Is Not "10x Profit"

    The mathematical reality of leverage — margin occupation, liquidation price calculation, maintenance margin, isolated vs cross differences, how fees amplify costs, and your true effective leverage

  6. 0606 · Perpetual Blow-Up Case Studies

    Three typical contract blow-up case studies — a 20x long hunted by a wick, a counter-trend bag-holder without a stop, and a long-term position crushed by funding rates — each with a full timeline and lessons

🤖 AI Chapter Summary

Next chapter →

09 · Markets and Instruments

The previous eight chapters run vertically by "asset class": spot, stocks, futures, crypto contracts, technical analysis