$BTC

**BTC/USDT Perpetual Contracts (Perp)** are derivative products allowing traders to speculate on Bitcoin's price without expiry. Traded against USDT (Tether), these contracts offer leverage, enabling amplified gains (or losses). Key features include:

- **No Expiry**: Unlike futures, perps have no settlement date.

- **Leverage**: Typically up to 100x (varies by exchange).

- **Funding Rates**: Periodic payments between longs/shorts to balance prices with the spot market.

- **Liquidity**: High liquidity on major exchanges like Binance, Bybit, and OKX.

Risks include liquidation if price moves against leveraged positions. Traders use perps for hedging or speculation, capitalizing on BTC volatility. Always manage risk with stop-losses.