Perpetual futures is a specific Markets coordinate in the Bitcoin knowledge graph. In practical terms, it identifies the subject described here: Leveraged derivative contracts without a fixed expiry, anchored to spot through funding and liquidation mechanisms. This definition is narrower than promotional usage and should be read together with the implementation, date and evidence attached to the entry.
Perpetual futures is best understood as part of a system rather than as an isolated definition. Its related coordinates show the mechanisms, incentives and historical records that give the term practical meaning.
Perpetual futures describes how participants value, trade or obtain exposure to bitcoin. Market behavior can affect adoption and mining economics, but it does not rewrite consensus rules. Price evidence and protocol evidence answer different questions.
Understanding Perpetual futures helps distinguish a verifiable Bitcoin mechanism or historical record from slogans, products and market narratives.
Primary or authoritative records make these details checkable: a perpetual futures contract has no fixed expiry and uses periodic funding or another anchoring mechanism to keep its price near an index; margin, mark price and liquidation are venue-specific. They should be verified before using the coordinate in analysis.
The practical limit is: funding is not guaranteed yield or a universal sentiment gauge; leverage, basis, index disruption, auto-deleveraging, counterparty and jurisdictional risk can dominate. A definition, office, chart pattern or published claim is not by itself a prediction or Bitcoin consensus rule.
For the clearest picture, read this entry together with Perpetual funding rate, Open interest, Leverage, Forced liquidation, Counterparty risk, Bitcoin. The reverse links also lead from Perpetual funding rate, Forced liquidation.