A Perpetual Contract is a derivative product, without an expiry or maturity date and with a regular funding payment mechanism between the counterparties to the Perpetual Contract. Payments occur every 1 hour to keep the perpetual contract price as close as possible to the underlying price.
If the Perpetual Contract trades higher than the underlying index price, then the long position holder makes a Funding Payment to the short position holder (that is, the Funding Rate is positive). In contrast, if the Perpetual Contract trades lower than the underlying index price, then the short position holder pays the Funding Payment to the long position holder (that is, the Funding Rate is negative).
From time to time, Crypto.com may offer Perpetual Contracts of specific Virtual Asset trading pairs, details of which are set out in specific Perpetual Contract Product Specifications.