A perpetual swap is a type of derivative contract commonly used in cryptocurrency trading that allows traders to speculate on the price of an asset without an expiration date. Unlike traditional futures contracts, which have a fixed maturity, perpetual swaps are designed to be held indefinitely, with periodic funding payments exchanged between buyers and sellers to keep the contract's price aligned with the underlying asset's market price. These contracts offer flexibility and leverage, making them popular among traders seeking to profit from price movements without owning the actual asset.