# Perp (Perpetual Swap)

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**Publisher:** Decentralized Finance Publication

## Definition

A derivative contract that tracks an asset's price with no expiry date, allowing traders to go long or short with leverage. A funding rate mechanism keeps the perp price aligned with spot. Leading DEX perp platforms include dYdX, GMX, Drift Protocol, and Hyperliquid.

## Related reading

- [What Are Perps?](https://decentralized-finance.io/learn/what-are-perpetual-swaps-perps-defi/)

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Canonical: https://decentralized-finance.io/glossary/perp-perpetual-swap/