In the crypto futures market, delivery and perpetual contracts are the two main types. Both are derivatives but differ in expiration, pricing, and use cases. Visit the Binance Official Website and the Binance Official App, Apple users refer to the iOS Installation Guide to view both contract types.
What Is a Delivery Contract?
A futures contract with a fixed expiration date. Upon expiry, it auto-settles at the settlement price. Types: weekly, bi-weekly, quarterly, bi-quarterly.
What Is a Perpetual Contract?
No expiration date, can be held indefinitely. Uses funding rates every 8 hours to anchor to spot price. Over 80% of crypto futures volume is perpetual.
Core Differences
| Feature | Delivery | Perpetual |
|---|---|---|
| Expiration | Fixed date | None |
| Price anchoring | Settlement convergence | Funding rates |
| Holding cost | No funding rates | Funding rates every 8h |
| Liquidity | Lower | Very high |
| Max leverage | 20-50x typical | Up to 125x |
Use Cases
Delivery: hedging, basis trading, avoiding funding rates. Perpetual: daily trading, short-term operations, high liquidity needs.
FAQ
Should beginners choose delivery or perpetual?
Perpetual — better liquidity, simpler, no expiration worry.
What happens at delivery contract expiry?
System auto-settles at settlement price; P&L credited to your account.
Safety Tips
- Manage risk and set stop-losses regardless of contract type
- Use the Binance Official App to check expiration times and funding rates
- Futures trading carries high risk — participate cautiously