BackQuant Glossary
Futures
A standardized contract to buy or sell an asset at a set price on a future date. Crypto futures with fixed expiries exist alongside perpetual futures (perps) which never expire. Quarterly futures concentrate the most open interest.
Related terms
Long
A position that profits when price rises. Buying spot, going long a perp, owning a call, or being short a put are all long positions. Opposite of short.
Funding Rate
The periodic payment between perpetual longs and shorts that keeps the perp price anchored to spot. Positive funding means longs pay shorts; negative means shorts pay longs. Crowded one-sided funding is one of the cleanest contrarian signals available.
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