Perpetual futures, or perps, are contracts that let traders bet on a coin's price, with leverage, without an expiry date. They are the most traded product in crypto.
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You open a long if you expect the price to rise or a short if you expect it to fall, posting margin as collateral. A funding rate paid between longs and shorts keeps the contract price tied to spot.
Centralized exchanges such as Binance, Bybit and OKX, and on chain venues such as Hyperliquid and dYdX. Many countries restrict access for retail traders.
In spot trading you buy the actual coin. Perps are contracts on its price, with leverage and funding payments.
On most exchanges, no; positions are liquidated first, though extreme gaps can hit insurance funds.