Like all great products perpetual futures (perps from here on) are a simple concept. They are instruments tracking the price of something, in this context crypto token prices against USD. Under the surface, perps rely on a complex incentive mechanism to keep their prices in line with underlying token prices. This mechanism has been called the funding rate since Icbit launched crypto perpetual futures in 2011. While it shares similarities to funding in traditional finance the name can be confu...