Lead · Beginners Guide
The long position you open on a perpetual DEX never once gives you actual ownership of a token — you're holding a contract that tracks its price.
Kevin Walsh
·
September 04, 2026
Say you're bullish on ETH short term. The most intuitive move is to buy ETH and sell it later at a profit. But if you do this on a Perpetual DEX (Perp DEX for short) instead, you'll notice something strange about the whole process: you never actually own a single ETH at any point. What you're holding is a contract whose value moves with ETH's price, with no expiration date — in theory you can...