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A derivative whose profit or loss changes proportionally with the underlying price change for a fixed position size, before fees and funding.
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Leggi l’originale inglese →In a simple linear future, a position of q units earns q times the difference between exit and entry prices, adjusted by any contract multiplier. Deribit's linear futures provide an example of contracts settled in USDC. The economic distinction is the payoff and settlement convention, not whether the exchange interface displays the word perpetual or future. A perpetual can also have linear or inverse payoff rules.
A hypothetical long exposure of 0.1 BTC entered at 50,000 dollars and closed at 52,000 has a gross linear gain of 200 dollars: 0.1 times 2,000. A short has the opposite gross result. This calculation excludes trading fees, funding for perpetual instruments, collateral conversion, and liquidation. Leverage changes how much collateral is posted relative to the position; it does not change the basic gross price-movement calculation for an unchanged position size.
Settlement in a stablecoin simplifies accounting in the quoted unit, but introduces the stablecoin's own issuer, redemption, and market-price risks. Portfolio or cross-margin systems may accept additional collateral with haircuts and conversion rules. A trader should distinguish the quote currency, contract unit, collateral accepted, and actual asset credited on settlement. Two contracts tracking the same underlying can produce different account outcomes because their funding, margin, and settlement arrangements differ.