Correct. I'm saying it behaves like a futures contract in the sense it is delta one. It serves the same purpose as a futures contract but achieves that through

Correct. I'm saying it behaves like a futures contract in the sense it is delta one. It serves the same purpose as a futures contract but achieves that through a different mechanism. EDIT: My apologies, you are right. I called it a "Perpetual Future" in my OP, which was a typo. It should've read "Perpetual Swap".