# Perpetual Futures vs Dated Futures > Perpetual futures never expire and stay near spot through recurring funding payments, while dated futures settle on a fixed date and converge to spot at expiry. The practical difference is cost: a perpetual has an ongoing funding charge, and a dated future has a built-in premium or discount and needs rolling. **Source:** https://propfirmpal.com/perpetuals/guides/perpetual-futures-vs-dated-futures **Generated:** 2026-11-11 **Publisher:** Prop Firm Pal - independent prop firm comparison _Prop Firm Pal earns affiliate commission from some listed firms. This is disclosed on-site and does not affect the computed ranking order._ --- _Updated 2026-11-10._ > **Note:** General information, not financial or legal advice. Rules differ by firm and change; check the firm’s own terms before you buy. ## Side by side The two products give similar exposure, but they get there differently. | | Perpetual futures | Dated futures | | --- | --- | --- | | Expiry | None | Fixed settlement date | | Stays near spot through | Funding payments | Convergence at expiry | | Cost of holding | Funding, positive or negative | Roll cost and basis | | Trading hours | Crypto perps usually trade around the clock | Set by the exchange, often with daily breaks | | Typical sizing | Any size in the asset’s own units, subject to venue minimums | Whole contracts with a fixed multiplier | ## What this means at a prop firm A futures prop firm usually gives you whole contracts on an exchange with set hours, so weekends are normally not your concern. A perps prop firm usually works in notional on a market that does not close, so overnight and weekend funding and gap risk become part of the rules you need to read. Neither is simpler in every way. Dated contracts remove funding but add rolling and session limits. Perpetuals remove rolling but add an ongoing charge that some firms count toward drawdown. ## Frequently asked questions ### Do perpetual futures need rolling? No. There is no expiry to roll past. The cost of staying in the position appears as funding instead. ### Which is cheaper to hold? It depends on the market. Funding can be paid or received and changes over time, so a comparison is only valid for a particular period and venue. ### Can I trade perpetual futures on CME? CME Group lists dated futures. 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