Stock perpetual futures are derivatives that let traders take long or short exposure to a stock's price without buying the shares. They have no scheduled expiry, but keeping a position open requires sufficient margin and may involve recurring funding payments.
The familiar company ticker can hide an important difference. An AAPL-linked perpetual is a contract traded in its own market. Its price reference, settlement currency and risk rules determine the exposure; owning the contract does not put Apple shares in a brokerage account.
Price exposure and share ownership are different
A long position gains when the contract price rises from its entry; a short gains when it falls, before costs. The result is settled according to the contract's rules, rather than by delivering the referenced shares. KTX's stock-perpetual listing announcements describe products referencing companies' market performance.
| Instrument | What the holder has | Main holding considerations |
|---|---|---|
| Cash share purchase | An equity interest, generally held through a broker or custodian. | Company performance and applicable shareholder rights; a fully paid share purchase has no futures-margin liquidation. |
| Stock perpetual | A derivative position linked to the specified price reference. | Margin, funding, execution, liquidation and platform rules; no direct shareholder voting or dividend entitlement. |
| Tokenized stock product | Rights defined by its legal structure and issuer arrangements. | May represent equity, a custodial interest or synthetic exposure; backing, redemption and transfer restrictions differ. |
The SEC staff's statement on tokenized securities distinguishes several tokenization models; it is a staff view, not a new rule. KTX's tokenized-stock ownership guide explains why similar-looking tickers can carry different rights.
A dated stock future has a maturity and specified settlement arrangements. A perpetual removes that scheduled maturity. It does not remove the cost of maintaining exposure or the possibility of a market being suspended or closed.
Last price, index price and mark price do different jobs
The last price is the most recent trade in the perpetual market. The index is the reference constructed under that product's methodology. The mark price is a risk-control valuation, which can differ from the last trade.
KTX's mark-price rules use the mark for unrealised profit and loss and liquidation assessment. Actual realised trading results depend on execution prices. A quote on a securities website, the contract's last price and its liquidation reference should therefore not be treated as interchangeable.
Funding provides an incentive for the perpetual price to stay connected to its reference. That incentive does not guarantee identical prices at every moment, particularly when the underlying market or arbitrage channels are unavailable.
How margin changes the size of a gain or loss
Consider a hypothetical linear USDT-settled contract. At an entry price of 100 USDT, exposure to 50 reference units has a notional value of 5,000 USDT. With 1,000 USDT of initial margin, effective leverage is 5×. The units describe contract exposure, not ownership of 50 registered shares; actual order quantities depend on the contract multiplier.
For the long, closing at 105 produces 50 × (105 − 100) = 250 USDT of gross profit. Closing at 95 produces a 250 USDT loss. Either is 25% of the initial margin, despite only a 5% price move. The short's gross results are reversed at the same entry, exit and exposure.
At a fixed position size, selecting a higher leverage setting does not multiply the price-based profit again. It reduces required initial margin. Less remaining equity means less room for adverse moves before maintenance-margin requirements become binding.
Funding and execution costs change the result
KTX's funding rules calculate the payment from position value and the applicable rate. Positive funding generally means longs pay shorts; negative funding reverses the direction. The rate and settlement interval need to be checked for the selected market.
If the example's funding-assessed position value is still 5,000 USDT and one settlement applies a positive 0.01% rate, the long pays 5,000 × 0.01% = 0.50 USDT. This is one hypothetical payment, not a daily cost or a guaranteed rate. Subsequent payments can change with both the rate and position value.
Trading fees are separate. The bid-ask spread and slippage also affect entry and exit. A profitable price move can leave a smaller net gain after these costs. Receiving funding does not prevent a larger loss on the position itself. The funding-rate explainer develops this distinction.
Stock-market closures and corporate actions matter
A perpetual venue's schedule can differ from the underlying stock market's schedule. For example, the NYSE core session runs from 9:30 a.m. to 4 p.m. Eastern Time. Extended sessions exist, but do not mean every stock has continuous, equally liquid price discovery.
If a perpetual remains open while its underlying market is closed, earnings or other news can move expectations before fresh share trades are available. Spreads may widen and the perpetual can diverge from a stale reference. If contract trading is restricted instead, a trader may have to wait to exit. Neither setup eliminates reopening gaps.
Dividends, splits, mergers and delistings require separate attention. A stock perpetual does not directly confer shareholder dividends, but the provider may make contract-specific price, quantity or cash adjustments. KTX has previously announced suspension and forced closure around a KORU stock split. That was a particular event, not a universal adjustment formula.
What to inspect before opening a position
The KTX AAPL/USDT perpetual page provides a practical starting point for inspecting a stock-linked market. Read the selected contract's rules alongside its order book:
| Check | Why it changes the trade |
|---|---|
| Reference, multiplier and settlement asset | Establishes what one order unit represents and how profit or loss is calculated. |
| Initial and maintenance margin; position tiers | Determines required collateral and when risk controls can intervene. |
| Funding, trading fees and available depth | Determines holding costs and likely execution costs for the intended size. |
| Trading schedule and adjustment notices | Clarifies when positions can be changed and how market closures or corporate actions are handled. |
Liquidation can occur before initial margin is completely exhausted. In cross margin, other available account collateral can support—and be exposed to—a losing position; isolated margin uses the allocation assigned to that position. KTX's mark-price and liquidation guide explains why watching only the chart's last price can be misleading.
FAQ
Can a perpetual position be held forever?
No scheduled expiry removes the routine rollover requirement. Holding still depends on margin, funding and the platform keeping that market available.
Is a 1× stock perpetual equivalent to owning the shares?
No. Lower leverage does not create equity ownership. Funding, settlement, custody of collateral and platform exposure still differ from holding shares.
Must I borrow shares to open a perpetual short?
The trader opens a derivative short rather than personally borrowing and selling shares. Funding, collateral and position limits still apply.
What if the referenced asset is a leveraged ETF?
The ETF has its own leverage and reset mechanics. Additional contract leverage sits on top of that exposure; the two layers should be assessed separately.
Does a stop-loss guarantee an exit before liquidation?
No. Trigger references can differ, and gaps or insufficient liquidity can prevent execution at the intended price. Check the order's trigger and execution settings.
Are stock perpetuals available to everyone?
No. Access depends on jurisdiction, platform eligibility and the particular product. A visible market page does not establish that an account may trade it.
This article is educational information, not investment advice. Stock perpetuals involve leverage, funding, liquidity and platform risks, and can result in substantial losses.