id sid tid token lemma pos en-wikipedia-org-8593 1 1 Perpetual perpetual JJ en-wikipedia-org-8593 1 2 futures future NNS en-wikipedia-org-8593 1 3 - - HYPH en-wikipedia-org-8593 1 4 Wikipedia Wikipedia NNP en-wikipedia-org-8593 1 5 Perpetual Perpetual NNP en-wikipedia-org-8593 1 6 futures future NNS en-wikipedia-org-8593 1 7 From from IN en-wikipedia-org-8593 1 8 Wikipedia Wikipedia NNP en-wikipedia-org-8593 1 9 , , , en-wikipedia-org-8593 1 10 the the DT en-wikipedia-org-8593 1 11 free free JJ en-wikipedia-org-8593 1 12 encyclopedia encyclopedia NN en-wikipedia-org-8593 1 13 Jump Jump NNP en-wikipedia-org-8593 1 14 to to IN en-wikipedia-org-8593 1 15 navigation navigation NN en-wikipedia-org-8593 1 16 Jump Jump NNP en-wikipedia-org-8593 1 17 to to TO en-wikipedia-org-8593 1 18 search search VB en-wikipedia-org-8593 1 19 In in IN en-wikipedia-org-8593 1 20 finance finance NN en-wikipedia-org-8593 1 21 , , , en-wikipedia-org-8593 1 22 a a DT en-wikipedia-org-8593 1 23 perpetual perpetual JJ en-wikipedia-org-8593 1 24 futures future NNS en-wikipedia-org-8593 1 25 contract contract NN en-wikipedia-org-8593 1 26 , , , en-wikipedia-org-8593 1 27 also also RB en-wikipedia-org-8593 1 28 known know VBN en-wikipedia-org-8593 1 29 as as IN en-wikipedia-org-8593 1 30 a a DT en-wikipedia-org-8593 1 31 perpetual perpetual JJ en-wikipedia-org-8593 1 32 swap swap NN en-wikipedia-org-8593 1 33 , , , en-wikipedia-org-8593 1 34 is be VBZ en-wikipedia-org-8593 1 35 an an DT en-wikipedia-org-8593 1 36 agreement agreement NN en-wikipedia-org-8593 1 37 to to IN en-wikipedia-org-8593 1 38 non non JJ en-wikipedia-org-8593 1 39 - - JJ en-wikipedia-org-8593 1 40 optionally optionally RB en-wikipedia-org-8593 1 41 buy buy VB en-wikipedia-org-8593 1 42 or or CC en-wikipedia-org-8593 1 43 sell sell VBP en-wikipedia-org-8593 1 44 an an DT en-wikipedia-org-8593 1 45 asset asset NN en-wikipedia-org-8593 1 46 at at IN en-wikipedia-org-8593 1 47 an an DT en-wikipedia-org-8593 1 48 unspecified unspecified JJ en-wikipedia-org-8593 1 49 point point NN en-wikipedia-org-8593 1 50 in in IN en-wikipedia-org-8593 1 51 the the DT en-wikipedia-org-8593 1 52 future future NN en-wikipedia-org-8593 1 53 . . . en-wikipedia-org-8593 2 1 Perpetual perpetual JJ en-wikipedia-org-8593 2 2 futures future NNS en-wikipedia-org-8593 2 3 are be VBP en-wikipedia-org-8593 2 4 cash cash NN en-wikipedia-org-8593 2 5 - - HYPH en-wikipedia-org-8593 2 6 settled settle VBN en-wikipedia-org-8593 2 7 , , , en-wikipedia-org-8593 2 8 and and CC en-wikipedia-org-8593 2 9 differ differ VB en-wikipedia-org-8593 2 10 from from IN en-wikipedia-org-8593 2 11 regular regular JJ en-wikipedia-org-8593 2 12 futures future NNS en-wikipedia-org-8593 2 13 in in IN en-wikipedia-org-8593 2 14 that that DT en-wikipedia-org-8593 2 15 they -PRON- PRP en-wikipedia-org-8593 2 16 lack lack VBP en-wikipedia-org-8593 2 17 a a DT en-wikipedia-org-8593 2 18 pre pre JJ en-wikipedia-org-8593 2 19 - - JJ en-wikipedia-org-8593 2 20 specified specified JJ en-wikipedia-org-8593 2 21 delivery delivery NN en-wikipedia-org-8593 2 22 date date NN en-wikipedia-org-8593 2 23 , , , en-wikipedia-org-8593 2 24 and and CC en-wikipedia-org-8593 2 25 can can MD en-wikipedia-org-8593 2 26 thus thus RB en-wikipedia-org-8593 2 27 be be VB en-wikipedia-org-8593 2 28 held hold VBN en-wikipedia-org-8593 2 29 indefinitely indefinitely RB en-wikipedia-org-8593 2 30 without without IN en-wikipedia-org-8593 2 31 the the DT en-wikipedia-org-8593 2 32 need need NN en-wikipedia-org-8593 2 33 to to TO en-wikipedia-org-8593 2 34 roll roll VB en-wikipedia-org-8593 2 35 over over RP en-wikipedia-org-8593 2 36 contracts contract NNS en-wikipedia-org-8593 2 37 as as IN en-wikipedia-org-8593 2 38 they -PRON- PRP en-wikipedia-org-8593 2 39 approach approach VBP en-wikipedia-org-8593 2 40 expiration expiration NN en-wikipedia-org-8593 2 41 . . . en-wikipedia-org-8593 3 1 Payments payment NNS en-wikipedia-org-8593 3 2 are be VBP en-wikipedia-org-8593 3 3 periodically periodically RB en-wikipedia-org-8593 3 4 exchanged exchange VBN en-wikipedia-org-8593 3 5 between between IN en-wikipedia-org-8593 3 6 holders holder NNS en-wikipedia-org-8593 3 7 of of IN en-wikipedia-org-8593 3 8 the the DT en-wikipedia-org-8593 3 9 two two CD en-wikipedia-org-8593 3 10 sides side NNS en-wikipedia-org-8593 3 11 of of IN en-wikipedia-org-8593 3 12 the the DT en-wikipedia-org-8593 3 13 contracts contract NNS en-wikipedia-org-8593 3 14 , , , en-wikipedia-org-8593 3 15 long long JJ en-wikipedia-org-8593 3 16 and and CC en-wikipedia-org-8593 3 17 short short JJ en-wikipedia-org-8593 3 18 , , , en-wikipedia-org-8593 3 19 with with IN en-wikipedia-org-8593 3 20 the the DT en-wikipedia-org-8593 3 21 direction direction NN en-wikipedia-org-8593 3 22 and and CC en-wikipedia-org-8593 3 23 magnitude magnitude NN en-wikipedia-org-8593 3 24 of of IN en-wikipedia-org-8593 3 25 the the DT en-wikipedia-org-8593 3 26 settlement settlement NN en-wikipedia-org-8593 3 27 based base VBN en-wikipedia-org-8593 3 28 on on IN en-wikipedia-org-8593 3 29 the the DT en-wikipedia-org-8593 3 30 difference difference NN en-wikipedia-org-8593 3 31 between between IN en-wikipedia-org-8593 3 32 the the DT en-wikipedia-org-8593 3 33 contract contract NN en-wikipedia-org-8593 3 34 price price NN en-wikipedia-org-8593 3 35 and and CC en-wikipedia-org-8593 3 36 that that DT en-wikipedia-org-8593 3 37 of of IN en-wikipedia-org-8593 3 38 the the DT en-wikipedia-org-8593 3 39 underlying underlie VBG en-wikipedia-org-8593 3 40 asset asset NN en-wikipedia-org-8593 3 41 , , , en-wikipedia-org-8593 3 42 as as RB en-wikipedia-org-8593 3 43 well well RB en-wikipedia-org-8593 3 44 as as IN en-wikipedia-org-8593 3 45 , , , en-wikipedia-org-8593 3 46 if if IN en-wikipedia-org-8593 3 47 applicable applicable JJ en-wikipedia-org-8593 3 48 , , , en-wikipedia-org-8593 3 49 the the DT en-wikipedia-org-8593 3 50 difference difference NN en-wikipedia-org-8593 3 51 in in IN en-wikipedia-org-8593 3 52 leverage leverage NN en-wikipedia-org-8593 3 53 between between IN en-wikipedia-org-8593 3 54 the the DT en-wikipedia-org-8593 3 55 two two CD en-wikipedia-org-8593 3 56 sides side NNS en-wikipedia-org-8593 3 57 . . . en-wikipedia-org-8593 4 1 Perpetual perpetual JJ en-wikipedia-org-8593 4 2 futures future NNS en-wikipedia-org-8593 4 3 were be VBD en-wikipedia-org-8593 4 4 first first RB en-wikipedia-org-8593 4 5 proposed propose VBN en-wikipedia-org-8593 4 6 by by IN en-wikipedia-org-8593 4 7 economist economist NN en-wikipedia-org-8593 4 8 Robert Robert NNP en-wikipedia-org-8593 4 9 Shiller Shiller NNP en-wikipedia-org-8593 4 10 in in IN en-wikipedia-org-8593 4 11 1992 1992 CD en-wikipedia-org-8593 4 12 , , , en-wikipedia-org-8593 4 13 to to TO en-wikipedia-org-8593 4 14 enable enable VB en-wikipedia-org-8593 4 15 derivatives derivative NNS en-wikipedia-org-8593 4 16 markets market NNS en-wikipedia-org-8593 4 17 for for IN en-wikipedia-org-8593 4 18 illiquid illiquid NN en-wikipedia-org-8593 4 19 assets asset NNS en-wikipedia-org-8593 4 20 . . . en-wikipedia-org-8593 5 1 [ [ -LRB- en-wikipedia-org-8593 5 2 1 1 CD en-wikipedia-org-8593 5 3 ] ] -RRB- en-wikipedia-org-8593 5 4 However however RB en-wikipedia-org-8593 5 5 , , , en-wikipedia-org-8593 5 6 perpetual perpetual JJ en-wikipedia-org-8593 5 7 futures future NNS en-wikipedia-org-8593 5 8 markets market NNS en-wikipedia-org-8593 5 9 have have VBP en-wikipedia-org-8593 5 10 only only RB en-wikipedia-org-8593 5 11 developed develop VBN en-wikipedia-org-8593 5 12 for for IN en-wikipedia-org-8593 5 13 cryptocurrencies cryptocurrencie NNS en-wikipedia-org-8593 5 14 , , , en-wikipedia-org-8593 5 15 following follow VBG en-wikipedia-org-8593 5 16 their -PRON- PRP$ en-wikipedia-org-8593 5 17 introduction introduction NN en-wikipedia-org-8593 5 18 in in IN en-wikipedia-org-8593 5 19 2016 2016 CD en-wikipedia-org-8593 5 20 by by IN en-wikipedia-org-8593 5 21 BitMEX BitMEX NNP en-wikipedia-org-8593 5 22 . . . en-wikipedia-org-8593 6 1 [ [ -LRB- en-wikipedia-org-8593 6 2 2][3 2][3 CD en-wikipedia-org-8593 6 3 ] ] -RRB- en-wikipedia-org-8593 6 4 Cryptocurrency Cryptocurrency NNP en-wikipedia-org-8593 6 5 perpetuals perpetual NNS en-wikipedia-org-8593 6 6 are be VBP en-wikipedia-org-8593 6 7 characterised characterise VBN en-wikipedia-org-8593 6 8 by by IN en-wikipedia-org-8593 6 9 the the DT en-wikipedia-org-8593 6 10 availability availability NN en-wikipedia-org-8593 6 11 of of IN en-wikipedia-org-8593 6 12 high high JJ en-wikipedia-org-8593 6 13 leverage leverage NN en-wikipedia-org-8593 6 14 , , , en-wikipedia-org-8593 6 15 sometimes sometimes RB en-wikipedia-org-8593 6 16 over over IN en-wikipedia-org-8593 6 17 100 100 CD en-wikipedia-org-8593 6 18 times time NNS en-wikipedia-org-8593 6 19 the the DT en-wikipedia-org-8593 6 20 margin margin NN en-wikipedia-org-8593 6 21 , , , en-wikipedia-org-8593 6 22 and and CC en-wikipedia-org-8593 6 23 by by IN en-wikipedia-org-8593 6 24 the the DT en-wikipedia-org-8593 6 25 use use NN en-wikipedia-org-8593 6 26 of of IN en-wikipedia-org-8593 6 27 auto auto NN en-wikipedia-org-8593 6 28 - - HYPH en-wikipedia-org-8593 6 29 deleveraging deleveraging NN en-wikipedia-org-8593 6 30 , , , en-wikipedia-org-8593 6 31 which which WDT en-wikipedia-org-8593 6 32 compels compel VBZ en-wikipedia-org-8593 6 33 high high JJ en-wikipedia-org-8593 6 34 - - HYPH en-wikipedia-org-8593 6 35 leverage leverage NN en-wikipedia-org-8593 6 36 , , , en-wikipedia-org-8593 6 37 profitable profitable JJ en-wikipedia-org-8593 6 38 traders trader NNS en-wikipedia-org-8593 6 39 to to TO en-wikipedia-org-8593 6 40 forfeit forfeit VB en-wikipedia-org-8593 6 41 a a DT en-wikipedia-org-8593 6 42 portion portion NN en-wikipedia-org-8593 6 43 of of IN en-wikipedia-org-8593 6 44 their -PRON- PRP$ en-wikipedia-org-8593 6 45 profits profit NNS en-wikipedia-org-8593 6 46 to to TO en-wikipedia-org-8593 6 47 cover cover VB en-wikipedia-org-8593 6 48 the the DT en-wikipedia-org-8593 6 49 losses loss NNS en-wikipedia-org-8593 6 50 of of IN en-wikipedia-org-8593 6 51 the the DT en-wikipedia-org-8593 6 52 other other JJ en-wikipedia-org-8593 6 53 side side NN en-wikipedia-org-8593 6 54 during during IN en-wikipedia-org-8593 6 55 periods period NNS en-wikipedia-org-8593 6 56 of of IN en-wikipedia-org-8593 6 57 high high JJ en-wikipedia-org-8593 6 58 market market NN en-wikipedia-org-8593 6 59 volatility volatility NN en-wikipedia-org-8593 6 60 , , , en-wikipedia-org-8593 6 61 as as RB en-wikipedia-org-8593 6 62 well well RB en-wikipedia-org-8593 6 63 as as IN en-wikipedia-org-8593 6 64 insurance insurance NN en-wikipedia-org-8593 6 65 funds fund NNS en-wikipedia-org-8593 6 66 , , , en-wikipedia-org-8593 6 67 pools pool NNS en-wikipedia-org-8593 6 68 of of IN en-wikipedia-org-8593 6 69 assets asset NNS en-wikipedia-org-8593 6 70 intended intend VBN en-wikipedia-org-8593 6 71 to to TO en-wikipedia-org-8593 6 72 prevent prevent VB en-wikipedia-org-8593 6 73 the the DT en-wikipedia-org-8593 6 74 need need NN en-wikipedia-org-8593 6 75 for for IN en-wikipedia-org-8593 6 76 auto auto NN en-wikipedia-org-8593 6 77 - - HYPH en-wikipedia-org-8593 6 78 deleveraging deleveraging NN en-wikipedia-org-8593 6 79 . . . en-wikipedia-org-8593 7 1 Perpetuals perpetual NNS en-wikipedia-org-8593 7 2 serve serve VBP en-wikipedia-org-8593 7 3 the the DT en-wikipedia-org-8593 7 4 same same JJ en-wikipedia-org-8593 7 5 function function NN en-wikipedia-org-8593 7 6 as as IN en-wikipedia-org-8593 7 7 contracts contract NNS en-wikipedia-org-8593 7 8 for for IN en-wikipedia-org-8593 7 9 difference difference NN en-wikipedia-org-8593 7 10 ( ( -LRB- en-wikipedia-org-8593 7 11 CFDs CFDs NNP en-wikipedia-org-8593 7 12 ) ) -RRB- en-wikipedia-org-8593 7 13 , , , en-wikipedia-org-8593 7 14 allowing allow VBG en-wikipedia-org-8593 7 15 indefinite indefinite JJ en-wikipedia-org-8593 7 16 , , , en-wikipedia-org-8593 7 17 leveraged leveraged JJ en-wikipedia-org-8593 7 18 tracking tracking NN en-wikipedia-org-8593 7 19 of of IN en-wikipedia-org-8593 7 20 an an DT en-wikipedia-org-8593 7 21 underlying underlie VBG en-wikipedia-org-8593 7 22 asset asset NN en-wikipedia-org-8593 7 23 or or CC en-wikipedia-org-8593 7 24 flow flow NN en-wikipedia-org-8593 7 25 , , , en-wikipedia-org-8593 7 26 but but CC en-wikipedia-org-8593 7 27 differ differ VBP en-wikipedia-org-8593 7 28 in in IN en-wikipedia-org-8593 7 29 that that DT en-wikipedia-org-8593 7 30 a a DT en-wikipedia-org-8593 7 31 single single JJ en-wikipedia-org-8593 7 32 , , , en-wikipedia-org-8593 7 33 uniform uniform JJ en-wikipedia-org-8593 7 34 contract contract NN en-wikipedia-org-8593 7 35 is be VBZ en-wikipedia-org-8593 7 36 traded trade VBN en-wikipedia-org-8593 7 37 on on IN en-wikipedia-org-8593 7 38 an an DT en-wikipedia-org-8593 7 39 exchange exchange NN en-wikipedia-org-8593 7 40 for for IN en-wikipedia-org-8593 7 41 all all DT en-wikipedia-org-8593 7 42 time time NN en-wikipedia-org-8593 7 43 - - HYPH en-wikipedia-org-8593 7 44 horizons horizon NNS en-wikipedia-org-8593 7 45 , , , en-wikipedia-org-8593 7 46 quantities quantity NNS en-wikipedia-org-8593 7 47 of of IN en-wikipedia-org-8593 7 48 leverage leverage NN en-wikipedia-org-8593 7 49 , , , en-wikipedia-org-8593 7 50 and and CC en-wikipedia-org-8593 7 51 positions position NNS en-wikipedia-org-8593 7 52 , , , en-wikipedia-org-8593 7 53 as as IN en-wikipedia-org-8593 7 54 opposed oppose VBN en-wikipedia-org-8593 7 55 to to TO en-wikipedia-org-8593 7 56 separate separate VB en-wikipedia-org-8593 7 57 contracts contract NNS en-wikipedia-org-8593 7 58 for for IN en-wikipedia-org-8593 7 59 separate separate JJ en-wikipedia-org-8593 7 60 quantities quantity NNS en-wikipedia-org-8593 7 61 of of IN en-wikipedia-org-8593 7 62 leverage leverage NN en-wikipedia-org-8593 7 63 typically typically RB en-wikipedia-org-8593 7 64 traded trade VBD en-wikipedia-org-8593 7 65 directly directly RB en-wikipedia-org-8593 7 66 with with IN en-wikipedia-org-8593 7 67 a a DT en-wikipedia-org-8593 7 68 broker broker NN en-wikipedia-org-8593 7 69 . . . en-wikipedia-org-8593 8 1 [ [ -LRB- en-wikipedia-org-8593 8 2 2 2 LS en-wikipedia-org-8593 8 3 ] ] -RRB- en-wikipedia-org-8593 8 4 Contents content NNS en-wikipedia-org-8593 8 5 1 1 CD en-wikipedia-org-8593 8 6 History history NN en-wikipedia-org-8593 8 7 2 2 CD en-wikipedia-org-8593 8 8 Mechanism mechanism NN en-wikipedia-org-8593 8 9 2.1 2.1 CD en-wikipedia-org-8593 8 10 As as IN en-wikipedia-org-8593 8 11 used use VBN en-wikipedia-org-8593 8 12 in in IN en-wikipedia-org-8593 8 13 cryptocurrency cryptocurrency NN en-wikipedia-org-8593 8 14 markets market NNS en-wikipedia-org-8593 8 15 2.1.1 2.1.1 NNP en-wikipedia-org-8593 8 16 Liquidation liquidation NN en-wikipedia-org-8593 8 17 and and CC en-wikipedia-org-8593 8 18 Insurance Insurance NNP en-wikipedia-org-8593 8 19 Funds Funds NNPS en-wikipedia-org-8593 8 20 2.1.2 2.1.2 CD en-wikipedia-org-8593 8 21 Auto auto NN en-wikipedia-org-8593 8 22 - - HYPH en-wikipedia-org-8593 8 23 deleveraging deleverage VBG en-wikipedia-org-8593 8 24 3 3 CD en-wikipedia-org-8593 8 25 See see VB en-wikipedia-org-8593 8 26 also also RB en-wikipedia-org-8593 8 27 4 4 CD en-wikipedia-org-8593 8 28 References reference NNS en-wikipedia-org-8593 8 29 History[edit history[edit VB en-wikipedia-org-8593 8 30 ] ] -RRB- en-wikipedia-org-8593 8 31 Holding hold VBG en-wikipedia-org-8593 8 32 a a DT en-wikipedia-org-8593 8 33 futures future NNS en-wikipedia-org-8593 8 34 contract contract NN en-wikipedia-org-8593 8 35 indefinitely indefinitely RB en-wikipedia-org-8593 8 36 requires require VBZ en-wikipedia-org-8593 8 37 periodically periodically RB en-wikipedia-org-8593 8 38 rolling roll VBG en-wikipedia-org-8593 8 39 over over IN en-wikipedia-org-8593 8 40 the the DT en-wikipedia-org-8593 8 41 contract contract NN en-wikipedia-org-8593 8 42 into into IN en-wikipedia-org-8593 8 43 a a DT en-wikipedia-org-8593 8 44 new new JJ en-wikipedia-org-8593 8 45 one one NN en-wikipedia-org-8593 8 46 before before IN en-wikipedia-org-8593 8 47 the the DT en-wikipedia-org-8593 8 48 contract contract NN en-wikipedia-org-8593 8 49 's 's POS en-wikipedia-org-8593 8 50 expiry expiry NN en-wikipedia-org-8593 8 51 . . . en-wikipedia-org-8593 9 1 However however RB en-wikipedia-org-8593 9 2 , , , en-wikipedia-org-8593 9 3 given give VBN en-wikipedia-org-8593 9 4 that that IN en-wikipedia-org-8593 9 5 the the DT en-wikipedia-org-8593 9 6 price price NN en-wikipedia-org-8593 9 7 of of IN en-wikipedia-org-8593 9 8 futures future NNS en-wikipedia-org-8593 9 9 typically typically RB en-wikipedia-org-8593 9 10 differs differ VBZ en-wikipedia-org-8593 9 11 from from IN en-wikipedia-org-8593 9 12 spot spot NN en-wikipedia-org-8593 9 13 prices price NNS en-wikipedia-org-8593 9 14 , , , en-wikipedia-org-8593 9 15 rolling roll VBG en-wikipedia-org-8593 9 16 over over RP en-wikipedia-org-8593 9 17 contracts contract NNS en-wikipedia-org-8593 9 18 , , , en-wikipedia-org-8593 9 19 particularly particularly RB en-wikipedia-org-8593 9 20 repeatedly repeatedly RB en-wikipedia-org-8593 9 21 , , , en-wikipedia-org-8593 9 22 creates create VBZ en-wikipedia-org-8593 9 23 significant significant JJ en-wikipedia-org-8593 9 24 basis basis NN en-wikipedia-org-8593 9 25 risk risk NN en-wikipedia-org-8593 9 26 , , , en-wikipedia-org-8593 9 27 leading lead VBG en-wikipedia-org-8593 9 28 to to IN en-wikipedia-org-8593 9 29 inefficiencies inefficiency NNS en-wikipedia-org-8593 9 30 when when WRB en-wikipedia-org-8593 9 31 used use VBN en-wikipedia-org-8593 9 32 for for IN en-wikipedia-org-8593 9 33 hedging hedging NN en-wikipedia-org-8593 9 34 or or CC en-wikipedia-org-8593 9 35 speculation speculation NN en-wikipedia-org-8593 9 36 . . . en-wikipedia-org-8593 10 1 [ [ -LRB- en-wikipedia-org-8593 10 2 4 4 CD en-wikipedia-org-8593 10 3 ] ] -RRB- en-wikipedia-org-8593 10 4 In in IN en-wikipedia-org-8593 10 5 an an DT en-wikipedia-org-8593 10 6 attempt attempt NN en-wikipedia-org-8593 10 7 to to TO en-wikipedia-org-8593 10 8 remedy remedy VB en-wikipedia-org-8593 10 9 these these DT en-wikipedia-org-8593 10 10 ills ill NNS en-wikipedia-org-8593 10 11 , , , en-wikipedia-org-8593 10 12 the the DT en-wikipedia-org-8593 10 13 Chinese Chinese NNP en-wikipedia-org-8593 10 14 Gold Gold NNP en-wikipedia-org-8593 10 15 and and CC en-wikipedia-org-8593 10 16 Silver Silver NNP en-wikipedia-org-8593 10 17 Exchange Exchange NNP en-wikipedia-org-8593 10 18 of of IN en-wikipedia-org-8593 10 19 Hong Hong NNP en-wikipedia-org-8593 10 20 Kong Kong NNP en-wikipedia-org-8593 10 21 developed develop VBD en-wikipedia-org-8593 10 22 an an DT en-wikipedia-org-8593 10 23 " " `` en-wikipedia-org-8593 10 24 undated undated JJ en-wikipedia-org-8593 10 25 futures future NNS en-wikipedia-org-8593 10 26 " " '' en-wikipedia-org-8593 10 27 market market NN en-wikipedia-org-8593 10 28 , , , en-wikipedia-org-8593 10 29 wherein wherein WRB en-wikipedia-org-8593 10 30 one one CD en-wikipedia-org-8593 10 31 - - HYPH en-wikipedia-org-8593 10 32 day day NN en-wikipedia-org-8593 10 33 futures future NNS en-wikipedia-org-8593 10 34 would would MD en-wikipedia-org-8593 10 35 be be VB en-wikipedia-org-8593 10 36 rolled roll VBN en-wikipedia-org-8593 10 37 over over RP en-wikipedia-org-8593 10 38 automatically automatically RB en-wikipedia-org-8593 10 39 , , , en-wikipedia-org-8593 10 40 with with IN en-wikipedia-org-8593 10 41 the the DT en-wikipedia-org-8593 10 42 difference difference NN en-wikipedia-org-8593 10 43 between between IN en-wikipedia-org-8593 10 44 future future NN en-wikipedia-org-8593 10 45 and and CC en-wikipedia-org-8593 10 46 spot spot NN en-wikipedia-org-8593 10 47 prices price NNS en-wikipedia-org-8593 10 48 settled settle VBN en-wikipedia-org-8593 10 49 between between IN en-wikipedia-org-8593 10 50 the the DT en-wikipedia-org-8593 10 51 counterparties counterpartie NNS en-wikipedia-org-8593 10 52 . . . en-wikipedia-org-8593 11 1 [ [ -LRB- en-wikipedia-org-8593 11 2 5 5 CD en-wikipedia-org-8593 11 3 ] ] -RRB- en-wikipedia-org-8593 11 4 In in IN en-wikipedia-org-8593 11 5 1992 1992 CD en-wikipedia-org-8593 11 6 , , , en-wikipedia-org-8593 11 7 Robert Robert NNP en-wikipedia-org-8593 11 8 Shiller Shiller NNP en-wikipedia-org-8593 11 9 proposed propose VBD en-wikipedia-org-8593 11 10 perpetual perpetual JJ en-wikipedia-org-8593 11 11 futures future NNS en-wikipedia-org-8593 11 12 , , , en-wikipedia-org-8593 11 13 alongside alongside IN en-wikipedia-org-8593 11 14 a a DT en-wikipedia-org-8593 11 15 method method NN en-wikipedia-org-8593 11 16 for for IN en-wikipedia-org-8593 11 17 generating generate VBG en-wikipedia-org-8593 11 18 asset asset NN en-wikipedia-org-8593 11 19 - - HYPH en-wikipedia-org-8593 11 20 price price NN en-wikipedia-org-8593 11 21 indices index NNS en-wikipedia-org-8593 11 22 using use VBG en-wikipedia-org-8593 11 23 hedonic hedonic JJ en-wikipedia-org-8593 11 24 regression regression NN en-wikipedia-org-8593 11 25 , , , en-wikipedia-org-8593 11 26 accounting account VBG en-wikipedia-org-8593 11 27 for for IN en-wikipedia-org-8593 11 28 unmeasured unmeasured JJ en-wikipedia-org-8593 11 29 qualities quality NNS en-wikipedia-org-8593 11 30 by by IN en-wikipedia-org-8593 11 31 adding add VBG en-wikipedia-org-8593 11 32 dummy dummy JJ en-wikipedia-org-8593 11 33 variables variable NNS en-wikipedia-org-8593 11 34 that that WDT en-wikipedia-org-8593 11 35 represent represent VBP en-wikipedia-org-8593 11 36 elements element NNS en-wikipedia-org-8593 11 37 of of IN en-wikipedia-org-8593 11 38 the the DT en-wikipedia-org-8593 11 39 index index NN en-wikipedia-org-8593 11 40 , , , en-wikipedia-org-8593 11 41 indicating indicate VBG en-wikipedia-org-8593 11 42 the the DT en-wikipedia-org-8593 11 43 unique unique JJ en-wikipedia-org-8593 11 44 quality quality NN en-wikipedia-org-8593 11 45 of of IN en-wikipedia-org-8593 11 46 each each DT en-wikipedia-org-8593 11 47 element element NN en-wikipedia-org-8593 11 48 , , , en-wikipedia-org-8593 11 49 a a DT en-wikipedia-org-8593 11 50 form form NN en-wikipedia-org-8593 11 51 of of IN en-wikipedia-org-8593 11 52 repeated repeat VBN en-wikipedia-org-8593 11 53 measures measure NNS en-wikipedia-org-8593 11 54 design design NN en-wikipedia-org-8593 11 55 . . . en-wikipedia-org-8593 12 1 This this DT en-wikipedia-org-8593 12 2 was be VBD en-wikipedia-org-8593 12 3 intended intend VBN en-wikipedia-org-8593 12 4 to to TO en-wikipedia-org-8593 12 5 permit permit VB en-wikipedia-org-8593 12 6 the the DT en-wikipedia-org-8593 12 7 creation creation NN en-wikipedia-org-8593 12 8 of of IN en-wikipedia-org-8593 12 9 derivatives derivative NNS en-wikipedia-org-8593 12 10 markets market NNS en-wikipedia-org-8593 12 11 for for IN en-wikipedia-org-8593 12 12 illiquid illiquid NN en-wikipedia-org-8593 12 13 , , , en-wikipedia-org-8593 12 14 infrequently infrequently RB en-wikipedia-org-8593 12 15 - - HYPH en-wikipedia-org-8593 12 16 priced price VBN en-wikipedia-org-8593 12 17 assets asset NNS en-wikipedia-org-8593 12 18 , , , en-wikipedia-org-8593 12 19 such such JJ en-wikipedia-org-8593 12 20 as as IN en-wikipedia-org-8593 12 21 single single JJ en-wikipedia-org-8593 12 22 - - HYPH en-wikipedia-org-8593 12 23 family family NN en-wikipedia-org-8593 12 24 homes home NNS en-wikipedia-org-8593 12 25 , , , en-wikipedia-org-8593 12 26 as as RB en-wikipedia-org-8593 12 27 well well RB en-wikipedia-org-8593 12 28 as as IN en-wikipedia-org-8593 12 29 untraded untraded JJ en-wikipedia-org-8593 12 30 indices index NNS en-wikipedia-org-8593 12 31 and and CC en-wikipedia-org-8593 12 32 flows flow NNS en-wikipedia-org-8593 12 33 of of IN en-wikipedia-org-8593 12 34 income income NN en-wikipedia-org-8593 12 35 , , , en-wikipedia-org-8593 12 36 such such JJ en-wikipedia-org-8593 12 37 as as IN en-wikipedia-org-8593 12 38 labour labour NN en-wikipedia-org-8593 12 39 costs cost NNS en-wikipedia-org-8593 12 40 or or CC en-wikipedia-org-8593 12 41 the the DT en-wikipedia-org-8593 12 42 consumer consumer NN en-wikipedia-org-8593 12 43 price price NN en-wikipedia-org-8593 12 44 index index NN en-wikipedia-org-8593 12 45 . . . en-wikipedia-org-8593 13 1 [ [ -LRB- en-wikipedia-org-8593 13 2 1 1 LS en-wikipedia-org-8593 13 3 ] ] -RRB- en-wikipedia-org-8593 13 4 The the DT en-wikipedia-org-8593 13 5 first first JJ en-wikipedia-org-8593 13 6 significant significant JJ en-wikipedia-org-8593 13 7 uses use NNS en-wikipedia-org-8593 13 8 of of IN en-wikipedia-org-8593 13 9 perpetual perpetual JJ en-wikipedia-org-8593 13 10 futures future NNS en-wikipedia-org-8593 13 11 came come VBD en-wikipedia-org-8593 13 12 in in IN en-wikipedia-org-8593 13 13 the the DT en-wikipedia-org-8593 13 14 form form NN en-wikipedia-org-8593 13 15 of of IN en-wikipedia-org-8593 13 16 cryptocurrency cryptocurrency NN en-wikipedia-org-8593 13 17 contracts contract NNS en-wikipedia-org-8593 13 18 , , , en-wikipedia-org-8593 13 19 first first RB en-wikipedia-org-8593 13 20 offered offer VBN en-wikipedia-org-8593 13 21 by by IN en-wikipedia-org-8593 13 22 BitMEX BitMEX NNP en-wikipedia-org-8593 13 23 in in IN en-wikipedia-org-8593 13 24 May May NNP en-wikipedia-org-8593 13 25 2016 2016 CD en-wikipedia-org-8593 13 26 , , , en-wikipedia-org-8593 13 27 that that WDT en-wikipedia-org-8593 13 28 became become VBD en-wikipedia-org-8593 13 29 popular popular JJ en-wikipedia-org-8593 13 30 amongst amongst IN en-wikipedia-org-8593 13 31 traders trader NNS en-wikipedia-org-8593 13 32 by by IN en-wikipedia-org-8593 13 33 permitting permit VBG en-wikipedia-org-8593 13 34 highly highly RB en-wikipedia-org-8593 13 35 - - HYPH en-wikipedia-org-8593 13 36 leveraged leveraged JJ en-wikipedia-org-8593 13 37 trading trading NN en-wikipedia-org-8593 13 38 at at IN en-wikipedia-org-8593 13 39 different different JJ en-wikipedia-org-8593 13 40 time time NN en-wikipedia-org-8593 13 41 - - HYPH en-wikipedia-org-8593 13 42 horizions horizion NNS en-wikipedia-org-8593 13 43 in in IN en-wikipedia-org-8593 13 44 a a DT en-wikipedia-org-8593 13 45 liquid liquid JJ en-wikipedia-org-8593 13 46 market market NN en-wikipedia-org-8593 13 47 without without IN en-wikipedia-org-8593 13 48 inordinate inordinate JJ en-wikipedia-org-8593 13 49 counterparty counterparty NN en-wikipedia-org-8593 13 50 risk risk NN en-wikipedia-org-8593 13 51 in in IN en-wikipedia-org-8593 13 52 the the DT en-wikipedia-org-8593 13 53 absence absence NN en-wikipedia-org-8593 13 54 of of IN en-wikipedia-org-8593 13 55 regulated regulated JJ en-wikipedia-org-8593 13 56 intermediaries intermediary NNS en-wikipedia-org-8593 13 57 . . . en-wikipedia-org-8593 14 1 As as IN en-wikipedia-org-8593 14 2 a a DT en-wikipedia-org-8593 14 3 result result NN en-wikipedia-org-8593 14 4 , , , en-wikipedia-org-8593 14 5 $ $ $ en-wikipedia-org-8593 14 6 1.7 1.7 CD en-wikipedia-org-8593 14 7 T t NN en-wikipedia-org-8593 14 8 in in IN en-wikipedia-org-8593 14 9 cryptocurrency cryptocurrency NN en-wikipedia-org-8593 14 10 derivatives derivative NNS en-wikipedia-org-8593 14 11 were be VBD en-wikipedia-org-8593 14 12 traded trade VBN en-wikipedia-org-8593 14 13 in in IN en-wikipedia-org-8593 14 14 the the DT en-wikipedia-org-8593 14 15 third third JJ en-wikipedia-org-8593 14 16 quarter quarter NN en-wikipedia-org-8593 14 17 of of IN en-wikipedia-org-8593 14 18 2020 2020 CD en-wikipedia-org-8593 14 19 , , , en-wikipedia-org-8593 14 20 with with IN en-wikipedia-org-8593 14 21 a a DT en-wikipedia-org-8593 14 22 large large JJ en-wikipedia-org-8593 14 23 majority majority NN en-wikipedia-org-8593 14 24 of of IN en-wikipedia-org-8593 14 25 that that DT en-wikipedia-org-8593 14 26 volume volume NN en-wikipedia-org-8593 14 27 consisting consist VBG en-wikipedia-org-8593 14 28 of of IN en-wikipedia-org-8593 14 29 perpetual perpetual JJ en-wikipedia-org-8593 14 30 futures future NNS en-wikipedia-org-8593 14 31 . . . en-wikipedia-org-8593 15 1 [ [ -LRB- en-wikipedia-org-8593 15 2 6][7 6][7 NNP en-wikipedia-org-8593 15 3 ] ] -RRB- en-wikipedia-org-8593 15 4 Mechanism[edit mechanism[edit NN en-wikipedia-org-8593 15 5 ] ] -RRB- en-wikipedia-org-8593 15 6 Perpetual perpetual JJ en-wikipedia-org-8593 15 7 futures future NNS en-wikipedia-org-8593 15 8 for for IN en-wikipedia-org-8593 15 9 the the DT en-wikipedia-org-8593 15 10 value value NN en-wikipedia-org-8593 15 11 of of IN en-wikipedia-org-8593 15 12 a a DT en-wikipedia-org-8593 15 13 cash cash NN en-wikipedia-org-8593 15 14 flow flow NN en-wikipedia-org-8593 15 15 , , , en-wikipedia-org-8593 15 16 dividend dividend NN en-wikipedia-org-8593 15 17 or or CC en-wikipedia-org-8593 15 18 index index NN en-wikipedia-org-8593 15 19 , , , en-wikipedia-org-8593 15 20 as as IN en-wikipedia-org-8593 15 21 envisioned envision VBN en-wikipedia-org-8593 15 22 by by IN en-wikipedia-org-8593 15 23 Shiller Shiller NNP en-wikipedia-org-8593 15 24 , , , en-wikipedia-org-8593 15 25 require require VBP en-wikipedia-org-8593 15 26 the the DT en-wikipedia-org-8593 15 27 payment payment NN en-wikipedia-org-8593 15 28 of of IN en-wikipedia-org-8593 15 29 a a DT en-wikipedia-org-8593 15 30 daily daily JJ en-wikipedia-org-8593 15 31 settlement settlement NN en-wikipedia-org-8593 15 32 , , , en-wikipedia-org-8593 15 33 intended intend VBN en-wikipedia-org-8593 15 34 to to TO en-wikipedia-org-8593 15 35 mirror mirror VB en-wikipedia-org-8593 15 36 the the DT en-wikipedia-org-8593 15 37 value value NN en-wikipedia-org-8593 15 38 of of IN en-wikipedia-org-8593 15 39 the the DT en-wikipedia-org-8593 15 40 flow flow NN en-wikipedia-org-8593 15 41 , , , en-wikipedia-org-8593 15 42 from from IN en-wikipedia-org-8593 15 43 one one CD en-wikipedia-org-8593 15 44 side side NN en-wikipedia-org-8593 15 45 of of IN en-wikipedia-org-8593 15 46 the the DT en-wikipedia-org-8593 15 47 contract contract NN en-wikipedia-org-8593 15 48 to to IN en-wikipedia-org-8593 15 49 the the DT en-wikipedia-org-8593 15 50 other other JJ en-wikipedia-org-8593 15 51 . . . en-wikipedia-org-8593 16 1 At at IN en-wikipedia-org-8593 16 2 any any DT en-wikipedia-org-8593 16 3 day day NN en-wikipedia-org-8593 16 4 t t NN en-wikipedia-org-8593 16 5 , , , en-wikipedia-org-8593 16 6 the the DT en-wikipedia-org-8593 16 7 dividend dividend NN en-wikipedia-org-8593 16 8 s s NNP en-wikipedia-org-8593 16 9 t t NN en-wikipedia-org-8593 16 10 + + CC en-wikipedia-org-8593 16 11 1 1 CD en-wikipedia-org-8593 16 12 { { -LRB- en-wikipedia-org-8593 16 13 \displaystyle \displaystyle CD en-wikipedia-org-8593 16 14 s_{t+1 s_{t+1 NNP en-wikipedia-org-8593 16 15 } } -RRB- en-wikipedia-org-8593 16 16 } } -RRB- en-wikipedia-org-8593 16 17 , , , en-wikipedia-org-8593 16 18 paid pay VBN en-wikipedia-org-8593 16 19 from from IN en-wikipedia-org-8593 16 20 shorts short NNS en-wikipedia-org-8593 16 21 to to IN en-wikipedia-org-8593 16 22 longs long NNS en-wikipedia-org-8593 16 23 , , , en-wikipedia-org-8593 16 24 is be VBZ en-wikipedia-org-8593 16 25 defined define VBN en-wikipedia-org-8593 16 26 as as IN en-wikipedia-org-8593 16 27 : : : en-wikipedia-org-8593 16 28 s s NNP en-wikipedia-org-8593 16 29 t t NN en-wikipedia-org-8593 16 30 + + CC en-wikipedia-org-8593 16 31 1 1 CD en-wikipedia-org-8593 16 32 = = SYM en-wikipedia-org-8593 16 33 ( ( -LRB- en-wikipedia-org-8593 16 34 f f NNP en-wikipedia-org-8593 16 35 t t NNP en-wikipedia-org-8593 16 36 + + CC en-wikipedia-org-8593 16 37 1 1 CD en-wikipedia-org-8593 16 38 − − NNP en-wikipedia-org-8593 16 39 f f NNP en-wikipedia-org-8593 16 40 t t NN en-wikipedia-org-8593 16 41 ) ) -RRB- en-wikipedia-org-8593 16 42 + + CC en-wikipedia-org-8593 16 43 ( ( -LRB- en-wikipedia-org-8593 16 44 d d NNP en-wikipedia-org-8593 16 45 t t NN en-wikipedia-org-8593 16 46 + + CC en-wikipedia-org-8593 16 47 1 1 CD en-wikipedia-org-8593 16 48 − − NNP en-wikipedia-org-8593 16 49 r r NN en-wikipedia-org-8593 16 50 t t NNP en-wikipedia-org-8593 16 51 f f NNP en-wikipedia-org-8593 16 52 t t NN en-wikipedia-org-8593 16 53 ) ) -RRB- en-wikipedia-org-8593 16 54 { { -LRB- en-wikipedia-org-8593 16 55 \displaystyle \displaystyle CD en-wikipedia-org-8593 16 56 s_{t+1}=(f_{t+1}-f_{t})+(d_{t+1}-r_{t}f_{t s_{t+1}=(f_{t+1}-f_{t})+(d_{t+1}-r_{t}f_{t NNP en-wikipedia-org-8593 16 57 } } -RRB- en-wikipedia-org-8593 16 58 ) ) -RRB- en-wikipedia-org-8593 16 59 } } -RRB- en-wikipedia-org-8593 16 60 where where WRB en-wikipedia-org-8593 16 61 f f NNP en-wikipedia-org-8593 16 62 t t NN en-wikipedia-org-8593 16 63 { { -LRB- en-wikipedia-org-8593 16 64 \displaystyle \displaystyle CD en-wikipedia-org-8593 16 65 f_{t f_{t NN en-wikipedia-org-8593 16 66 } } -RRB- en-wikipedia-org-8593 16 67 } } -RRB- en-wikipedia-org-8593 16 68 is be VBZ en-wikipedia-org-8593 16 69 the the DT en-wikipedia-org-8593 16 70 price price NN en-wikipedia-org-8593 16 71 of of IN en-wikipedia-org-8593 16 72 the the DT en-wikipedia-org-8593 16 73 perpetual perpetual NN en-wikipedia-org-8593 16 74 at at IN en-wikipedia-org-8593 16 75 day day NN en-wikipedia-org-8593 16 76 t t NNP en-wikipedia-org-8593 16 77 , , , en-wikipedia-org-8593 16 78 d d NNP en-wikipedia-org-8593 16 79 t t NN en-wikipedia-org-8593 16 80 { { -LRB- en-wikipedia-org-8593 16 81 \displaystyle \displaystyle CD en-wikipedia-org-8593 16 82 d_{t d_{t NNP en-wikipedia-org-8593 16 83 } } -RRB- en-wikipedia-org-8593 16 84 } } -RRB- en-wikipedia-org-8593 16 85 is be VBZ en-wikipedia-org-8593 16 86 the the DT en-wikipedia-org-8593 16 87 dividend dividend NN en-wikipedia-org-8593 16 88 paid pay VBN en-wikipedia-org-8593 16 89 to to IN en-wikipedia-org-8593 16 90 owners owner NNS en-wikipedia-org-8593 16 91 of of IN en-wikipedia-org-8593 16 92 the the DT en-wikipedia-org-8593 16 93 underlying underlying JJ en-wikipedia-org-8593 16 94 asset asset NN en-wikipedia-org-8593 16 95 on on IN en-wikipedia-org-8593 16 96 day day NN en-wikipedia-org-8593 16 97 t t NNP en-wikipedia-org-8593 16 98 , , , en-wikipedia-org-8593 16 99 and and CC en-wikipedia-org-8593 16 100 r r NN en-wikipedia-org-8593 16 101 t t NN en-wikipedia-org-8593 16 102 { { -LRB- en-wikipedia-org-8593 16 103 \displaystyle \displaystyle CD en-wikipedia-org-8593 16 104 r_{t r_{t NN en-wikipedia-org-8593 16 105 } } -RRB- en-wikipedia-org-8593 16 106 } } -RRB- en-wikipedia-org-8593 16 107 is be VBZ en-wikipedia-org-8593 16 108 the the DT en-wikipedia-org-8593 16 109 return return NN en-wikipedia-org-8593 16 110 on on IN en-wikipedia-org-8593 16 111 an an DT en-wikipedia-org-8593 16 112 alternative alternative JJ en-wikipedia-org-8593 16 113 asset asset NN en-wikipedia-org-8593 16 114 ( ( -LRB- en-wikipedia-org-8593 16 115 expected expect VBN en-wikipedia-org-8593 16 116 to to TO en-wikipedia-org-8593 16 117 be be VB en-wikipedia-org-8593 16 118 a a DT en-wikipedia-org-8593 16 119 short short JJ en-wikipedia-org-8593 16 120 - - HYPH en-wikipedia-org-8593 16 121 term term NN en-wikipedia-org-8593 16 122 , , , en-wikipedia-org-8593 16 123 low low JJ en-wikipedia-org-8593 16 124 - - HYPH en-wikipedia-org-8593 16 125 risk risk NN en-wikipedia-org-8593 16 126 rate rate NN en-wikipedia-org-8593 16 127 ) ) -RRB- en-wikipedia-org-8593 16 128 between between IN en-wikipedia-org-8593 16 129 time time NN en-wikipedia-org-8593 16 130 t t NNP en-wikipedia-org-8593 16 131 and and CC en-wikipedia-org-8593 16 132 t+1 t+1 NN en-wikipedia-org-8593 16 133 . . . en-wikipedia-org-8593 17 1 [ [ -LRB- en-wikipedia-org-8593 17 2 1 1 LS en-wikipedia-org-8593 17 3 ] ] -RRB- en-wikipedia-org-8593 17 4 As as IN en-wikipedia-org-8593 17 5 used use VBN en-wikipedia-org-8593 17 6 in in IN en-wikipedia-org-8593 17 7 cryptocurrency cryptocurrency NN en-wikipedia-org-8593 17 8 markets[edit markets[edit . en-wikipedia-org-8593 17 9 ] ] -RRB- en-wikipedia-org-8593 17 10 The the DT en-wikipedia-org-8593 17 11 perpetual perpetual JJ en-wikipedia-org-8593 17 12 contracts contract NNS en-wikipedia-org-8593 17 13 offered offer VBN en-wikipedia-org-8593 17 14 by by IN en-wikipedia-org-8593 17 15 cryptocurrency cryptocurrency NN en-wikipedia-org-8593 17 16 derivative derivative JJ en-wikipedia-org-8593 17 17 exchanges exchange NNS en-wikipedia-org-8593 17 18 are be VBP en-wikipedia-org-8593 17 19 typically typically RB en-wikipedia-org-8593 17 20 priced price VBN en-wikipedia-org-8593 17 21 by by IN en-wikipedia-org-8593 17 22 versions version NNS en-wikipedia-org-8593 17 23 of of IN en-wikipedia-org-8593 17 24 the the DT en-wikipedia-org-8593 17 25 above above JJ en-wikipedia-org-8593 17 26 formula formula NN en-wikipedia-org-8593 17 27 , , , en-wikipedia-org-8593 17 28 where where WRB en-wikipedia-org-8593 17 29 the the DT en-wikipedia-org-8593 17 30 difference difference NN en-wikipedia-org-8593 17 31 in in IN en-wikipedia-org-8593 17 32 cryptocurrency cryptocurrency NN en-wikipedia-org-8593 17 33 prices price NNS en-wikipedia-org-8593 17 34 from from IN en-wikipedia-org-8593 17 35 one one CD en-wikipedia-org-8593 17 36 day day NN en-wikipedia-org-8593 17 37 to to IN en-wikipedia-org-8593 17 38 the the DT en-wikipedia-org-8593 17 39 other other JJ en-wikipedia-org-8593 17 40 can can MD en-wikipedia-org-8593 17 41 be be VB en-wikipedia-org-8593 17 42 thought think VBN en-wikipedia-org-8593 17 43 of of IN en-wikipedia-org-8593 17 44 as as IN en-wikipedia-org-8593 17 45 the the DT en-wikipedia-org-8593 17 46 dividend dividend NN en-wikipedia-org-8593 17 47 due due IN en-wikipedia-org-8593 17 48 to to IN en-wikipedia-org-8593 17 49 owners owner NNS en-wikipedia-org-8593 17 50 of of IN en-wikipedia-org-8593 17 51 the the DT en-wikipedia-org-8593 17 52 asset asset NN en-wikipedia-org-8593 17 53 . . . en-wikipedia-org-8593 18 1 However however RB en-wikipedia-org-8593 18 2 , , , en-wikipedia-org-8593 18 3 a a DT en-wikipedia-org-8593 18 4 number number NN en-wikipedia-org-8593 18 5 of of IN en-wikipedia-org-8593 18 6 conventions convention NNS en-wikipedia-org-8593 18 7 have have VBP en-wikipedia-org-8593 18 8 developed develop VBN en-wikipedia-org-8593 18 9 in in IN en-wikipedia-org-8593 18 10 the the DT en-wikipedia-org-8593 18 11 cryptocurrency cryptocurrency NN en-wikipedia-org-8593 18 12 perpetual perpetual JJ en-wikipedia-org-8593 18 13 market market NN en-wikipedia-org-8593 18 14 , , , en-wikipedia-org-8593 18 15 due due IN en-wikipedia-org-8593 18 16 to to IN en-wikipedia-org-8593 18 17 greater great JJR en-wikipedia-org-8593 18 18 volatility volatility NN en-wikipedia-org-8593 18 19 and and CC en-wikipedia-org-8593 18 20 the the DT en-wikipedia-org-8593 18 21 lack lack NN en-wikipedia-org-8593 18 22 of of IN en-wikipedia-org-8593 18 23 regulatory regulatory JJ en-wikipedia-org-8593 18 24 requirements requirement NNS en-wikipedia-org-8593 18 25 mandating mandate VBG en-wikipedia-org-8593 18 26 a a DT en-wikipedia-org-8593 18 27 particular particular JJ en-wikipedia-org-8593 18 28 market market NN en-wikipedia-org-8593 18 29 structure structure NN en-wikipedia-org-8593 18 30 . . . en-wikipedia-org-8593 19 1 Unlike unlike IN en-wikipedia-org-8593 19 2 traditional traditional JJ en-wikipedia-org-8593 19 3 futures future NNS en-wikipedia-org-8593 19 4 , , , en-wikipedia-org-8593 19 5 cryptocurrency cryptocurrency NN en-wikipedia-org-8593 19 6 perpetuals perpetual NNS en-wikipedia-org-8593 19 7 typically typically RB en-wikipedia-org-8593 19 8 use use VBP en-wikipedia-org-8593 19 9 the the DT en-wikipedia-org-8593 19 10 cryptocurrency cryptocurrency NN en-wikipedia-org-8593 19 11 as as IN en-wikipedia-org-8593 19 12 their -PRON- PRP$ en-wikipedia-org-8593 19 13 base base NN en-wikipedia-org-8593 19 14 currency currency NN en-wikipedia-org-8593 19 15 , , , en-wikipedia-org-8593 19 16 making make VBG en-wikipedia-org-8593 19 17 them -PRON- PRP en-wikipedia-org-8593 19 18 inverse inverse NN en-wikipedia-org-8593 19 19 futures future NNS en-wikipedia-org-8593 19 20 . . . en-wikipedia-org-8593 20 1 [ [ -LRB- en-wikipedia-org-8593 20 2 2 2 LS en-wikipedia-org-8593 20 3 ] ] -RRB- en-wikipedia-org-8593 20 4 Settlement settlement NN en-wikipedia-org-8593 20 5 between between IN en-wikipedia-org-8593 20 6 different different JJ en-wikipedia-org-8593 20 7 sides side NNS en-wikipedia-org-8593 20 8 of of IN en-wikipedia-org-8593 20 9 the the DT en-wikipedia-org-8593 20 10 trade trade NN en-wikipedia-org-8593 20 11 , , , en-wikipedia-org-8593 20 12 known know VBN en-wikipedia-org-8593 20 13 as as IN en-wikipedia-org-8593 20 14 funding funding NN en-wikipedia-org-8593 20 15 , , , en-wikipedia-org-8593 20 16 typically typically RB en-wikipedia-org-8593 20 17 occurs occur VBZ en-wikipedia-org-8593 20 18 every every DT en-wikipedia-org-8593 20 19 eight eight CD en-wikipedia-org-8593 20 20 hours hour NNS en-wikipedia-org-8593 20 21 . . . en-wikipedia-org-8593 21 1 In in IN en-wikipedia-org-8593 21 2 addition addition NN en-wikipedia-org-8593 21 3 , , , en-wikipedia-org-8593 21 4 given give VBN en-wikipedia-org-8593 21 5 the the DT en-wikipedia-org-8593 21 6 lack lack NN en-wikipedia-org-8593 21 7 of of IN en-wikipedia-org-8593 21 8 a a DT en-wikipedia-org-8593 21 9 cryptocurrency cryptocurrency NN en-wikipedia-org-8593 21 10 repo repo NNP en-wikipedia-org-8593 21 11 market market NN en-wikipedia-org-8593 21 12 and and CC en-wikipedia-org-8593 21 13 , , , en-wikipedia-org-8593 21 14 consequently consequently RB en-wikipedia-org-8593 21 15 , , , en-wikipedia-org-8593 21 16 an an DT en-wikipedia-org-8593 21 17 overnight overnight JJ en-wikipedia-org-8593 21 18 rate rate NN en-wikipedia-org-8593 21 19 , , , en-wikipedia-org-8593 21 20 the the DT en-wikipedia-org-8593 21 21 base base NN en-wikipedia-org-8593 21 22 interest interest NN en-wikipedia-org-8593 21 23 on on IN en-wikipedia-org-8593 21 24 cryptocurrency cryptocurrency NN en-wikipedia-org-8593 21 25 perpetuals perpetual NNS en-wikipedia-org-8593 21 26 is be VBZ en-wikipedia-org-8593 21 27 usually usually RB en-wikipedia-org-8593 21 28 a a DT en-wikipedia-org-8593 21 29 fixed fix VBN en-wikipedia-org-8593 21 30 percentage percentage NN en-wikipedia-org-8593 21 31 set set VBN en-wikipedia-org-8593 21 32 by by IN en-wikipedia-org-8593 21 33 the the DT en-wikipedia-org-8593 21 34 exchange exchange NN en-wikipedia-org-8593 21 35 . . . en-wikipedia-org-8593 22 1 Liquidation liquidation NN en-wikipedia-org-8593 22 2 and and CC en-wikipedia-org-8593 22 3 Insurance Insurance NNP en-wikipedia-org-8593 22 4 Funds[edit Funds[edit '' en-wikipedia-org-8593 22 5 ] ] -RRB- en-wikipedia-org-8593 22 6 Cryptocurrency cryptocurrency NN en-wikipedia-org-8593 22 7 derivatives derivative NNS en-wikipedia-org-8593 22 8 exchanges exchange NNS en-wikipedia-org-8593 22 9 lack lack VBP en-wikipedia-org-8593 22 10 central central JJ en-wikipedia-org-8593 22 11 counterparty counterparty NNP en-wikipedia-org-8593 22 12 clearing clearing NN en-wikipedia-org-8593 22 13 , , , en-wikipedia-org-8593 22 14 intermediaries intermediary NNS en-wikipedia-org-8593 22 15 in in IN en-wikipedia-org-8593 22 16 regulated regulated JJ en-wikipedia-org-8593 22 17 derivatives derivative NNS en-wikipedia-org-8593 22 18 markets market NNS en-wikipedia-org-8593 22 19 that that WDT en-wikipedia-org-8593 22 20 take take VBP en-wikipedia-org-8593 22 21 collateral collateral NN en-wikipedia-org-8593 22 22 and and CC en-wikipedia-org-8593 22 23 adjust adjust VB en-wikipedia-org-8593 22 24 margin margin NN en-wikipedia-org-8593 22 25 requirements requirement NNS en-wikipedia-org-8593 22 26 in in IN en-wikipedia-org-8593 22 27 an an DT en-wikipedia-org-8593 22 28 attempt attempt NN en-wikipedia-org-8593 22 29 to to TO en-wikipedia-org-8593 22 30 eliminate eliminate VB en-wikipedia-org-8593 22 31 counterparty counterparty NN en-wikipedia-org-8593 22 32 risk risk NN en-wikipedia-org-8593 22 33 , , , en-wikipedia-org-8593 22 34 the the DT en-wikipedia-org-8593 22 35 risk risk NN en-wikipedia-org-8593 22 36 that that WDT en-wikipedia-org-8593 22 37 holders holder NNS en-wikipedia-org-8593 22 38 of of IN en-wikipedia-org-8593 22 39 one one CD en-wikipedia-org-8593 22 40 side side NN en-wikipedia-org-8593 22 41 in in IN en-wikipedia-org-8593 22 42 the the DT en-wikipedia-org-8593 22 43 contract contract NN en-wikipedia-org-8593 22 44 will will MD en-wikipedia-org-8593 22 45 fail fail VB en-wikipedia-org-8593 22 46 to to TO en-wikipedia-org-8593 22 47 cover cover VB en-wikipedia-org-8593 22 48 their -PRON- PRP$ en-wikipedia-org-8593 22 49 obligations obligation NNS en-wikipedia-org-8593 22 50 in in IN en-wikipedia-org-8593 22 51 the the DT en-wikipedia-org-8593 22 52 event event NN en-wikipedia-org-8593 22 53 of of IN en-wikipedia-org-8593 22 54 a a DT en-wikipedia-org-8593 22 55 margin margin NN en-wikipedia-org-8593 22 56 call call NN en-wikipedia-org-8593 22 57 after after IN en-wikipedia-org-8593 22 58 an an DT en-wikipedia-org-8593 22 59 adverse adverse JJ en-wikipedia-org-8593 22 60 price price NN en-wikipedia-org-8593 22 61 move move NN en-wikipedia-org-8593 22 62 . . . en-wikipedia-org-8593 23 1 As as IN en-wikipedia-org-8593 23 2 a a DT en-wikipedia-org-8593 23 3 result result NN en-wikipedia-org-8593 23 4 , , , en-wikipedia-org-8593 23 5 liquidation liquidation NN en-wikipedia-org-8593 23 6 is be VBZ en-wikipedia-org-8593 23 7 performed perform VBN en-wikipedia-org-8593 23 8 before before IN en-wikipedia-org-8593 23 9 the the DT en-wikipedia-org-8593 23 10 one one CD en-wikipedia-org-8593 23 11 side side NN en-wikipedia-org-8593 23 12 of of IN en-wikipedia-org-8593 23 13 the the DT en-wikipedia-org-8593 23 14 contract contract NN en-wikipedia-org-8593 23 15 reaches reach VBZ en-wikipedia-org-8593 23 16 bankruptcy bankruptcy NN en-wikipedia-org-8593 23 17 , , , en-wikipedia-org-8593 23 18 when when WRB en-wikipedia-org-8593 23 19 the the DT en-wikipedia-org-8593 23 20 contract contract NN en-wikipedia-org-8593 23 21 's 's POS en-wikipedia-org-8593 23 22 remaining remain VBG en-wikipedia-org-8593 23 23 margin margin NN en-wikipedia-org-8593 23 24 reaches reach VBZ en-wikipedia-org-8593 23 25 a a DT en-wikipedia-org-8593 23 26 pre pre JJ en-wikipedia-org-8593 23 27 - - JJ en-wikipedia-org-8593 23 28 specified specified JJ en-wikipedia-org-8593 23 29 value value NN en-wikipedia-org-8593 23 30 ( ( -LRB- en-wikipedia-org-8593 23 31 the the DT en-wikipedia-org-8593 23 32 maintenance maintenance NN en-wikipedia-org-8593 23 33 margin margin NN en-wikipedia-org-8593 23 34 , , , en-wikipedia-org-8593 23 35 which which WDT en-wikipedia-org-8593 23 36 determines determine VBZ en-wikipedia-org-8593 23 37 the the DT en-wikipedia-org-8593 23 38 liquidation liquidation NN en-wikipedia-org-8593 23 39 price price NN en-wikipedia-org-8593 23 40 ) ) -RRB- en-wikipedia-org-8593 23 41 . . . en-wikipedia-org-8593 24 1 If if IN en-wikipedia-org-8593 24 2 the the DT en-wikipedia-org-8593 24 3 exchange exchange NN en-wikipedia-org-8593 24 4 is be VBZ en-wikipedia-org-8593 24 5 able able JJ en-wikipedia-org-8593 24 6 to to TO en-wikipedia-org-8593 24 7 close close VB en-wikipedia-org-8593 24 8 out out RP en-wikipedia-org-8593 24 9 the the DT en-wikipedia-org-8593 24 10 contract contract NN en-wikipedia-org-8593 24 11 at at IN en-wikipedia-org-8593 24 12 a a DT en-wikipedia-org-8593 24 13 profit profit NN en-wikipedia-org-8593 24 14 , , , en-wikipedia-org-8593 24 15 the the DT en-wikipedia-org-8593 24 16 proceeds proceed NNS en-wikipedia-org-8593 24 17 are be VBP en-wikipedia-org-8593 24 18 typically typically RB en-wikipedia-org-8593 24 19 inserted insert VBN en-wikipedia-org-8593 24 20 into into IN en-wikipedia-org-8593 24 21 the the DT en-wikipedia-org-8593 24 22 exchange exchange NN en-wikipedia-org-8593 24 23 's 's POS en-wikipedia-org-8593 24 24 insurance insurance NN en-wikipedia-org-8593 24 25 fund fund NN en-wikipedia-org-8593 24 26 , , , en-wikipedia-org-8593 24 27 which which WDT en-wikipedia-org-8593 24 28 guarantees guarantee VBZ en-wikipedia-org-8593 24 29 the the DT en-wikipedia-org-8593 24 30 profitable profitable JJ en-wikipedia-org-8593 24 31 side side NN en-wikipedia-org-8593 24 32 when when WRB en-wikipedia-org-8593 24 33 counterparty counterparty NN en-wikipedia-org-8593 24 34 margin margin NN en-wikipedia-org-8593 24 35 is be VBZ en-wikipedia-org-8593 24 36 insufficient insufficient JJ en-wikipedia-org-8593 24 37 , , , en-wikipedia-org-8593 24 38 usually usually RB en-wikipedia-org-8593 24 39 when when WRB en-wikipedia-org-8593 24 40 the the DT en-wikipedia-org-8593 24 41 price price NN en-wikipedia-org-8593 24 42 of of IN en-wikipedia-org-8593 24 43 the the DT en-wikipedia-org-8593 24 44 asset asset NN en-wikipedia-org-8593 24 45 has have VBZ en-wikipedia-org-8593 24 46 moved move VBN en-wikipedia-org-8593 24 47 sharply sharply RB en-wikipedia-org-8593 24 48 in in IN en-wikipedia-org-8593 24 49 one one CD en-wikipedia-org-8593 24 50 direction direction NN en-wikipedia-org-8593 24 51 and and CC en-wikipedia-org-8593 24 52 the the DT en-wikipedia-org-8593 24 53 exchange exchange NN en-wikipedia-org-8593 24 54 was be VBD en-wikipedia-org-8593 24 55 unable unable JJ en-wikipedia-org-8593 24 56 to to TO en-wikipedia-org-8593 24 57 liquidate liquidate VB en-wikipedia-org-8593 24 58 at at IN en-wikipedia-org-8593 24 59 a a DT en-wikipedia-org-8593 24 60 profit profit NN en-wikipedia-org-8593 24 61 . . . en-wikipedia-org-8593 25 1 Auto auto NN en-wikipedia-org-8593 25 2 - - HYPH en-wikipedia-org-8593 25 3 deleveraging[edit deleveraging[edit NN en-wikipedia-org-8593 25 4 ] ] -RRB- en-wikipedia-org-8593 25 5 If if IN en-wikipedia-org-8593 25 6 the the DT en-wikipedia-org-8593 25 7 exchange exchange NN en-wikipedia-org-8593 25 8 's 's POS en-wikipedia-org-8593 25 9 insurance insurance NN en-wikipedia-org-8593 25 10 fund fund NN en-wikipedia-org-8593 25 11 is be VBZ en-wikipedia-org-8593 25 12 depleted deplete VBN en-wikipedia-org-8593 25 13 , , , en-wikipedia-org-8593 25 14 whether whether CC en-wikipedia-org-8593 25 15 globally globally RB en-wikipedia-org-8593 25 16 or or CC en-wikipedia-org-8593 25 17 for for IN en-wikipedia-org-8593 25 18 a a DT en-wikipedia-org-8593 25 19 particular particular JJ en-wikipedia-org-8593 25 20 contract contract NN en-wikipedia-org-8593 25 21 , , , en-wikipedia-org-8593 25 22 accounts account NNS en-wikipedia-org-8593 25 23 are be VBP en-wikipedia-org-8593 25 24 ranked rank VBN en-wikipedia-org-8593 25 25 according accord VBG en-wikipedia-org-8593 25 26 to to IN en-wikipedia-org-8593 25 27 their -PRON- PRP$ en-wikipedia-org-8593 25 28 profit profit NN en-wikipedia-org-8593 25 29 and and CC en-wikipedia-org-8593 25 30 leverage leverage NN en-wikipedia-org-8593 25 31 . . . en-wikipedia-org-8593 26 1 This this DT en-wikipedia-org-8593 26 2 is be VBZ en-wikipedia-org-8593 26 3 used use VBN en-wikipedia-org-8593 26 4 to to TO en-wikipedia-org-8593 26 5 form form VB en-wikipedia-org-8593 26 6 an an DT en-wikipedia-org-8593 26 7 " " `` en-wikipedia-org-8593 26 8 auto auto NN en-wikipedia-org-8593 26 9 - - HYPH en-wikipedia-org-8593 26 10 deleveraging deleverage VBG en-wikipedia-org-8593 26 11 " " '' en-wikipedia-org-8593 26 12 queue queue NN en-wikipedia-org-8593 26 13 , , , en-wikipedia-org-8593 26 14 where where WRB en-wikipedia-org-8593 26 15 the the DT en-wikipedia-org-8593 26 16 positions position NNS en-wikipedia-org-8593 26 17 of of IN en-wikipedia-org-8593 26 18 traders trader NNS en-wikipedia-org-8593 26 19 at at IN en-wikipedia-org-8593 26 20 the the DT en-wikipedia-org-8593 26 21 front front NN en-wikipedia-org-8593 26 22 of of IN en-wikipedia-org-8593 26 23 the the DT en-wikipedia-org-8593 26 24 queue queue NN en-wikipedia-org-8593 26 25 are be VBP en-wikipedia-org-8593 26 26 closed closed JJ en-wikipedia-org-8593 26 27 , , , en-wikipedia-org-8593 26 28 at at IN en-wikipedia-org-8593 26 29 the the DT en-wikipedia-org-8593 26 30 bankruptcy bankruptcy NN en-wikipedia-org-8593 26 31 price price NN en-wikipedia-org-8593 26 32 , , , en-wikipedia-org-8593 26 33 to to TO en-wikipedia-org-8593 26 34 prevent prevent VB en-wikipedia-org-8593 26 35 market market NN en-wikipedia-org-8593 26 36 losers loser NNS en-wikipedia-org-8593 26 37 from from IN en-wikipedia-org-8593 26 38 going go VBG en-wikipedia-org-8593 26 39 into into IN en-wikipedia-org-8593 26 40 default default NN en-wikipedia-org-8593 26 41 . . . en-wikipedia-org-8593 27 1 [ [ -LRB- en-wikipedia-org-8593 27 2 8 8 CD en-wikipedia-org-8593 27 3 ] ] -RRB- en-wikipedia-org-8593 27 4 Auto auto NN en-wikipedia-org-8593 27 5 - - HYPH en-wikipedia-org-8593 27 6 deleveraging deleveraging NN en-wikipedia-org-8593 27 7 is be VBZ en-wikipedia-org-8593 27 8 intended intend VBN en-wikipedia-org-8593 27 9 to to TO en-wikipedia-org-8593 27 10 reduce reduce VB en-wikipedia-org-8593 27 11 counterparty counterparty NN en-wikipedia-org-8593 27 12 risk risk NN en-wikipedia-org-8593 27 13 by by IN en-wikipedia-org-8593 27 14 penalising penalise VBG en-wikipedia-org-8593 27 15 the the DT en-wikipedia-org-8593 27 16 riskiest risky JJS en-wikipedia-org-8593 27 17 traders trader NNS en-wikipedia-org-8593 27 18 , , , en-wikipedia-org-8593 27 19 as as IN en-wikipedia-org-8593 27 20 opposed oppose VBN en-wikipedia-org-8593 27 21 to to IN en-wikipedia-org-8593 27 22 the the DT en-wikipedia-org-8593 27 23 more more RBR en-wikipedia-org-8593 27 24 evenly evenly RB en-wikipedia-org-8593 27 25 - - HYPH en-wikipedia-org-8593 27 26 spread spread NN en-wikipedia-org-8593 27 27 " " `` en-wikipedia-org-8593 27 28 mutualised mutualise VBN en-wikipedia-org-8593 27 29 " " '' en-wikipedia-org-8593 27 30 model model NN en-wikipedia-org-8593 27 31 used use VBN en-wikipedia-org-8593 27 32 by by IN en-wikipedia-org-8593 27 33 central central JJ en-wikipedia-org-8593 27 34 clearing clearing NN en-wikipedia-org-8593 27 35 , , , en-wikipedia-org-8593 27 36 and and CC en-wikipedia-org-8593 27 37 balance balance NN en-wikipedia-org-8593 27 38 risk risk NN en-wikipedia-org-8593 27 39 in in IN en-wikipedia-org-8593 27 40 a a DT en-wikipedia-org-8593 27 41 fully fully RB en-wikipedia-org-8593 27 42 automated automate VBN en-wikipedia-org-8593 27 43 manner manner NN en-wikipedia-org-8593 27 44 , , , en-wikipedia-org-8593 27 45 requiring require VBG en-wikipedia-org-8593 27 46 no no DT en-wikipedia-org-8593 27 47 manual manual JJ en-wikipedia-org-8593 27 48 discretion discretion NN en-wikipedia-org-8593 27 49 by by IN en-wikipedia-org-8593 27 50 intermediaries intermediary NNS en-wikipedia-org-8593 27 51 . . . en-wikipedia-org-8593 28 1 [ [ -LRB- en-wikipedia-org-8593 28 2 9 9 CD en-wikipedia-org-8593 28 3 ] ] -RRB- en-wikipedia-org-8593 28 4 See see VB en-wikipedia-org-8593 28 5 also[edit also[edit NFP en-wikipedia-org-8593 28 6 ] ] -RRB- en-wikipedia-org-8593 28 7 Futures future NNS en-wikipedia-org-8593 28 8 contract contract NN en-wikipedia-org-8593 28 9 Contract contract NN en-wikipedia-org-8593 28 10 for for IN en-wikipedia-org-8593 28 11 difference difference NN en-wikipedia-org-8593 28 12 References[edit references[edit NN en-wikipedia-org-8593 28 13 ] ] -RRB- en-wikipedia-org-8593 28 14 ^ ^ FW en-wikipedia-org-8593 28 15 a a DT en-wikipedia-org-8593 28 16 b b NN en-wikipedia-org-8593 28 17 c c NNP en-wikipedia-org-8593 28 18 Shiller Shiller NNP en-wikipedia-org-8593 28 19 , , , en-wikipedia-org-8593 28 20 Robert Robert NNP en-wikipedia-org-8593 28 21 J J NNP en-wikipedia-org-8593 28 22 , , , en-wikipedia-org-8593 28 23 1993 1993 CD en-wikipedia-org-8593 28 24 . . . en-wikipedia-org-8593 29 1 " " `` en-wikipedia-org-8593 29 2 Measuring Measuring NNP en-wikipedia-org-8593 29 3 Asset Asset NNP en-wikipedia-org-8593 29 4 Values value NNS en-wikipedia-org-8593 29 5 for for IN en-wikipedia-org-8593 29 6 Cash cash NN en-wikipedia-org-8593 29 7 Settlement settlement NN en-wikipedia-org-8593 29 8 in in IN en-wikipedia-org-8593 29 9 Derivative derivative JJ en-wikipedia-org-8593 29 10 Markets Markets NNPS en-wikipedia-org-8593 29 11 : : : en-wikipedia-org-8593 29 12 Hedonic hedonic JJ en-wikipedia-org-8593 29 13 Repeated repeat VBN en-wikipedia-org-8593 29 14 Measures measure NNS en-wikipedia-org-8593 29 15 Indices Indices NNPS en-wikipedia-org-8593 29 16 and and CC en-wikipedia-org-8593 29 17 Perpetual Perpetual NNP en-wikipedia-org-8593 29 18 Futures Futures NNPS en-wikipedia-org-8593 29 19 , , , en-wikipedia-org-8593 29 20 " " '' en-wikipedia-org-8593 29 21 Journal Journal NNP en-wikipedia-org-8593 29 22 of of IN en-wikipedia-org-8593 29 23 Finance Finance NNP en-wikipedia-org-8593 29 24 , , , en-wikipedia-org-8593 29 25 American American NNP en-wikipedia-org-8593 29 26 Finance Finance NNP en-wikipedia-org-8593 29 27 Association Association NNP en-wikipedia-org-8593 29 28 , , , en-wikipedia-org-8593 29 29 vol vol NNP en-wikipedia-org-8593 29 30 . . . en-wikipedia-org-8593 30 1 48(3 48(3 LS en-wikipedia-org-8593 30 2 ) ) -RRB- en-wikipedia-org-8593 30 3 , , , en-wikipedia-org-8593 30 4 pages page VBZ en-wikipedia-org-8593 30 5 911 911 CD en-wikipedia-org-8593 30 6 - - SYM en-wikipedia-org-8593 30 7 931 931 CD en-wikipedia-org-8593 30 8 , , , en-wikipedia-org-8593 30 9 July July NNP en-wikipedia-org-8593 30 10 . . . en-wikipedia-org-8593 31 1 ^ ^ NNP en-wikipedia-org-8593 31 2 a a DT en-wikipedia-org-8593 31 3 b b NNP en-wikipedia-org-8593 31 4 c c NN en-wikipedia-org-8593 31 5 Alexander Alexander NNP en-wikipedia-org-8593 31 6 , , , en-wikipedia-org-8593 31 7 Carol Carol NNP en-wikipedia-org-8593 31 8 ; ; : en-wikipedia-org-8593 31 9 Choi Choi NNP en-wikipedia-org-8593 31 10 , , , en-wikipedia-org-8593 31 11 Jaehyuk Jaehyuk NNP en-wikipedia-org-8593 31 12 ; ; : en-wikipedia-org-8593 31 13 Park Park NNP en-wikipedia-org-8593 31 14 , , , en-wikipedia-org-8593 31 15 Heungju Heungju NNP en-wikipedia-org-8593 31 16 ; ; : en-wikipedia-org-8593 31 17 Sohn Sohn NNP en-wikipedia-org-8593 31 18 , , , en-wikipedia-org-8593 31 19 Sungbin Sungbin NNP en-wikipedia-org-8593 31 20 ( ( -LRB- en-wikipedia-org-8593 31 21 2019 2019 CD en-wikipedia-org-8593 31 22 - - HYPH en-wikipedia-org-8593 31 23 03 03 CD en-wikipedia-org-8593 31 24 - - HYPH en-wikipedia-org-8593 31 25 15 15 CD en-wikipedia-org-8593 31 26 ) ) -RRB- en-wikipedia-org-8593 31 27 . . . en-wikipedia-org-8593 32 1 " " `` en-wikipedia-org-8593 32 2 BitMEX BitMEX NNP en-wikipedia-org-8593 32 3 Bitcoin Bitcoin NNP en-wikipedia-org-8593 32 4 Derivatives derivative NNS en-wikipedia-org-8593 32 5 : : : en-wikipedia-org-8593 32 6 Price Price NNP en-wikipedia-org-8593 32 7 Discovery Discovery NNP en-wikipedia-org-8593 32 8 , , , en-wikipedia-org-8593 32 9 Informational Informational NNP en-wikipedia-org-8593 32 10 Efficiency Efficiency NNP en-wikipedia-org-8593 32 11 and and CC en-wikipedia-org-8593 32 12 Hedging Hedging NNP en-wikipedia-org-8593 32 13 Effectiveness Effectiveness NNP en-wikipedia-org-8593 32 14 " " '' en-wikipedia-org-8593 32 15 . . . en-wikipedia-org-8593 33 1 Rochester Rochester NNP en-wikipedia-org-8593 33 2 , , , en-wikipedia-org-8593 33 3 NY NY NNP en-wikipedia-org-8593 33 4 . . . en-wikipedia-org-8593 34 1 doi:10.2139 doi:10.2139 JJ en-wikipedia-org-8593 34 2 / / SYM en-wikipedia-org-8593 34 3 ssrn.3353583 ssrn.3353583 NN en-wikipedia-org-8593 34 4 . . . en-wikipedia-org-8593 35 1 S2CID S2CID NNS en-wikipedia-org-8593 35 2   _SP en-wikipedia-org-8593 35 3 219363159 219363159 CD en-wikipedia-org-8593 35 4 . . . en-wikipedia-org-8593 36 1 SSRN SSRN NNP en-wikipedia-org-8593 36 2   _SP en-wikipedia-org-8593 36 3 3353583 3353583 CD en-wikipedia-org-8593 36 4 . . . en-wikipedia-org-8593 37 1 Cite Cite NNP en-wikipedia-org-8593 37 2 journal journal NN en-wikipedia-org-8593 37 3 requires require VBZ en-wikipedia-org-8593 37 4 |journal= |journal= NNP en-wikipedia-org-8593 37 5 ( ( -LRB- en-wikipedia-org-8593 37 6 help help NN en-wikipedia-org-8593 37 7 ) ) -RRB- en-wikipedia-org-8593 37 8 ^ ^ . en-wikipedia-org-8593 37 9 Alexander Alexander NNP en-wikipedia-org-8593 37 10 , , , en-wikipedia-org-8593 37 11 Carol Carol NNP en-wikipedia-org-8593 37 12 ; ; : en-wikipedia-org-8593 37 13 Deng Deng NNP en-wikipedia-org-8593 37 14 , , , en-wikipedia-org-8593 37 15 Jun Jun NNP en-wikipedia-org-8593 37 16 ; ; : en-wikipedia-org-8593 37 17 Zou Zou NNP en-wikipedia-org-8593 37 18 , , , en-wikipedia-org-8593 37 19 Bin bin NN en-wikipedia-org-8593 37 20 ( ( -LRB- en-wikipedia-org-8593 37 21 2021 2021 CD en-wikipedia-org-8593 37 22 - - SYM en-wikipedia-org-8593 37 23 01 01 CD en-wikipedia-org-8593 37 24 - - HYPH en-wikipedia-org-8593 37 25 04 04 CD en-wikipedia-org-8593 37 26 ) ) -RRB- en-wikipedia-org-8593 37 27 . . . en-wikipedia-org-8593 38 1 " " `` en-wikipedia-org-8593 38 2 Optimal optimal JJ en-wikipedia-org-8593 38 3 Hedging hedging NN en-wikipedia-org-8593 38 4 with with IN en-wikipedia-org-8593 38 5 Margin Margin NNP en-wikipedia-org-8593 38 6 Constraints Constraints NNP en-wikipedia-org-8593 38 7 and and CC en-wikipedia-org-8593 38 8 Default Default NNP en-wikipedia-org-8593 38 9 Aversion Aversion NNP en-wikipedia-org-8593 38 10 and and CC en-wikipedia-org-8593 38 11 its -PRON- PRP$ en-wikipedia-org-8593 38 12 Application application NN en-wikipedia-org-8593 38 13 to to IN en-wikipedia-org-8593 38 14 Bitcoin Bitcoin NNP en-wikipedia-org-8593 38 15 Perpetual Perpetual NNP en-wikipedia-org-8593 38 16 Futures Futures NNP en-wikipedia-org-8593 38 17 " " '' en-wikipedia-org-8593 38 18 . . . en-wikipedia-org-8593 39 1 arXiv:2101.01261 arXiv:2101.01261 NNS en-wikipedia-org-8593 39 2 [ [ -LRB- en-wikipedia-org-8593 39 3 q q NNP en-wikipedia-org-8593 39 4 - - HYPH en-wikipedia-org-8593 39 5 fin fin NNP en-wikipedia-org-8593 39 6 . . . en-wikipedia-org-8593 39 7 RM RM NNP en-wikipedia-org-8593 39 8 ] ] -RRB- en-wikipedia-org-8593 39 9 . . . en-wikipedia-org-8593 40 1 ^ ^ NFP en-wikipedia-org-8593 40 2 Gardner Gardner NNP en-wikipedia-org-8593 40 3 , , , en-wikipedia-org-8593 40 4 B. B. NNP en-wikipedia-org-8593 40 5 L. L. NNP en-wikipedia-org-8593 40 6 ( ( -LRB- en-wikipedia-org-8593 40 7 1989 1989 CD en-wikipedia-org-8593 40 8 ) ) -RRB- en-wikipedia-org-8593 40 9 . . . en-wikipedia-org-8593 41 1 Rollover Rollover NNP en-wikipedia-org-8593 41 2 hedging hedging NN en-wikipedia-org-8593 41 3 and and CC en-wikipedia-org-8593 41 4 missing miss VBG en-wikipedia-org-8593 41 5 long‐term long‐term NNP en-wikipedia-org-8593 41 6 futures future NNS en-wikipedia-org-8593 41 7 markets market NNS en-wikipedia-org-8593 41 8 . . . en-wikipedia-org-8593 42 1 American American NNP en-wikipedia-org-8593 42 2 Journal Journal NNP en-wikipedia-org-8593 42 3 of of IN en-wikipedia-org-8593 42 4 Agricultural Agricultural NNP en-wikipedia-org-8593 42 5 Economics Economics NNP en-wikipedia-org-8593 42 6 , , , en-wikipedia-org-8593 42 7 71(2 71(2 CD en-wikipedia-org-8593 42 8 ) ) -RRB- en-wikipedia-org-8593 42 9 , , , en-wikipedia-org-8593 42 10 311 311 CD en-wikipedia-org-8593 42 11 - - SYM en-wikipedia-org-8593 42 12 318 318 CD en-wikipedia-org-8593 42 13 . . . en-wikipedia-org-8593 43 1 ^ ^ NFP en-wikipedia-org-8593 43 2 Gehr Gehr NNP en-wikipedia-org-8593 43 3 Jr Jr NNP en-wikipedia-org-8593 43 4 , , , en-wikipedia-org-8593 43 5 Adam Adam NNP en-wikipedia-org-8593 43 6 K. K. NNP en-wikipedia-org-8593 43 7 " " `` en-wikipedia-org-8593 43 8 Undated Undated NNP en-wikipedia-org-8593 43 9 futures future NNS en-wikipedia-org-8593 43 10 markets market NNS en-wikipedia-org-8593 43 11 . . . en-wikipedia-org-8593 43 12 " " '' en-wikipedia-org-8593 44 1 The the DT en-wikipedia-org-8593 44 2 Journal Journal NNP en-wikipedia-org-8593 44 3 of of IN en-wikipedia-org-8593 44 4 Futures Futures NNPS en-wikipedia-org-8593 44 5 Markets Markets NNPS en-wikipedia-org-8593 44 6 ( ( -LRB- en-wikipedia-org-8593 44 7 1986 1986 CD en-wikipedia-org-8593 44 8 - - SYM en-wikipedia-org-8593 44 9 1998 1998 CD en-wikipedia-org-8593 44 10 ) ) -RRB- en-wikipedia-org-8593 44 11 8 8 CD en-wikipedia-org-8593 44 12 , , , en-wikipedia-org-8593 44 13 no no UH en-wikipedia-org-8593 44 14 . . . en-wikipedia-org-8593 45 1 1 1 CD en-wikipedia-org-8593 45 2 ( ( -LRB- en-wikipedia-org-8593 45 3 1988 1988 CD en-wikipedia-org-8593 45 4 ) ) -RRB- en-wikipedia-org-8593 45 5 : : : en-wikipedia-org-8593 45 6 89 89 CD en-wikipedia-org-8593 45 7 . . . en-wikipedia-org-8593 46 1 ^ ^ FW en-wikipedia-org-8593 46 2 " " `` en-wikipedia-org-8593 46 3 Derivatives derivative NNS en-wikipedia-org-8593 46 4 ' ' POS en-wikipedia-org-8593 46 5 Disparities disparity NNS en-wikipedia-org-8593 46 6 : : : en-wikipedia-org-8593 46 7 Surveying survey VBG en-wikipedia-org-8593 46 8 the the DT en-wikipedia-org-8593 46 9 Bitcoin Bitcoin NNP en-wikipedia-org-8593 46 10 Perpetual Perpetual NNP en-wikipedia-org-8593 46 11 Swap Swap NNP en-wikipedia-org-8593 46 12 Market Market NNP en-wikipedia-org-8593 46 13 " " '' en-wikipedia-org-8593 46 14 . . . en-wikipedia-org-8593 47 1 Coin Coin NNP en-wikipedia-org-8593 47 2 Metrics Metrics NNP en-wikipedia-org-8593 47 3 . . . en-wikipedia-org-8593 48 1 2020 2020 CD en-wikipedia-org-8593 48 2 - - SYM en-wikipedia-org-8593 48 3 08 08 CD en-wikipedia-org-8593 48 4 - - HYPH en-wikipedia-org-8593 48 5 04 04 CD en-wikipedia-org-8593 48 6 . . . en-wikipedia-org-8593 49 1 Retrieved Retrieved NNP en-wikipedia-org-8593 49 2 2021 2021 CD en-wikipedia-org-8593 49 3 - - SYM en-wikipedia-org-8593 49 4 01 01 CD en-wikipedia-org-8593 49 5 - - HYPH en-wikipedia-org-8593 49 6 21 21 CD en-wikipedia-org-8593 49 7 . . . en-wikipedia-org-8593 50 1 ^ ^ NNP en-wikipedia-org-8593 50 2 Kraken Kraken NNP en-wikipedia-org-8593 50 3 Intelligence Intelligence NNP en-wikipedia-org-8593 50 4 ( ( -LRB- en-wikipedia-org-8593 50 5 2020 2020 CD en-wikipedia-org-8593 50 6 - - HYPH en-wikipedia-org-8593 50 7 08 08 CD en-wikipedia-org-8593 50 8 - - HYPH en-wikipedia-org-8593 50 9 01 01 CD en-wikipedia-org-8593 50 10 ) ) -RRB- en-wikipedia-org-8593 50 11 . . . en-wikipedia-org-8593 51 1 " " `` en-wikipedia-org-8593 51 2 The the DT en-wikipedia-org-8593 51 3 Tail Tail NNP en-wikipedia-org-8593 51 4 Wags Wags NNP en-wikipedia-org-8593 51 5 the the DT en-wikipedia-org-8593 51 6 Dog Dog NNP en-wikipedia-org-8593 51 7 : : : en-wikipedia-org-8593 51 8 An An NNP en-wikipedia-org-8593 51 9 Evolution Evolution NNP en-wikipedia-org-8593 51 10 of of IN en-wikipedia-org-8593 51 11 Bitcoin Bitcoin NNP en-wikipedia-org-8593 51 12 Futures Futures NNPS en-wikipedia-org-8593 51 13 " " '' en-wikipedia-org-8593 51 14 . . . en-wikipedia-org-8593 52 1 Cite Cite NNP en-wikipedia-org-8593 52 2 journal journal NN en-wikipedia-org-8593 52 3 requires require VBZ en-wikipedia-org-8593 52 4 |journal= |journal= NNP en-wikipedia-org-8593 52 5 ( ( -LRB- en-wikipedia-org-8593 52 6 help help NN en-wikipedia-org-8593 52 7 ) ) -RRB- en-wikipedia-org-8593 52 8 ^ ^ VB en-wikipedia-org-8593 52 9 " " `` en-wikipedia-org-8593 52 10 What what WP en-wikipedia-org-8593 52 11 is be VBZ en-wikipedia-org-8593 52 12 Auto auto NN en-wikipedia-org-8593 52 13 - - HYPH en-wikipedia-org-8593 52 14 Deleveraging Deleveraging NNP en-wikipedia-org-8593 52 15 ( ( -LRB- en-wikipedia-org-8593 52 16 ADL ADL NNP en-wikipedia-org-8593 52 17 ) ) -RRB- en-wikipedia-org-8593 52 18 ? ? . en-wikipedia-org-8593 52 19 " " '' en-wikipedia-org-8593 52 20 . . . en-wikipedia-org-8593 53 1 Bybit Bybit NNP en-wikipedia-org-8593 53 2 Official official JJ en-wikipedia-org-8593 53 3 Help Help NNP en-wikipedia-org-8593 53 4 . . . en-wikipedia-org-8593 54 1 Retrieved Retrieved NNP en-wikipedia-org-8593 54 2 2021 2021 CD en-wikipedia-org-8593 54 3 - - SYM en-wikipedia-org-8593 54 4 01 01 CD en-wikipedia-org-8593 54 5 - - HYPH en-wikipedia-org-8593 54 6 20 20 CD en-wikipedia-org-8593 54 7 . . . en-wikipedia-org-8593 55 1 ^ ^ FW en-wikipedia-org-8593 55 2 " " `` en-wikipedia-org-8593 55 3 Auto Auto NNP en-wikipedia-org-8593 55 4 Deleveraging Deleveraging NNP en-wikipedia-org-8593 55 5 Examples Examples NNPS en-wikipedia-org-8593 55 6 - - HYPH en-wikipedia-org-8593 55 7 BitMEX BitMEX NNP en-wikipedia-org-8593 55 8 " " '' en-wikipedia-org-8593 55 9 . . . en-wikipedia-org-8593 56 1 www.bitmex.com www.bitmex.com ADD en-wikipedia-org-8593 56 2 . . . en-wikipedia-org-8593 57 1 Retrieved Retrieved NNP en-wikipedia-org-8593 57 2 2021 2021 CD en-wikipedia-org-8593 57 3 - - SYM en-wikipedia-org-8593 57 4 01 01 CD en-wikipedia-org-8593 57 5 - - HYPH en-wikipedia-org-8593 57 6 20 20 CD en-wikipedia-org-8593 57 7 . . . en-wikipedia-org-8593 57 8 v v NNP en-wikipedia-org-8593 57 9 t t NNP en-wikipedia-org-8593 57 10 e e NNP en-wikipedia-org-8593 57 11 Derivatives derivative NNS en-wikipedia-org-8593 57 12 market market NN en-wikipedia-org-8593 57 13 Derivative Derivative NNP en-wikipedia-org-8593 57 14 ( ( -LRB- en-wikipedia-org-8593 57 15 finance finance NN en-wikipedia-org-8593 57 16 ) ) -RRB- en-wikipedia-org-8593 57 17 Options Options NNPS en-wikipedia-org-8593 57 18 Terms term NNS en-wikipedia-org-8593 57 19 Credit credit NN en-wikipedia-org-8593 57 20 spread spread VBD en-wikipedia-org-8593 57 21 Debit Debit NNP en-wikipedia-org-8593 57 22 spread spread VBD en-wikipedia-org-8593 57 23 Exercise Exercise NNP en-wikipedia-org-8593 57 24 Expiration expiration NN en-wikipedia-org-8593 57 25 Moneyness Moneyness NNP en-wikipedia-org-8593 57 26 Open open JJ en-wikipedia-org-8593 57 27 interest interest NN en-wikipedia-org-8593 57 28 Pin pin NN en-wikipedia-org-8593 57 29 risk risk NN en-wikipedia-org-8593 57 30 Risk risk NN en-wikipedia-org-8593 57 31 - - HYPH en-wikipedia-org-8593 57 32 free free JJ en-wikipedia-org-8593 57 33 interest interest NN en-wikipedia-org-8593 57 34 rate rate NN en-wikipedia-org-8593 57 35 Strike strike NN en-wikipedia-org-8593 57 36 price price NN en-wikipedia-org-8593 57 37 Synthetic synthetic JJ en-wikipedia-org-8593 57 38 position position NN en-wikipedia-org-8593 57 39 the the DT en-wikipedia-org-8593 57 40 Greeks Greeks NNPS en-wikipedia-org-8593 57 41 Volatility Volatility NNP en-wikipedia-org-8593 57 42 Vanillas Vanillas NNP en-wikipedia-org-8593 57 43 American American NNP en-wikipedia-org-8593 57 44 Bond Bond NNP en-wikipedia-org-8593 57 45 option option NN en-wikipedia-org-8593 57 46 Call Call NNP en-wikipedia-org-8593 57 47 Employee employee NN en-wikipedia-org-8593 57 48 stock stock NN en-wikipedia-org-8593 57 49 option option NN en-wikipedia-org-8593 57 50 European european JJ en-wikipedia-org-8593 57 51 Fixed fixed JJ en-wikipedia-org-8593 57 52 income income NN en-wikipedia-org-8593 57 53 FX FX NNP en-wikipedia-org-8593 57 54 Option option NN en-wikipedia-org-8593 57 55 styles style NNS en-wikipedia-org-8593 57 56 Put put VB en-wikipedia-org-8593 57 57 Warrants Warrants NNP en-wikipedia-org-8593 57 58 Exotics Exotics NNP en-wikipedia-org-8593 57 59 Asian Asian NNP en-wikipedia-org-8593 57 60 Barrier Barrier NNP en-wikipedia-org-8593 57 61 Basket Basket NNP en-wikipedia-org-8593 57 62 Binary Binary NNP en-wikipedia-org-8593 57 63 Chooser Chooser NNP en-wikipedia-org-8593 57 64 Cliquet Cliquet NNP en-wikipedia-org-8593 57 65 Commodore Commodore NNP en-wikipedia-org-8593 57 66 Compound Compound NNP en-wikipedia-org-8593 57 67 Forward forward RB en-wikipedia-org-8593 57 68 start start VB en-wikipedia-org-8593 57 69 Interest interest NN en-wikipedia-org-8593 57 70 rate rate NN en-wikipedia-org-8593 57 71 Lookback Lookback NNP en-wikipedia-org-8593 57 72 Mountain Mountain NNP en-wikipedia-org-8593 57 73 range range NN en-wikipedia-org-8593 57 74 Rainbow Rainbow NNP en-wikipedia-org-8593 57 75 Swaption Swaption NNP en-wikipedia-org-8593 57 76 Strategies Strategies NNP en-wikipedia-org-8593 57 77 Collar Collar NNP en-wikipedia-org-8593 57 78 Covered cover VBN en-wikipedia-org-8593 57 79 call call NN en-wikipedia-org-8593 57 80 Fence Fence NNP en-wikipedia-org-8593 57 81 Iron Iron NNP en-wikipedia-org-8593 57 82 butterfly butterfly NN en-wikipedia-org-8593 57 83 Iron Iron NNP en-wikipedia-org-8593 57 84 condor condor NNP en-wikipedia-org-8593 57 85 Straddle Straddle NNP en-wikipedia-org-8593 57 86 Strangle Strangle NNP en-wikipedia-org-8593 57 87 Protective Protective NNP en-wikipedia-org-8593 57 88 put put VBD en-wikipedia-org-8593 57 89 Risk risk NN en-wikipedia-org-8593 57 90 reversal reversal NN en-wikipedia-org-8593 57 91 Spreads spread VBZ en-wikipedia-org-8593 57 92 Back back RP en-wikipedia-org-8593 57 93 Bear Bear NNP en-wikipedia-org-8593 57 94 Box Box NNP en-wikipedia-org-8593 57 95 Bull Bull NNP en-wikipedia-org-8593 57 96 Butterfly Butterfly NNP en-wikipedia-org-8593 57 97 Calendar Calendar NNP en-wikipedia-org-8593 57 98 Diagonal diagonal JJ en-wikipedia-org-8593 57 99 Intermarket intermarket NN en-wikipedia-org-8593 57 100 Jelly Jelly NNP en-wikipedia-org-8593 57 101 roll roll NN en-wikipedia-org-8593 57 102 Ratio Ratio NNP en-wikipedia-org-8593 57 103 Vertical Vertical NNP en-wikipedia-org-8593 57 104 Valuation Valuation NNP en-wikipedia-org-8593 57 105 Binomial Binomial NNP en-wikipedia-org-8593 57 106 Black Black NNP en-wikipedia-org-8593 57 107 Black Black NNP en-wikipedia-org-8593 57 108 – – : en-wikipedia-org-8593 57 109 Scholes Scholes NNPS en-wikipedia-org-8593 57 110 Finite Finite NNP en-wikipedia-org-8593 57 111 difference difference NN en-wikipedia-org-8593 57 112 Garman Garman NNP en-wikipedia-org-8593 57 113 – – : en-wikipedia-org-8593 57 114 Kohlhagen Kohlhagen NNP en-wikipedia-org-8593 57 115 Lattices Lattices NNPS en-wikipedia-org-8593 57 116 Margrabe Margrabe NNP en-wikipedia-org-8593 57 117 Put Put NNP en-wikipedia-org-8593 57 118 – – : en-wikipedia-org-8593 57 119 call call VB en-wikipedia-org-8593 57 120 parity parity NN en-wikipedia-org-8593 57 121 MC MC NNP en-wikipedia-org-8593 57 122 Simulation Simulation NNP en-wikipedia-org-8593 57 123 Real real JJ en-wikipedia-org-8593 57 124 options option NNS en-wikipedia-org-8593 57 125 Trinomial Trinomial NNP en-wikipedia-org-8593 57 126 Vanna Vanna NNP en-wikipedia-org-8593 57 127 – – : en-wikipedia-org-8593 57 128 Volga Volga NNP en-wikipedia-org-8593 57 129 Swaps Swaps NNP en-wikipedia-org-8593 57 130 Amortising amortise VBG en-wikipedia-org-8593 57 131 Asset Asset NNP en-wikipedia-org-8593 57 132 Basis Basis NNP en-wikipedia-org-8593 57 133 Conditional Conditional NNP en-wikipedia-org-8593 57 134 variance variance NN en-wikipedia-org-8593 57 135 Constant constant JJ en-wikipedia-org-8593 57 136 maturity maturity NN en-wikipedia-org-8593 57 137 Correlation Correlation NNP en-wikipedia-org-8593 57 138 Credit Credit NNP en-wikipedia-org-8593 57 139 default default NN en-wikipedia-org-8593 57 140 Currency Currency NNP en-wikipedia-org-8593 57 141 Dividend Dividend NNP en-wikipedia-org-8593 57 142 Equity Equity NNP en-wikipedia-org-8593 57 143 Forex Forex NNP en-wikipedia-org-8593 57 144 Forward Forward NNP en-wikipedia-org-8593 57 145 Rate Rate NNP en-wikipedia-org-8593 57 146 Agreement Agreement NNP en-wikipedia-org-8593 57 147 Inflation Inflation NNP en-wikipedia-org-8593 57 148 Interest Interest NNP en-wikipedia-org-8593 57 149 rate rate NN en-wikipedia-org-8593 57 150 Overnight Overnight NNP en-wikipedia-org-8593 57 151 indexed index VBN en-wikipedia-org-8593 57 152 Total total JJ en-wikipedia-org-8593 57 153 return return NN en-wikipedia-org-8593 57 154 Variance Variance NNP en-wikipedia-org-8593 57 155 Volatility Volatility NNP en-wikipedia-org-8593 57 156 Year Year NNP en-wikipedia-org-8593 57 157 - - HYPH en-wikipedia-org-8593 57 158 on on IN en-wikipedia-org-8593 57 159 - - HYPH en-wikipedia-org-8593 57 160 Year Year NNP en-wikipedia-org-8593 57 161 Inflation Inflation NNP en-wikipedia-org-8593 57 162 - - HYPH en-wikipedia-org-8593 57 163 Indexed Indexed NNP en-wikipedia-org-8593 57 164 Zero Zero NNP en-wikipedia-org-8593 57 165 Coupon Coupon NNP en-wikipedia-org-8593 57 166 Inflation Inflation NNP en-wikipedia-org-8593 57 167 - - HYPH en-wikipedia-org-8593 57 168 Indexed index VBN en-wikipedia-org-8593 57 169 Zero Zero NNP en-wikipedia-org-8593 57 170 Coupon Coupon NNP en-wikipedia-org-8593 57 171 Swap Swap NNP en-wikipedia-org-8593 57 172 Forwards Forwards NNP en-wikipedia-org-8593 57 173 Futures Futures NNPS en-wikipedia-org-8593 57 174 Contango Contango NNP en-wikipedia-org-8593 57 175 Commodities Commodities NNPS en-wikipedia-org-8593 57 176 future future JJ en-wikipedia-org-8593 57 177 Currency currency NN en-wikipedia-org-8593 57 178 future future NN en-wikipedia-org-8593 57 179 Dividend dividend NN en-wikipedia-org-8593 57 180 future future NN en-wikipedia-org-8593 57 181 Forward Forward NNP en-wikipedia-org-8593 57 182 market market NN en-wikipedia-org-8593 57 183 Forward Forward NNP en-wikipedia-org-8593 57 184 price price NN en-wikipedia-org-8593 57 185 Forwards forward NNS en-wikipedia-org-8593 57 186 pricing price VBG en-wikipedia-org-8593 57 187 Forward Forward NNP en-wikipedia-org-8593 57 188 rate rate NN en-wikipedia-org-8593 57 189 Futures Futures NNPS en-wikipedia-org-8593 57 190 pricing pricing NN en-wikipedia-org-8593 57 191 Interest interest NN en-wikipedia-org-8593 57 192 rate rate NN en-wikipedia-org-8593 57 193 future future NN en-wikipedia-org-8593 57 194 Margin Margin NNP en-wikipedia-org-8593 57 195 Normal normal JJ en-wikipedia-org-8593 57 196 backwardation backwardation NN en-wikipedia-org-8593 57 197 Perpetual perpetual JJ en-wikipedia-org-8593 57 198 futures future NNS en-wikipedia-org-8593 57 199 Single single JJ en-wikipedia-org-8593 57 200 - - HYPH en-wikipedia-org-8593 57 201 stock stock NN en-wikipedia-org-8593 57 202 futures future NNS en-wikipedia-org-8593 57 203 Slippage Slippage NNP en-wikipedia-org-8593 57 204 Stock Stock NNP en-wikipedia-org-8593 57 205 market market NN en-wikipedia-org-8593 57 206 index index NN en-wikipedia-org-8593 57 207 future future JJ en-wikipedia-org-8593 57 208 Exotic exotic JJ en-wikipedia-org-8593 57 209 derivatives derivative NNS en-wikipedia-org-8593 57 210 Commodity commodity NN en-wikipedia-org-8593 57 211 derivative derivative JJ en-wikipedia-org-8593 57 212 Energy Energy NNP en-wikipedia-org-8593 57 213 derivative derivative JJ en-wikipedia-org-8593 57 214 Freight Freight NNP en-wikipedia-org-8593 57 215 derivative derivative JJ en-wikipedia-org-8593 57 216 Inflation inflation NN en-wikipedia-org-8593 57 217 derivative derivative JJ en-wikipedia-org-8593 57 218 Property Property NNP en-wikipedia-org-8593 57 219 derivative derivative JJ en-wikipedia-org-8593 57 220 Weather weather NN en-wikipedia-org-8593 57 221 derivative derivative JJ en-wikipedia-org-8593 57 222 Other other JJ en-wikipedia-org-8593 57 223 derivatives derivative NNS en-wikipedia-org-8593 57 224 Collateralized collateralized JJ en-wikipedia-org-8593 57 225 debt debt NN en-wikipedia-org-8593 57 226 obligation obligation NN en-wikipedia-org-8593 57 227 ( ( -LRB- en-wikipedia-org-8593 57 228 CDO CDO NNP en-wikipedia-org-8593 57 229 ) ) -RRB- en-wikipedia-org-8593 57 230 Constant constant JJ en-wikipedia-org-8593 57 231 proportion proportion NN en-wikipedia-org-8593 57 232 portfolio portfolio NN en-wikipedia-org-8593 57 233 insurance insurance NN en-wikipedia-org-8593 57 234 Contract Contract NNP en-wikipedia-org-8593 57 235 for for IN en-wikipedia-org-8593 57 236 difference difference NN en-wikipedia-org-8593 57 237 Credit credit NN en-wikipedia-org-8593 57 238 - - HYPH en-wikipedia-org-8593 57 239 linked link VBN en-wikipedia-org-8593 57 240 note note NN en-wikipedia-org-8593 57 241 ( ( -LRB- en-wikipedia-org-8593 57 242 CLN CLN NNP en-wikipedia-org-8593 57 243 ) ) -RRB- en-wikipedia-org-8593 57 244 Credit credit NN en-wikipedia-org-8593 57 245 default default NN en-wikipedia-org-8593 57 246 option option NN en-wikipedia-org-8593 57 247 Credit credit NN en-wikipedia-org-8593 57 248 derivative derivative JJ en-wikipedia-org-8593 57 249 Equity equity NN en-wikipedia-org-8593 57 250 - - HYPH en-wikipedia-org-8593 57 251 linked link VBN en-wikipedia-org-8593 57 252 note note NN en-wikipedia-org-8593 57 253 ( ( -LRB- en-wikipedia-org-8593 57 254 ELN eln NN en-wikipedia-org-8593 57 255 ) ) -RRB- en-wikipedia-org-8593 57 256 Equity equity NN en-wikipedia-org-8593 57 257 derivative derivative JJ en-wikipedia-org-8593 57 258 Foreign foreign JJ en-wikipedia-org-8593 57 259 exchange exchange NN en-wikipedia-org-8593 57 260 derivative derivative JJ en-wikipedia-org-8593 57 261 Fund Fund NNP en-wikipedia-org-8593 57 262 derivative derivative JJ en-wikipedia-org-8593 57 263 Fund Fund NNP en-wikipedia-org-8593 57 264 of of IN en-wikipedia-org-8593 57 265 funds fund NNS en-wikipedia-org-8593 57 266 Interest interest NN en-wikipedia-org-8593 57 267 rate rate NN en-wikipedia-org-8593 57 268 derivative derivative JJ en-wikipedia-org-8593 57 269 Mortgage mortgage NN en-wikipedia-org-8593 57 270 - - HYPH en-wikipedia-org-8593 57 271 backed back VBN en-wikipedia-org-8593 57 272 security security NN en-wikipedia-org-8593 57 273 Power power NN en-wikipedia-org-8593 57 274 reverse reverse VBP en-wikipedia-org-8593 57 275 dual dual JJ en-wikipedia-org-8593 57 276 - - HYPH en-wikipedia-org-8593 57 277 currency currency NN en-wikipedia-org-8593 57 278 note note NN en-wikipedia-org-8593 57 279 ( ( -LRB- en-wikipedia-org-8593 57 280 PRDC prdc NN en-wikipedia-org-8593 57 281 ) ) -RRB- en-wikipedia-org-8593 57 282 Market market NN en-wikipedia-org-8593 57 283 issues issue NNS en-wikipedia-org-8593 57 284 Consumer consumer NN en-wikipedia-org-8593 57 285 debt debt NN en-wikipedia-org-8593 57 286 Corporate corporate JJ en-wikipedia-org-8593 57 287 debt debt NN en-wikipedia-org-8593 57 288 Government government NN en-wikipedia-org-8593 57 289 debt debt NN en-wikipedia-org-8593 57 290 Great great JJ en-wikipedia-org-8593 57 291 Recession recession NN en-wikipedia-org-8593 57 292 Municipal municipal JJ en-wikipedia-org-8593 57 293 debt debt NN en-wikipedia-org-8593 57 294 Tax tax NN en-wikipedia-org-8593 57 295 policy policy NN en-wikipedia-org-8593 57 296 Retrieved retrieve VBN en-wikipedia-org-8593 57 297 from from IN en-wikipedia-org-8593 57 298 " " `` en-wikipedia-org-8593 57 299 https://en.wikipedia.org/w/index.php?title=Perpetual_futures&oldid=1029402236 https://en.wikipedia.org/w/index.php?title=Perpetual_futures&oldid=1029402236 NNP en-wikipedia-org-8593 57 300 " " '' en-wikipedia-org-8593 57 301 Categories category NNS en-wikipedia-org-8593 57 302 : : : en-wikipedia-org-8593 57 303 Derivatives derivative NNS en-wikipedia-org-8593 57 304 ( ( -LRB- en-wikipedia-org-8593 57 305 finance finance NN en-wikipedia-org-8593 57 306 ) ) -RRB- en-wikipedia-org-8593 57 307 Futures future NNS en-wikipedia-org-8593 57 308 markets market NNS en-wikipedia-org-8593 57 309 Hidden hide VBN en-wikipedia-org-8593 57 310 categories category NNS en-wikipedia-org-8593 57 311 : : : en-wikipedia-org-8593 57 312 CS1 cs1 NN en-wikipedia-org-8593 57 313 errors error NNS en-wikipedia-org-8593 57 314 : : : en-wikipedia-org-8593 57 315 missing miss VBG en-wikipedia-org-8593 57 316 periodical periodical JJ en-wikipedia-org-8593 57 317 Navigation Navigation NNP en-wikipedia-org-8593 57 318 menu menu NN en-wikipedia-org-8593 57 319 Personal personal JJ en-wikipedia-org-8593 57 320 tools tool NNS en-wikipedia-org-8593 57 321 Not not RB en-wikipedia-org-8593 57 322 logged log VBN en-wikipedia-org-8593 57 323 in in IN en-wikipedia-org-8593 57 324 Talk Talk NNP en-wikipedia-org-8593 57 325 Contributions Contributions NNP en-wikipedia-org-8593 57 326 Create Create NNP en-wikipedia-org-8593 57 327 account account NN en-wikipedia-org-8593 57 328 Log Log NNP en-wikipedia-org-8593 57 329 in in IN en-wikipedia-org-8593 57 330 Namespaces Namespaces NNP en-wikipedia-org-8593 57 331 Article Article NNP en-wikipedia-org-8593 57 332 Talk talk NN en-wikipedia-org-8593 57 333 Variants variant VBZ en-wikipedia-org-8593 57 334 Views view NNS en-wikipedia-org-8593 57 335 Read read VBP en-wikipedia-org-8593 57 336 Edit edit NN en-wikipedia-org-8593 57 337 View View NNP en-wikipedia-org-8593 57 338 history history NN en-wikipedia-org-8593 57 339 More More JJR en-wikipedia-org-8593 57 340 Search Search NNP en-wikipedia-org-8593 57 341 Navigation Navigation NNP en-wikipedia-org-8593 57 342 Main Main NNP en-wikipedia-org-8593 57 343 page page NN en-wikipedia-org-8593 57 344 Contents content VBZ en-wikipedia-org-8593 57 345 Current current JJ en-wikipedia-org-8593 57 346 events event NNS en-wikipedia-org-8593 57 347 Random random JJ en-wikipedia-org-8593 57 348 article article NN en-wikipedia-org-8593 57 349 About about IN en-wikipedia-org-8593 57 350 Wikipedia Wikipedia NNP en-wikipedia-org-8593 57 351 Contact Contact NNP en-wikipedia-org-8593 57 352 us -PRON- PRP en-wikipedia-org-8593 57 353 Donate Donate NNP en-wikipedia-org-8593 57 354 Contribute contribute NN en-wikipedia-org-8593 57 355 Help help NN en-wikipedia-org-8593 57 356 Learn learn VB en-wikipedia-org-8593 57 357 to to TO en-wikipedia-org-8593 57 358 edit edit VB en-wikipedia-org-8593 57 359 Community community NN en-wikipedia-org-8593 57 360 portal portal JJ en-wikipedia-org-8593 57 361 Recent recent JJ en-wikipedia-org-8593 57 362 changes change NNS en-wikipedia-org-8593 57 363 Upload upload JJ en-wikipedia-org-8593 57 364 file file NN en-wikipedia-org-8593 57 365 Tools tool NNS en-wikipedia-org-8593 57 366 What what WP en-wikipedia-org-8593 57 367 links link NNS en-wikipedia-org-8593 57 368 here here RB en-wikipedia-org-8593 57 369 Related relate VBN en-wikipedia-org-8593 57 370 changes change VBZ en-wikipedia-org-8593 57 371 Upload upload JJ en-wikipedia-org-8593 57 372 file file VBP en-wikipedia-org-8593 57 373 Special special JJ en-wikipedia-org-8593 57 374 pages page NNS en-wikipedia-org-8593 57 375 Permanent permanent JJ en-wikipedia-org-8593 57 376 link link NN en-wikipedia-org-8593 57 377 Page Page NNP en-wikipedia-org-8593 57 378 information information NN en-wikipedia-org-8593 57 379 Cite cite VB en-wikipedia-org-8593 57 380 this this DT en-wikipedia-org-8593 57 381 page page NN en-wikipedia-org-8593 57 382 Wikidata wikidata NN en-wikipedia-org-8593 57 383 item item NN en-wikipedia-org-8593 57 384 Print print NN en-wikipedia-org-8593 57 385 / / SYM en-wikipedia-org-8593 57 386 export export NN en-wikipedia-org-8593 57 387 Download Download NNP en-wikipedia-org-8593 57 388 as as IN en-wikipedia-org-8593 57 389 PDF PDF NNP en-wikipedia-org-8593 57 390 Printable Printable NNP en-wikipedia-org-8593 57 391 version version NN en-wikipedia-org-8593 57 392 Languages Languages NNP en-wikipedia-org-8593 57 393 Add Add NNP en-wikipedia-org-8593 57 394 links link NNS en-wikipedia-org-8593 57 395 This this DT en-wikipedia-org-8593 57 396 page page NN en-wikipedia-org-8593 57 397 was be VBD en-wikipedia-org-8593 57 398 last last RB en-wikipedia-org-8593 57 399 edited edit VBN en-wikipedia-org-8593 57 400 on on IN en-wikipedia-org-8593 57 401 19 19 CD en-wikipedia-org-8593 57 402 June June NNP en-wikipedia-org-8593 57 403 2021 2021 CD en-wikipedia-org-8593 57 404 , , , en-wikipedia-org-8593 57 405 at at IN en-wikipedia-org-8593 57 406 19:15 19:15 CD en-wikipedia-org-8593 57 407   _SP en-wikipedia-org-8593 57 408 ( ( -LRB- en-wikipedia-org-8593 57 409 UTC UTC NNP en-wikipedia-org-8593 57 410 ) ) -RRB- en-wikipedia-org-8593 57 411 . . . en-wikipedia-org-8593 58 1 Text text NN en-wikipedia-org-8593 58 2 is be VBZ en-wikipedia-org-8593 58 3 available available JJ en-wikipedia-org-8593 58 4 under under IN en-wikipedia-org-8593 58 5 the the DT en-wikipedia-org-8593 58 6 Creative Creative NNP en-wikipedia-org-8593 58 7 Commons Commons NNP en-wikipedia-org-8593 58 8 Attribution Attribution NNP en-wikipedia-org-8593 58 9 - - HYPH en-wikipedia-org-8593 58 10 ShareAlike ShareAlike NNP en-wikipedia-org-8593 58 11 License License NNP en-wikipedia-org-8593 58 12 ; ; , en-wikipedia-org-8593 58 13 additional additional JJ en-wikipedia-org-8593 58 14 terms term NNS en-wikipedia-org-8593 58 15 may may MD en-wikipedia-org-8593 58 16 apply apply VB en-wikipedia-org-8593 58 17 . . . en-wikipedia-org-8593 59 1 By by IN en-wikipedia-org-8593 59 2 using use VBG en-wikipedia-org-8593 59 3 this this DT en-wikipedia-org-8593 59 4 site site NN en-wikipedia-org-8593 59 5 , , , en-wikipedia-org-8593 59 6 you -PRON- PRP en-wikipedia-org-8593 59 7 agree agree VBP en-wikipedia-org-8593 59 8 to to IN en-wikipedia-org-8593 59 9 the the DT en-wikipedia-org-8593 59 10 Terms term NNS en-wikipedia-org-8593 59 11 of of IN en-wikipedia-org-8593 59 12 Use Use NNP en-wikipedia-org-8593 59 13 and and CC en-wikipedia-org-8593 59 14 Privacy Privacy NNP en-wikipedia-org-8593 59 15 Policy Policy NNP en-wikipedia-org-8593 59 16 . . . en-wikipedia-org-8593 60 1 Wikipedia Wikipedia NNP en-wikipedia-org-8593 60 2 ® ® NNPS en-wikipedia-org-8593 60 3 is be VBZ en-wikipedia-org-8593 60 4 a a DT en-wikipedia-org-8593 60 5 registered registered JJ en-wikipedia-org-8593 60 6 trademark trademark NN en-wikipedia-org-8593 60 7 of of IN en-wikipedia-org-8593 60 8 the the DT en-wikipedia-org-8593 60 9 Wikimedia Wikimedia NNP en-wikipedia-org-8593 60 10 Foundation Foundation NNP en-wikipedia-org-8593 60 11 , , , en-wikipedia-org-8593 60 12 Inc. Inc. NNP en-wikipedia-org-8593 60 13 , , , en-wikipedia-org-8593 60 14 a a DT en-wikipedia-org-8593 60 15 non non JJ en-wikipedia-org-8593 60 16 - - JJ en-wikipedia-org-8593 60 17 profit profit JJ en-wikipedia-org-8593 60 18 organization organization NN en-wikipedia-org-8593 60 19 . . . en-wikipedia-org-8593 61 1 Privacy privacy NN en-wikipedia-org-8593 61 2 policy policy NN en-wikipedia-org-8593 61 3 About about IN en-wikipedia-org-8593 61 4 Wikipedia Wikipedia NNP en-wikipedia-org-8593 61 5 Disclaimers Disclaimers NNPS en-wikipedia-org-8593 61 6 Contact Contact NNP en-wikipedia-org-8593 61 7 Wikipedia Wikipedia NNP en-wikipedia-org-8593 61 8 Mobile Mobile NNP en-wikipedia-org-8593 61 9 view view NN en-wikipedia-org-8593 61 10 Developers Developers NNP en-wikipedia-org-8593 61 11 Statistics Statistics NNP en-wikipedia-org-8593 61 12 Cookie Cookie NNP en-wikipedia-org-8593 61 13 statement statement NN