Can a Synthetic Option Be Created Using Only Perpetual Futures Contracts?

Yes, a synthetic option can be created using perpetual futures contracts, often by combining long and short perpetual futures positions to mimic the payoff of the underlying asset. This is done by dynamically adjusting the delta of the perpetual futures position to match the delta of the desired option.

This construction is more complex than using the spot asset but allows for pure derivatives exposure without needing the spot market.