How Does an AMM for Futures Differ from an AMM for Spot Token Swaps?

A spot AMM primarily manages a two-asset liquidity pool (e.g. ETH/DAI) and uses a simple product formula to determine the exchange rate.

A futures AMM is more complex; it manages synthetic assets, incorporates leverage, and includes a funding rate mechanism. It must also handle liquidation logic and often relies on a virtual pool size to manage the open interest of the leveraged positions.