How Does the Lack of an Expiration Date Affect the Liquidity of Perpetual Contracts Compared to Traditional Futures?

The lack of an expiration date typically concentrates liquidity into a single contract, the perpetual one, making it generally more liquid than any single traditional futures contract. Traditional futures liquidity is often spread across multiple contracts with different expiration months.

This concentration of trading volume makes perpetuals a preferred instrument for day traders and speculators.