In a Perpetual Futures Contract Market, How Is an Option’s “Moneyness” Calculated since There Is No Expiration?

Options on perpetual futures contracts still have a defined expiration date, so their "moneyness" is calculated the same way as standard options: by comparing the strike price to the underlying perpetual futures price. The perpetual nature only applies to the underlying asset, not the option itself.

The funding rate of the perpetual future is a factor in the option's theoretical pricing.