What Is the Primary Difference in Margin Calls between a Traditional Futures Contract and a Perpetual Swap?

The primary difference is the settlement mechanism. Traditional futures have a fixed expiration date and are typically settled at that date, with margin calls occurring if the maintenance margin is breached.

Perpetual swaps, having no expiry, rely entirely on the funding rate to anchor the price. Margin calls in perpetual swaps are more frequent and driven purely by price fluctuations and the maintenance margin threshold, as the funding rate is a continuous, small adjustment.