Do perpetual-style contracts expire?

In the case of any stock option associated with a merger in which the underlying security has been converted to 100% cash after December 31, 2007, the OCC will accelerate its expiration. The new expiration date for such options will be accelerated to the nearest standard equity expiration, unless the cash conversion takes place after the Tuesday within an expiration week, in which case the expiration date for all contracts not already expiring that week will be deferred until the following month’s expiration…

The trading hours for Perpetual-Style futures can vary depending on the exchange.

Coinbase Derivatives Exchange:…

Perpetual-Style Futures are long-dated futures products that contain a funding rate component. Unlike conventional short-dated futures, Perpetual-Style Futures allow traders to hold positions for an extended period. 

The funding rate is a mechanism used in Perpetual-Style Futures markets to keep the contract's price in line with the underlying asset's spot price. On an on-going basis, at intervals determined by the relevant exchange, funding payments are made between participants who have a position on the Perpetual-Style Futures market based on the funding rate:…

In general, traditional futures contracts have short expiration cycles (typically monthly or quarterly). Traders are required to frequently roll their positions to new contracts, which creates trading friction and basis risk.

Using Coinbase Derivatives Exchange as an example, the perpetual-style and traditional futures…