The first stage in the development of perpetual derivatives is inverse perpetual contracts, namely the Bitcoin inverse perpetual contracts developed by Bitmex in 2016. In the traditional delivery futures, there are mechanisms such as settlement date, delivery and contract position transfer. Through the combination of the three mechanisms of pledge, fund rate and price tracking, perpetual derivatives enables perpetual contracts to shine brightly. However, it is not until 2020 that a large number of exchanges follow perpetual derivatives.