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Comment on Perpetual futures, explained

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Is there a good resource on how perps actually work? i.e a technical specification on how to implement them?

Yes!

If you want to get into the deepest detail there are several decentralised perpetual futures exchanges.

Here are some open source codebases on Github:

https://github.com/vegaprotocol/vega

https://github.com/dydxprotocol/v4-chain/

https://github.com/gmx-io/gmx-synthetics

https://github.com/0xOstium/smart-contracts-public/

Vega is a stalled project, but they have good documentation:

https://docs.vega.xyz/release/concepts/new-to-vega

https://github.com/drift-labs

you can go through the drift labs code to see implementation of perps

BitMEX and Hyperliquid have fairly detailed documentation about how they implement perps and there are probably open source projects out there.

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