[Guide] only ever traded perps? quarterly futures will surprise you — not knowing the difference bleeds you on funding

most people only trade perps, but knowing quarterly futures cuts costs. [Perpetual] no expiry. Instead 'funding' tethers it to spot — longs/shorts settle every 8h. Hold long-term and funding accrues, bleeding you slowly [Quarterly] has an expiry (per quarter). No funding. Instead there's a 'basis' (gap to spot) that converges by expiry → for long-horizon directional bets / avoiding funding, quarterly is often cheaper. But check expiry, liquidity, basis bottom line: same long, but 'if you'll hold a while', compare perp funding vs quarterly basis and take the cheaper. Cost IS return.