Do perpetual CFDs have an expiry date?
Verdict
- No. At Pepperstone, our pick for perpetuals, a perpetual CFD has no expiry date: it stays open until you close it or your margin runs out, with a funding charge applied daily instead of a contract roll.
- That separates it from Pepperstone's forward CFDs, such as US500-F, which do expire and quote wider minimum spreads: 1 point on US500-F against 0.4 on the cash US500.
- No expiry is not the same as no time cost: every day held adds funding, set weekly in advance and applied at 5 pm New York time.
- Singapore residents trade through Pepperstone Markets Limited (SCB SIA-F217), with no MAS licence; its retail table lists five perpetuals.
Perpetual means what it says: there is no date when the contract ends. What can still close your trade is margin, your own stop, or the cost of holding it.
No expiry, but not free to hold
Pepperstone describes its perpetual CFDs as having no expiry, trading 24/7, and charging funding that is set weekly and applied daily. You can hold a GOLD-PERP or NAS100-PERP position for a day or a year without rolling it. Each day it is open adds one funding charge, and opening and closing add commission (0.015% per side on most perpetuals on Pepperstone's Australian schedule).
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Expiry compared across Pepperstone's products
| Product | Example | Expiry | Ongoing holding cost |
|---|---|---|---|
| Cash CFD | US500 | None | Overnight financing at daily rollover |
| Forward CFD | US500-F | Yes | Check the forward's terms |
| Perpetual CFD | US500-PERP | None | Daily funding, set weekly |
What can still close a perpetual
- Margin: if losses use up your margin, the position is closed out. Retail clients of the Bahamas entity are not liable for a negative balance.
- Your stop-loss: it can slip in a fast market, as Pepperstone offers no guaranteed stops.
- Weekend moves: perpetuals trade 24/7, so a stop can trigger on a Saturday, when you may not be watching.
- Funding drag: on a long hold, daily funding can grow larger than the move you were hoping for.
Is a long hold sensible?
It can be, if you check the cost. Work out funding as position value × daily rate × days, add both commissions, and compare that with the gain you expect. For a Singapore retail account the choice is limited to gold, NAS100, US500, WTI and Brent perpetuals on the Bahamas table; the single-stock versions are not confirmed for retail clients here.
Sources
Product terms and spreads as published by Pepperstone.
Will Pepperstone close my perpetual on a set date?
No. There is no scheduled expiry; the position stays open until you close it or a margin close-out happens.
What happens at 5 pm New York time?
Pepperstone applies that day's funding to open perpetual positions, at the rate it set for the week.
Does the gold perpetual expire?
No. GOLD-PERP has no expiry and is on the Bahamas retail table that covers Singapore clients.
Holding a leveraged perpetual CFD for a long time adds funding costs and exposes you to price moves at any hour. CFDs carry a high risk of losing money rapidly. Not investment advice.