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\title{Leverage and Path Dependence for Perpetual Swaps}
\author{RenCryptoFish}
\date{May 29, 2025}
\hypersetup{pdftitle={Leverage and Path Dependence for Perpetual Swaps},pdfauthor={RenCryptoFish}}
\begin{document}
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This article explores how leveraged perpetual swap positions exhibit path dependence, meaning the sequence of price movements determines which positions survive liquidation. The analysis demonstrates that leveraged perps behave similarly to synthetic options and introduces the concept of \textquotedbl{}Expected Time to Liquidation\textquotedbl{} to help traders understand the implicit duration of their leveraged positions.

\input{sections/path-dependence}
\input{sections/expected-time}
\input{sections/implications}

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