Perpetuals, or Perps, short for perpetual futures contracts, are derivatives for trading the underlying asset with no future expiration date. It allows users to trade on margin (trade using borrowed funds).
To give an example: Instead of needing a large capital to trade a notional value of an underlying asset, users can leverage their capital but just depositing a part of the notional margin.
Users can trade Perpetuals by buying (long) or selling (short) perpetual, which is very important under the current market volatility. In other words, users are using borrowed funds to bet on the future price of an asset. Position Exchange will offer a wide selection of tradable assets to its users, allowing them to trade contracts and get pay-offs without actually owning the assets.
You can find more details about Perpetual Trading here.