That single difference — owning the asset versus holding exposure to its price — is what most of the other differences follow from.How do spot margin and X-Perps compare side by side? Spot margin X-Perps What you end up holding The actual asset, plus a debt in the currency you borrowed A contract position. You don't own the underlying asset Expiry None. A borrow has no maturity date and no repayment deadline A defined expiration date roughly five years from issuance.