License

Open by design. This book is free to read, teach from, translate, and build upon — for any purpose, including commercially — and it always will be.

The license

Permissionless Finance is released under the Creative Commons Attribution 4.0 International License (CC BY 4.0), one of the most permissive licenses in open publishing. It carries no "non-commercial" or "share-alike" restriction: you may use this material in a course, a company, a product, or a work of your own, without asking permission.

You are free to:

  • Share — copy and redistribute the material in any medium or format.
  • Adapt — remix, transform, and build upon it for any purpose, even commercially.

Under one condition:

  • Attribution — give appropriate credit, provide a link to the license, and indicate if changes were made. You may do this in any reasonable way, but not in any way that suggests the author endorses you or your use.
No additional restrictions apply: you may not add legal terms or technological measures that legally restrict others from doing anything the license permits. The full legal text lives at creativecommons.org/licenses/by/4.0.

For educators

You are welcome to use this book in your teaching — a single chapter or the whole of it. Assign it, translate it, adapt it to your context, reorder it to fit your syllabus. All that is asked in return is that you credit the source and, where you can, share your improvements back with the wider community.

For builders and researchers

As the datasets, simulators, and code that accompany this project are released, each will carry its own open license — permissive for code, open-data terms for datasets — marked clearly at the point of release. The text of the book is, and remains, CC BY 4.0.

Corrections and contributions

This is a living work. If you find a mistake, have a suggestion, or want to contribute, write to permissionlessfi@gmail.com. Contributions accepted into the book are released under the same CC BY 4.0 terms, so the whole stays free for everyone.

How to cite

If you draw on this work in research or teaching, please cite it as:

Cheung, Eric (2026). Permissionless Finance: From Perpetual Futures to the On-Chain Global Market. https://permissionless.fi. Licensed under CC BY 4.0. 
@book{cheung2026permissionless,
  title  = {Permissionless Finance: From Perpetual Futures to the On-Chain Global Market},
  author = {Cheung, Eric},
  year   = {2026},
  url    = {https://permissionless.fi},
  note   = {Licensed under CC BY 4.0}
}