How does Futures trading work?

According to what I understand, it's where you spend less but the risk is higher. Let's suppose I invest $1000 in futures with the leverage of 5x, the 5% increase will actually be 25% increase, same with the loss. So I can profit a lot faster and lose a lot faster too.

Is that correct or am I missing something?

Also, how long can I open the trade for? Can I open a single trade for months, or maybe years if I think it will eventually go up if I give it enough time?

What happens if a leverage is too much and I go I negative? Do I owe Binance money or will the balance show as $0?