Perpetual futures, or perps, are gaining traction beyond the crypto world and could soon expand into traditional markets like stocks, indexes, and commodities. These derivative contracts allow investors to bet on an asset's price without owning it, and unlike standard futures, they have no expiration date. The concept was introduced by BitMEX in 2016 for bitcoin trading, but interest has surged recently, with platforms like Trade [XYZ], Coinbase, and Robinhood introducing similar offerings. In May, Trade [XYZ] secured exclusive rights to offer perps referencing the S&P 500 on Singapore-based exchange Hyperliquid.
Perps trading has exploded overseas, with Hyperliquid's native crypto tripling in value in 2026 on expectations of broader market adoption. In August, former President Donald Trump hinted at the possibility of bringing Hyperliquid to the US, which could significantly expand trading options for onshore investors. Experts like Mark Hiriart of Bakkt note that perps enable 24/7 trading, addressing demand for round-the-clock access to macro assets, especially during events like geopolitical conflicts.
Despite their appeal, perps come with risks. Benjamin Sarquis Peillard of Cap warns that the leverage and liquidity dynamics vary across markets, posing potential dangers. Hiriart emphasizes that while perps offer opportunities for event-driven traders, they are leveraged instruments suited only for sophisticated investors. Regulators remain cautious about approving perps for traditional assets due to these risks, but the trend toward always-on trading and institutional-grade infrastructure in digital assets is undeniable.