Perpetual Futures Fuel Global Bet on Chinese Tech Stocks
Global investors are turning to highly leveraged derivatives called 'perpetual futures' to gain exposure to Chinese technology stocks. These contracts, also known as 'perps,' have no expiration dates and allow traders to speculate on asset prices without directly owning them.
The popularity of perpetual futures has increased significantly in recent months, with global trading volume reaching a record $86.2 trillion in 2025, up 47% from the previous year. This surge is attributed to the hype surrounding artificial intelligence and the growing demand for exposure to Chinese tech stocks.
Unitree Robotics, a humanoid robot maker, was one of the most-traded perpetual futures contracts before its IPO on August 19. The contract's price surged to nearly $100 apiece on several trading platforms, or over four times its listing price, according to decentralized trading platform Hyperliquid.
'Perps amplify existing bubbles,' said Dilin Wu, a research strategist at Pepperstone. 'Unitree was 8,000 times oversubscribed by retail investors. That demand exists. Perpetuals just give international capital a way to participate in a mania that's already happening.'