JPMorgan Sees Limited Institutional Demand for Perpetual Futures

Perpetual futures have no expiration date, allowing traders to keep positions open indefinitely and making them a common leveraged instrument in crypto markets. JPMorgan said institutional investors still largely view them as speculative products rather than hedging tools for managing price volatility, limiting their inclusion in mainstream institutional portfolios.

JPMorgan's latest report said institutional demand remains weak, citing basis risk, the absence of the term structure found in traditional futures, and concerns over counterparties and clearing. The report's publication date, the value of assets covered by its survey and the scale of any change in demand were not disclosed, leaving no concrete figures for comparison.