Perpetual Futures

Perpetual futures are derivatives with no expiration date that use funding rates to keep prices aligned with spot markets. They are commonly used for leveraged trading, hedging and arbitrage. Market attention has recently shifted toward onchain and cross-asset applications: open interest on Hyperliquid has surpassed $10 billion, while firms including Hyperion DeFi, VALR and Phantom continue to invest in the sector. Stablecoin-settled perpetual trading in traditional financial assets has also topped $1.1 trillion. Meanwhile, the CFTC, the European Union and traditional exchanges remain divided over regulation and product suitability, making market demand, funding-rate risks and the evolving regulatory framework important areas to watch.