Perpetual futures reverse traditional finance convergence
Perpetual futures, or perps, are the largest market crypto has built, with daily volumes approaching three-quarters of a trillion dollars.
The scale of perps is easy to underestimate, with volumes routinely running several times the size of the spot markets they reference.
Traditional assets are migrating onto a structure that crypto invented, with traders holding perpetual positions on gold, major currency pairs, and equities and stock indexes, settled onchain.