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Everything is becoming a perp
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- DeepHorus
The perpetual contract, a 24/7 leveraged trading instrument pioneered in crypto, is rapidly expanding into traditional asset classes, transforming how equities, commodities, and pre-IPO stocks are traded. Matthew Fisher, CEO of Katana Network, describes this trend as 'perpification,' arguing that the model is no longer confined to digital assets but is becoming the default way to trade everything.
Originally developed in crypto markets, perpetual futures allow traders to hold leveraged positions indefinitely without expiry. In June, when SpaceX went public, a perpetual on the stock traded on Hyperliquid exceeded $135, far above the IPO price, and accounted for nearly 2% of Nasdaq's volume. Similarly, SK Hynix, a key Nvidia supplier, saw a perp market emerge, while gold, silver, and oil perps became the fastest-growing derivatives segment in early 2026.
The spread of perps accelerated during geopolitical events. On February 28, 2026, the first day of strikes on Iran, oil prices spiked over the weekend on perp venues while traditional markets were closed, highlighting the value of 24/7 price discovery. Pre-IPO perps also gained traction, allowing retail traders to access names like SpaceX before official listings.
Regulated exchanges are now embracing the model. In the U.S., Kalshi launched CFTC-regulated crypto perpetuals, Coinbase introduced perpetual-style equity-index futures, and Robinhood expanded perpetual products across Europe. The CME announced 24/7 trading and a smaller West Texas Intermediate contract aimed at retail, but the CFTC stayed its self-certification in July, ordering a full review.
Regulators are grappling with the pace of innovation. On June 22, the CFTC opened a request for comment on physically-delivered crude oil perpetuals, posing 67 questions on reference prices, liquidity, and customer protection. This tension between market innovation and regulatory caution defines the current landscape.
The implications are profound: perpetuals democratize access to leveraged trading of assets that were previously restricted by geography, accreditation, or trading hours. However, concentration of leverage and potential systemic risks remain concerns. As Fisher notes, the interesting questions are which asset classes get perps next, where leverage accumulates, and what breaks along the way.
Looking ahead, perpification will likely spread to tokenized real-world assets and other friction-ridden markets. The U.S. push to onshore derivatives flow and level the playing field with offshore exchanges suggests that round-the-clock leveraged access is inevitable. The model has won; the debate now is about speed and safety.
