In modern finance, few innovations are as transformative as perpetual futures (“perps”)—rooted in Robert Shiller’s theory and now central to crypto derivatives. Unlike traditional futures, they have no expiry (solving contract rollover problems) and use a “funding rate” to align prices with the spot market. With daily trading volumes often topping hundreds of billions of dollars, perps offer massive liquidity and drive crypto exchange revenue. More than a derivative, they are a foundational primitive that has matured and sophisticated cryptocurrency markets.
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