Everything is becoming a perp
The financial concept of 'perpification'—the expansion of 24/7 leveraged perpetual contracts—is moving beyond crypto into traditional asset classes like equities and commodities. This shift is being driven by both crypto-native platforms and established financial institutions.
Why it matters
The mainstream adoption of perpetual futures signals a fundamental change in how global markets operate, potentially increasing volatility and accessibility to leveraged trading.
It was under 2% of Nasdaq’s volume. But it’s a market that didn’t exist a cycle ago. That’s the tell.
There’s a word I keep coming back to for what’s happening to markets right now: perpification. The perpetual, the 24/7, leveraged contract that crypto invented and then perfected, is breaking out of the asset class that built it. It’s no longer just a way to trade crypto. It’s becoming the way to trade everything.
Matthew Fisher is the CEO of Katana Network.
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