Perpetual Futures Expand Beyond Crypto to Oil, Stocks

Perpetual futures, commonly known as PERPs, are breaking out of the crypto niche and are now being launched on traditional assets such as crude oil and equities. Unlike conventional exchanges with limited trading hours, crypto exchanges offer round-the-clock perpetual futures trading, raising questions about whether traditional exchange price discovery can remain fully relevant.

The instrument is rapidly evolving from a niche product into a large-scale financial product, fueled by surging institutional demand. As this trend accelerates, the biggest beneficiary so far appears to be the Hyperliquid exchange, whose native token (HYPE) is gaining attention as a proxy for the growing perpetuals market.