๐ The Always-On Economy
Pantera's July letter argues perpetual futures ("perps") are becoming a dominant global trading instrument, with 2025 centralized-exchange perps volume hitting $62 trillion versus $19 trillion spot. Hyperliquid, the leading onchain perp exchange with about 40% of onchain perp volume, generates over $250 billion in monthly volume and $800 million in annualized revenue funneled into token buybacks, and has expanded into equities, commodities and private-company perps. The letter also notes the CFTC's approval of a Kalshi bitcoin-referenced perpetual future as a regulatory inflection point that could open the US market further.
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