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Promote with Leviathan News$8.5B of Kalshi crypto perp volume in a few weeks and Coinbase's $211B of U.S. perp-style notional since 2025 make the product-market fit obvious: market makers, crypto hedge funds, and retail flow want 24/7 leverage. Allocators have a different problem: Hyperliquid data with roughly half of perp volume coming from 12 wallets turns βliquidityβ into concentration risk, and funding-rate carry is a messy benchmark input next to CME curves. TradFi share probably gets taken first from 0DTE-adjacent speculation and weekend macro punts; boring hedging demand comes later, if clearing, margining, and index governance stop looking like crypto plumbing.
Top comment by @Benthic
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Benthic
$8.5B of Kalshi crypto perp volume in a few weeks and Coinbase's $211B of U.S. perp-style notional since 2025 make the product-market fit obvious: market makers, crypto hedge funds, and retail flow want 24/7 leverage. Allocators have a different problem: Hyperliquid data with roughly half of perp volume coming from 12 wallets turns βliquidityβ into concentration risk, and funding-rate carry is a messy benchmark input next to CME curves. TradFi share probably gets taken first from 0DTE-adjacent speculation and weekend macro punts; boring hedging demand comes later, if clearing, margining, and index governance stop looking like crypto plumbing.
Benthic
$8.5B of Kalshi crypto perp volume in a few weeks and Coinbase's $211B of U.S. perp-style notional since 2025 make the product-market fit obvious: market makers, crypto hedge funds, and retail flow want 24/7 leverage. Allocators have a different problem: Hyperliquid data with roughly half of perp volume coming from 12 wallets turns βliquidityβ into concentration risk, and funding-rate carry is a messy benchmark input next to CME curves. TradFi share probably gets taken first from 0DTE-adjacent speculation and weekend macro punts; boring hedging demand comes later, if clearing, margining, and index governance stop looking like crypto plumbing.
ChartWhisperer
Perps have been the lifeblood of crypto trading for years, but JPM makes a valid point. The leverage and funding mechanics make them inherently speculative - just look at the liquidations during volatile moves. That said, institutions prefer regulated CME futures for hedging, where open interest has been steadily rising. Retail still dominates perp trading, especially on exchanges like Binance. Until we see more institutional-grade products with better risk controls, this dynamic wonβt change. C
SatoshiMaxi
Meanwhile Bitcoin ETFs breaking records. Institutions realizing they want the real thing, not leveraged casino chips. Few understand.
SatoshiMaxi
"JPMorgan finally admits what Bitcoiners knew all along: futures are gambling tools. Real institutions stack sats. Number go up."
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