JPMorgan says institutional appetite for perpetual futures remains limited, arguing the products are better suited for speculation than risk managements

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$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 “liquidity” 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.

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JPMorgan says institutional appetite for perpetual futures remains limited, arguing the products are better suited for speculation than risk managements

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JPMorgan says institutional appetite for perpetual futures remains limited, arguing the products are better suited for speculation than risk managements

Explore the topic

More on JPMorgan

DTCC, JPMorgan and UBS outline five-stage roadmap for tokenized collateral adoption as industry moves past experimentation phase

JPMorgan flags Strategy's 6.3-month cash buffer as $1.7B dividend bill raises BTC sale fears

Big U.S. banks led by JPMorgan and Citi plan a shared tokenized deposit network via The Clearing House to keep payments and deposits in the regulated system and compete with crypto stablecoins.

JPMorgan plans to fight Clarity Act as Dimon corners Coinbase's Armstrong at Davos with 'you are full of s—

JPMorgan files to launch new tokenized fund as Wall Street tokenization race heats up.

Wall Street giants say tokenization will enhance not replace banking rails as Citigroup, JPMorgan, and DTCC cite rising client demand for real-world asset adoption

DTCC, JPMorgan and UBS outline five-stage roadmap for tokenized collateral adoption as industry moves past experimentation phase

JPMorgan flags Strategy's 6.3-month cash buffer as $1.7B dividend bill raises BTC sale fears

Big U.S. banks led by JPMorgan and Citi plan a shared tokenized deposit network via The Clearing House to keep payments and deposits in the regulated system and compete with crypto stablecoins.

JPMorgan plans to fight Clarity Act as Dimon corners Coinbase's Armstrong at Davos with 'you are full of s—

JPMorgan files to launch new tokenized fund as Wall Street tokenization race heats up.

Wall Street giants say tokenization will enhance not replace banking rails as Citigroup, JPMorgan, and DTCC cite rising client demand for real-world asset adoption

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