On-chain perpetual futures are rapidly taking over the cryptocurrency derivatives market. Invaise researcher David Duong said perpetual futures have become central to the market beyond traditional spot trading, Cointelegraph reported on Dec. 29.
In a post on X, Duong wrote, "As the traditional altcoin season disappeared, investors turned from spot to leveraged perpetual futures." He added, "The structure that enables high exposure even with small capital drew investors' interest."
Perpetual futures are derivatives that allow leverage based on price movements with no expiry. On-chain platforms such as Aster and Hyperliquid led a sharp rise in trading volumes. Hyperliquid has grown quickly after launching its platform in late 2023 and adding spot trading in 2024, and posted $319 billion in trading volume in July.
Chi-gyu Hwang
delight@d-today.co.kr