...option to allow their deUSD to be used as collateral for Elixir to run its market making operations on perps...depositing staked Ether (stETH) as collateral, which is then used to open an equivalent ETH short perpetual futures...hurt (1) those looping their deUSD exposure through money markets (2) those using deUSD as margin on perps...

...slightly to 6.5% and 15% respectively for perps and spot....Perps are inherently synthetic assets....Consequently, any perps DEX can spin up perps for any asset across any chain....HL for example can support TRUMP perps in addition to AAVE perps.

Mirage is the marriage between a CDP-stablecoin protocol and a perps DEX....The core liquidity model for perps is a virtual price liquidity pool, similar to GMX or Merkle....They can then sell it, farm with it, or trade Mirage perps with it....A portion of the fees generated from trading activity on the perps DEX is used to pay down the debt of...

While perp futures dominate crypto derivatives, interest rate derivatives are still largely untapped...It’s designed to offer fixed-expiry futures on some of crypto’s core rates: perpetual funding (e.g....Capital Efficiency Edge While you can hedge funding rate exposure with traditional perps by opening a...

It is a fully on-chain perps order book on Sui.

The structural instability in the perps market reflects this phenomena....DEX, which is now the fourth largest perps platform across all chains at time of writing....since expanded to offering a host of synergistic products including spot trading, lending, pre-launch futures...Today Hyperliquid is the leading perps DEX by trading volume at 27% market share.

Against this chaos, I’ve been digging into Ostium – a perp futures DEX on Arbitrum focused on TradFi...They’ve also added oil and gold perps, giving traders access to key commodity hedges....Beyond just perps, the broader growth of tokenized RWAs could be an even bigger growth catalyst.

Interestingly, while fed fund futures imply a lower probability of a 50bps rate cut at next week’s FOMC...Spot markets and futures markets are distinctly different and equally important to monitor with respect...Is there spot participation in this move, or is it completely driven by perps?

Orderbooks Reimagined When you hear “orderbooks,” you might picture the Hyperliquid trading interface for perps...Imagine markets for spot trading, perps, peer-to-peer lending, prediction markets, options, and more.

Three months ago, Fed fund futures were pricing 5-6 cuts in 2025. Now, it’s less than 2.  ...

59:45] on hype at like to $15 because they were like, oh, Coinbase and Robinhood are gonna legalize perps...Um, but what they didn’t understand was that, you know, Coinbase and Robinhood legalizing perps, even...Three years from now about Coinbase and Robinhood taking market share from perps, well, okay, cool.

In less than just 10 months, Hyperliquid is now the most popular perps DEX by volume, eclipsing both...dYdX and GMX who respectively owned over 50% of the entire perps market at one point....I expect this will be table stakes for any perps DEX going forward....It is important to note how Ethena is positioned within the perps stack.

Bitcoin futures basis fell to negative terrain for the first time since August 2023, while notional OI...

...approaching launch: Token Generation Event (TGE): The $H token will launch on June 25th, with spot and perps...

Contango Unchained Contango began as an expirable futures protocol built on top of fixed rate lending...Perpetual Futures Perpetual futures have been crypto’s speculation tool of choice....Many leverage traders use perps as a form of gambling....Dated futures are not dead. The @SiloFinance gods have allowed us to bring them back to life.

Today, the average 24h futures trading volume hovers around $30m, with daily active traders crossing...

Petersen (@robbiepetersen_) October 30, 2024 For undifferentiated DeFi services like trading, lending, and perps...This is because with financialized products here is always a way to hedge/arbitrage with spot/perps resulting...

...outside of lending — with Gauntlet curating vaults on Symbiotic (restaking) and Drift (delta-neutral perps...

Macro Overlay: Fed Cut Expectations Anchored to July Fed Funds futures are now pricing a 25 percent...

However, with Coinbase set to launch CFTC-compliant perpetual futures to US customers, and massive exchanges...