Perpetual futures continue to be crypto’s most popular financial instrument. Despite the prevailing market conditions, Binance facilitated $3 trillion of perp volume in May and $2 trillion in June. Perp products on Binance, and other exchanges, have routinely settled more trading volume than spot products over the last year. It’s clearly evident that perpetual futures are incredibly important for crypto — and now they’re making their way into DeFi.
Earlier this year, we published a deep dive into DeFi perpetuals. That report highlighted projects building out perpetual futures and discussed how their designs differed from each other. Last week, we published a post highlighting the success of Perpetual Protocol and its upcoming v2 plans. In this piece, we’ll compare dYdX and Perpetual Protocol’s recent activity in greater detail, since they’re basically the only DeFi perp products currently live. Towards the end, we’ll also give an update on other promi
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