Topic
Never-expiring derivative contracts that track an asset's price via periodic funding payments, often traded with high leverage; originated on crypto exchanges.
Cboe is exploring a never-expiring VIX future, a design Robert Shiller proposed in 1993, though it has no contract specs or filing yet, Bloomberg reported. Holders would swap roll losses for funding payments, priced against an index that market makers cannot buy to hedge.
Reality
Korea's licensed crypto exchanges lost 78% of operating income and a third of their combined market capitalization in H1 2026, a regulator survey shows. Bitcoin fell by the same third over the half, so the case for an exodus to offshore leverage has to rest on won deposits and turnover, figures that fit a move into Korean stocks just as well.
Reality
Kalshi will end its volume rebate on or after October 13 as the CFTC reportedly reviews over $5 billion in repeated ether perpetual trades. Kalshi says paid market makers produced those prints, leaving investors at a $40 billion valuation to judge how much liquidity was bought.
Reality
OG.com Markets asked the CFTC to approve cash-settled perpetual futures on single US stocks, trading 24 hours a day on weekdays at a 15.05% minimum margin. At about 6 times leverage they would sell the trade margin accounts now offer, so brokers will pick the winning venue.
Reality
Two filings dated August 18 would import the structure behind an estimated 93% of crypto derivatives volume into equities and metals. Neither is approved, and the book is still small.
Reality
A White House remark about CFTC Chairman Michael Selig repriced HYPE and a Nasdaq treasury stock. No approval, no registration path and no timeline has been put on the record.
Perspective Coverage
8 publishersReality
The $480bn it waves at the SEC and CFTC is under a tenth of its own venue's volume, and the onshore category it wants to enter is one CME only reopened in July.
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Selected Hyperliquid perpetuals would trade inside a CFTC-regulated venue Payward bought for as much as $550 million, which is about 14% of one day of Hyperliquid volume. The contract list is the product.
Perspective Coverage
4 publishersReality
Coinbase's self-custodial app is back under the Coinbase Wallet name, and it is now where the company tries perps, prediction markets and tokenized stocks that its licensed exchange does not list.
Perspective Coverage
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The Justice Department says two Robinhood engineers each made more than $50,000 trading Hyperliquid perpetuals ahead of Robinhood Crypto listings. Prosecutors charged commodities fraud and wire fraud instead of securities fraud.
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3 publishersReality
Both venues want cash-settled contracts on the largest US listings, with funding payments in place of an expiry date, and because the underlyings are securities the products need the SEC as well as the CFTC.
Perspective Coverage
3 publishersReality
A former quant put $538.6m of 24-hour volume beside $3.1m of open interest on Kalshi's ether perpetual and called it proof of wash trading. Kalshi's crypto lead answered that the dollar sign means notional payout.
Reality
CFTC Chair Mike Selig says his agency will write crypto rules under existing law, with two prerules already filed at the White House. Decrypt's newsletter argues the agency can reach leveraged products such as perpetual futures, while spot trading still needs Congress.
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The company says nearly $5 billion of roughly $5,500 Ether perpetual trades came from programs that pay market makers to post resting orders, and its evidence is that the maker lost money to takers who kept winning.
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Bernstein has raised its ten-year prediction-market forecast tenfold, to $10 trillion of annual volume by 2035. Nearly half of that total comes from assuming the contracts capture 0.5% of a $900 trillion financial-asset pool.
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One week of perpetual futures data shows open interest up 12.8% across 15 venues. The aggregate it grew from is published at both $68.39bn and $140.23bn, depending on which venues get counted.
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Hyperliquid's open interest record on September 20 came with tokenized equities and commodities at times above 30% of the book. HIP-3 opened those markets eleven months earlier, in October 2025.
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Crypto Briefing reports NEAR's token rose from about $2.34 to $3.60 after its confidential futures product launched on Hyperliquid's engine, and the same account's price and market cap figures imply different gains.
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Prosecutors say Hefu Chai and Huaisong Xiang each cleared more than $50,000 from long perpetual positions on Hyperliquid, opened on planned listing dates they read in a private Robinhood Slack channel.
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Injective's real-world-asset perpetuals traded $214.9 million over 30 days, 3.5 times May's total, though the climb was over by July and its $5.3 billion cumulative figure averages more per month than the latest one.
Reality
Invest · September 13, 2026 · 1 publisher
Invest · September 13, 2026 · 1 publisher
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Invest · September 11, 2026 · 1 publisher
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