About this episode

The episode discusses the evolution of perpetual futures and their impact on the crypto market structure.

Join our hosts as they explore the evolution of perpetual futures and how these “no-expiration” instruments are reshaping crypto market structure. From the mechanics of funding rates to the differences between traditional and perpetual futures, we break down why perps have become a dominant trading vehicle in digital assets. We'll cover the rapid rise of on-chain platforms like Hyperliquid, examining how permissionless market creation, expanded asset access, and real-time transparency are redefining who can trade—and what they can trade. We'll also unpack core trade-offs: from oracle design and liquidity challenges to smart contract risk, visible positions, and regulatory uncertainty. Listen in as we look ahead at what these innovations could signal for the broader future of markets, including the potential convergence of crypto-native infrastructure with traditional finance. Episode Topics: [0:00] Intro [1:20] News Rundown [2:17] About Spot Markets & Perpetual Futures [8:06] Features & Differentiation [13:14] Risks & Considerations [20:14] Market Validation [23:44] Final Thoughts & Outro Stay connected with us beyond the podcast by following FCAT on, Instagram, LinkedIn, and X…

Topics covered

• perpetual futures
• crypto market structure
• trading vehicles
• on-chain platforms
• market creation
• liquidity challenges
• regulatory uncertainty

Keywords

• perpetual futures
• crypto trading
• market transparency
• funding rates
• oracle design
• liquidity
• smart contract risk

Mentioned in this episode

Organizations: Fidelity Center for Applied Technology, Hyperliquid, FCAT

Products: perpetual futures, Spot Markets, digital assets

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