Perpetual futures are increasingly being called a tool that could go far beyond the crypto market. At Pantera Capital, they believe that Hyperliquid is already showing how onchain infrastructure can compete with traditional Wall Street platforms.
In a post on X, the fund noted that perpetuals have several strong advantages over classic derivatives. They trade around the clock, have no expiration date, are easier to manage, and provide the market with continuous price discovery. That is why interest in such instruments is gradually moving beyond cryptocurrencies.
Pantera is investing in the Hyperliquid ecosystem and calls the project one of the main examples of this shift. The platform is no longer limited to crypto contracts and is moving toward a broader market — stocks, commodities, and stock indices. This aligns with the idea of Hyperliquid founder Jeff Yan, who wants to bring all finance into one system.
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The growth of the platform has also been noticed in traditional finance. The head of Intercontinental Exchange Jeffrey Sprecher, whose company owns the New York Stock Exchange, called on regulators to create clear and equal conditions for launching 24/7 onchain perpetuals.
According to Pantera Capital, the impact of Hyperliquid is already visible in the numbers. At the beginning of 2023, the volume of perpetual trading on DEX was less than 1% of the volume on centralized exchanges. Now this figure has risen to 14%.
Hyperliquid itself accounts for about 40% of the onchain perpetual futures market. According to DefiLlama, over the past seven days the protocol collected about $13.5 million in fees. This put it in fourth place among the most profitable projects in the crypto industry.
Crypto market leaders by weekly fee volume. Source: DefiLlama
Traditional Finance Is Getting Closer to 24/7 Trading
Crypto exchanges and major Wall Street players are increasingly bringing familiar financial products onto the blockchain. It’s no longer just about tokens or stablecoins, but about trying to rebuild the very infrastructure of trading.
On May 22, OKX announced plans to launch perpetual futures for Brent and West Texas Intermediate oil. The project is being prepared together with Intercontinental Exchange, which manages these oil benchmarks.
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In March, the New York Stock Exchange began working with the Securitize platform. The goal is to develop infrastructure for tokenized stocks that can trade around the clock and settle faster than on the traditional market.
Back in January, Intercontinental Exchange talked about plans to create a platform for tokenized securities. Its foundation should be trading 24/7, instant settlements, funding through stablecoins, and conducting deals directly on the blockchain.
Such projects are still taking shape, but the direction is already clear. The traditional market is gradually adopting what has long been the norm in crypto: trading without weekends, fast settlements, and access to instruments at any time. Hyperliquid in this sense has become one of the most prominent examples of how the crypto market can not just catch up with Wall Street, but offer it a new model of operation.
