Perpetual futures are coming to America. On May 29, the CFTC approved the first perp futures contract on a US regulated venue. Another export from crypto to traditional finance, after stablecoins and tokenized assets. A step toward DeFi platforms like Hyperliquid reaching US users. Read the full article from @LowBeta on the Stack:

Perps don’t expire. Funding rates are what keep them honest. @borntobry breaks down how perpetual contracts work and why they became the core market structure for crypto trading 👇

Perps & outcome markets have driven trillions in trading volume. Exchange OS brings it all together in a major upgrade for X Layer, enabling builders to deploy markets without rebuilding infrastructure, with customizable compliance controls built in. Details:

Perp DEXs now handle more than 20% of global perpetual trading volume. that’s a much bigger shift than most people realize. A few years ago, traders trusted CEXs for everything. now the top perp DEXs (descending order) are already competing seriously with CEX experience: ➫ @HyperliquidX ➫ @Aster_DEX ➫ @Lighter_xyz ➫ @edgeX_exchange ➫ @grvt_io what’s interesting is that the growth strategy is changing too. early crypto growth was mostly: ➫ token hype ➫ exchange listings ➫ airdrop farming now it’s becoming: ➫ better UX ➫ loyalty loops ➫ retention ➫ onchain habits That’s why protocols like @HyperliquidX feels important. it didn’t just attract users. it kept them. even traditional finance players are starting to notice: ➫ funds buying $HYPE ➫ real market data moving onchain ➫ more serious trading infra being built around DeFi Feels like the gap between “DeFi” and real trading infrastructure is disappearing very fast now 👀 #HYPE#

Perp volumes have cooled off from earlier highs, but Hyperliquid continues to dominate. Consistently delivering at least 2x the volume of the next highest chain every month, per DefiLlama. Solana has moved into second place in May, capturing over 10% market share.