“PERPS MIGHT BE THE ONLY PRODUCT FROM CRYPTO WITH STAYING POWER” @VestExchange's Matthew Litt: - Thinks that perps give retail simple directional exposure, with no Greeks and a funding rate you can see upfront -Says perps on stocks are a derivative in their own independent market, not actual shares, so pricing can drift slightly from spot -Sees funded prop accounts as the on-ramp for traditional traders. You set your own capital, drawdown, and profit split, and learn sizing and funding rates before putting $10,000 into a self-funded account -Thinks 24/7 markets become the global standard, with trading shifting toward bots, APIs, and a few super-apps *This podcast is Sponsored by Vest Exchange

Perps, spot, and outcome markets as multiplicative building blocks of financial expression. @collins_belton of @tradexyz on the capital efficiency that portfolio margin unlocks on Hyperliquid.

Perps open interest on @RobinhoodCrypto Chain is approaching $500M, with RWAs making up ~70%. @Lighter_xyz has driven most of that growth, accounting for 93% of perps open interest on the chain. Data:

Perps are less than 1% of global derivatives volume and somehow people are saying that this pump is overextended and we're going to pull back. Complete disbelief. We are going so much higher and were going to eat so much of the financial world with this product. Wall Street will have no idea what hit them. @hosseeb nails it here. $HYPE $LIT $VAR

Perps are adding predictions. Predictions are adding perps. @Kalshi added perps. @HyperliquidX added outcome markets. @OfficialApeXdex integrated Polymarket. So I looked deeper into what prediction platforms are shipping. 1. Prediction markets are becoming more tradable @predictdotfun is pushing high-frequency crypto markets while making collateral productive through DeFi yield. @xomarket is experimenting with 5-minute markets and adaptive liquidity. @alphaarcade combines predictions, perps and combos in one product. @TxFlow_L1 is taking another route: a perp DEX and @ProblyHQ running on shared financial infrastructure. Active trading is becoming a bigger part of the prediction market UX. 2. Market creation is becoming a product @trylimitless lets users create markets and earn from the trading activity they generate. @opinionlabsxyz is combining permissionless markets with AI-assisted creation and resolution. Prediction markets are gradually expanding from standalone apps into infrastructure other products can build on. 3. Specialized venues are emerging @predofficial and @magicmarkets are pushing sports prediction closer to an exchange experience, with order books and active trading. Other teams are specializing around crypto, short-duration markets, live events, and distribution. Prediction markets are now adding: - High-frequency markets & perps - Productive collateral - Creator markets - AI resolution - Embedded distribution The category is gradually evolving into event-risk trading infrastructure. That creates much more room for smaller platforms to own a specific trading niche.

Perps never expire. So what stops the price drifting away from spot and just staying there? Funding. Above spot, longs pay shorts. Below spot, shorts pay longs. A small recurring payment pulling the two back together. The platform never collects it. It moves between traders.