Perpetual contracts, which allow for 24/7 trading with leverage, are expanding beyond cryptocurrency, according to Matthew Fisher of Katana Network, indicating a shift in trading methods for various assets.
By Matthew Fisher|Edited by Cheyenne Ligon Jul 30, 2026, 1:00 p.m. 5 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on "Perpification is inevitable," asserts Matthew Fisher, CEO of Katana (Getty Images/Jonathan Kirn)When SpaceX went public on June 12, the stock traded as expected, with over 500 million shares changing hands and about $80 billion in notional value across Nasdaq and other platforms. Simultaneously, a 24/7 leveraged perpetual contract for SpaceX emerged as the largest market Hyperliquid had ever hosted, trading well beyond its $135 IPO price and providing ordinary traders with leveraged access to a company they could not easily invest in.
This activity represented less than 2% of Nasdaq's total volume, highlighting a market that was nonexistent just a cycle ago. This is a significant indicator.
I frequently refer to a term that encapsulates the current transformation in markets: perpification. The perpetual contract, a 24/7 leveraged trade first developed in crypto, is now transcending its original asset class. It is evolving into a method for trading virtually any asset.
Matthew Fisher is the CEO of Katana Network.
Consider the areas where perpetual contracts have already penetrated. They include equities, such as hard-to-access foreign stocks, with SK Hynix being a recent example; the company is the world’s second-largest memory chip maker and plays a crucial role in the AI sector as a supplier for major firms like Nvidia. Commodities have also seen growth, with gold, silver, and oil perpetuals being identified as the fastest-growing derivatives segment in early 2026. The power of continuous price discovery was notably illustrated on February 28, 2026, during the first day of "Operation Epic Fury," when oil prices surged over the weekend amid U.S. and Israeli strikes on Iran, while traditional markets remained closed. Additionally, perpetual contracts allowed trading of SpaceX prior to its June IPO, making it the largest market on Hyperliquid on its listing day, according to reports. The next frontier includes tokenized real-world assets.
This trend is not limited to crypto-dedicated platforms. In the U.S., Kalshi recently introduced the first CFTC-regulated crypto perpetual futures, while Coinbase has launched perpetual-style equity-index futures. Meanwhile, Robinhood has introduced perpetual futures in Europe, making these products accessible to mainstream users. Traditional exchanges are adapting as well; in June, the CME announced 24/7 trading alongside a new cash-settled West Texas Intermediate (WFI) contract, designed for smaller trades.
Regulatory bodies are also taking notice. On June 22, the CFTC sought public comments on extending perpetual contracts to physically-delivered crude oil, presenting 67 inquiries concerning reference prices, liquidity, position limits, and customer protections. When the CME attempted to self-certify its 24/7 oil contract in July, the CFTC halted the process, requiring a comprehensive review first.
The narrative of markets racing toward around-the-clock leveraged access to all types of assets continues, with regulators striving to determine a safe pace for this evolution. As the largest U.S. derivatives exchange modifies oil contracts for continuous retail access and the U.S. derivatives regulator drafts rules for perpetual oil contracts, the debate over whether this model has succeeded can effectively be concluded: it has.
Hence, the more pressing discussion is not whether perpetual contracts are proliferating, but rather which asset classes will adopt them next, where leverage will be concentrated, and what potential issues may arise.
Regarding future developments, it is essential to identify areas experiencing friction. Perpetual contracts are most beneficial where traditional markets encounter significant limitations, such as closing hours, geographic restrictions, accreditation requirements, or slow settlement processes. This explains why commodities, pre-IPO equities, and difficult-to-access foreign stocks are leading the way: there is substantial unmet demand and severely limited access. This reasoning extends to private credit, carbon markets, freight, and the wide array of real-world assets transitioning to blockchain. Any asset with a reference price and a frustrated audience is a potential candidate for perpetual contracts.
On the subject of leverage concentration, this aspect warrants careful consideration from mainstream audiences, as it represents the inherent risk. A perpetual contract consolidates two decisions into a single instrument: what to invest in and the level of leverage to apply. For disciplined traders, this is advantageous; they strategically size their positions and acknowledge the asymmetrical risks associated with perpetual contracts, which can shift rapidly. The real danger lies not in the product itself, but in the consequences of a professional-grade product encountering a wave of inexperienced traders who may perceive the potential for significant gains from a small investment while overlooking the risks of liquidation. The rise of perpetual contracts will grant 24/7, high-leverage access to many individuals whose initial market experience may be a leveraged investment in an unfamiliar asset. While some may excel, many will face harsh lessons about liquidation, potentially in the early hours of the morning on a market that never shuts down.
This is not an argument against the trend of perpification; it is an inevitable shift that, overall, brings positive outcomes. More individuals gaining unrestricted access to a broader range of assets aligns with the principles of open markets. However, it raises questions about the construction of this system. The platforms that will thrive in the coming years will not merely be those that maximize leverage to attract risk-takers. Instead, they will be those that prioritize leverage limits, thoughtful liquidation strategies, and user education as foundational elements rather than mere compliance. These platforms will ensure that perpification is sustainable for newcomers.
Furthermore, a significant structural change is often overlooked when people view perpetual contracts as merely "leverage for retail." The more transformative aspect is the democratization of market creation. In the past, launching a new contract was a privilege determined by exchanges, which decided what was tradable and when. Properly implemented perpification enables permissionless market creation: if there is a reference price and demand, a market can emerge without needing approval. This fundamental shift is what truly matters, transforming the concept of "perps on everything" from a catchy phrase into a new financial infrastructure. The ultimate goal is not a broader selection dictated by a few venues, but a financial landscape where the options are self-generated.
When these elements are combined, perpification begins to resemble not just a trend within crypto but a fundamental change in the default operations of finance. Previously, markets were selectively open at certain times, for specific assets, and to select individuals, as determined by exchanges. The new paradigm is one where any asset can be traded at any hour, anywhere, without permission, and with leverage if desired. The CFTC's interest in oil perpetual contracts is merely the most conventional indicator on a path that the market has already embraced.
The true winners will not be those who introduce the most perpetual contracts at the fastest pace. Instead, they will be the ones who develop these contracts responsibly, with genuine depth, transparent leverage, and authentic user protection while the model continues to reshape the entirety of finance. This transformation is inevitable, and the only remaining question is who will execute it effectively.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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