Why Perps Are Overtaking Options | DAS New York
Friday, 17 April 2026 · 1 min read · Listen to the episode ↗
The discussion highlights a significant shift from traditional options to crypto perpetuals, emphasizing their simplicity and growing market share, which currently holds 97% of crypto trading volume. Key players like Hyper Liquid and TradeXYZ are poised to leverage 24/7 trading for traditional assets, aiming for substantial growth by 2026. Case studies illustrate the efficiency of perpetuals during market fluctuations, supporting the transition to a more integrated trading ecosystem for real-world assets.
Shonda Devins from the Blockworks research team discusses the shift from crypto-perpetuals to traditional perpetuals, highlighting the importance of the 24/7 equity perpetual thesis for 2026. She notes that hyper-liquid markets, particularly platforms like Hyper Liquid and TradeXYZ, are well-positioned to benefit from this transition.
Perpetuals are preferred over options due to their simplicity, focusing solely on price without the complexities of expiry. The market opportunity is significant, with September data showing $89 trillion in single stocks and index options compared to $1.2 trillion in crypto perpetuals, indicating a substantial growth potential in the crypto sector.
In the crypto market, perpetuals account for 97% of the volume, and the existing infrastructure can be adapted for real-world assets, despite challenges in establishing a 24/7 market for traditionally five-day-a-week trading assets. Hyper Liquid's HIP3 model is crucial in this transition, effectively managing margining and collateral.
TradeXYZ acts as the asset layer for Hyper Liquid, facilitating listings for various commodities and equities, including a recent S&P 500 perpetual. This functionality allows for price referencing during normal and extended hours, enabling traders to take advantage of market movements.
Case studies on silver and crude oil demonstrate Hyper Liquid's efficiency during market fluctuations, with silver becoming the second most traded asset during a market crash and crude oil trading responding swiftly to geopolitical events. The analysis supports the thesis that 24/7 equity perps will dominate by 2026, showcasing market efficiency in both normal and volatile periods. Participation in HIP3 real-world asset markets is on the rise, with Hyper Liquid set for continuous trading of these assets.
This summary was generated from the episode transcript and can contain mistakes.