Why Perps Are Overtaking Options | DAS New York
Friday, 17 April 2026 · 2 min read · Listen to the episode ↗
The discussion highlights the growing significance of perpetual contracts in trading, particularly as they overtake options due to their simplicity and 24/7 market structure. Current market dynamics show substantial growth potential in crypto perpetuals, which dominate leverage trading, accounting for 97% of volume. Additionally, advancements like Hyperliquid's HIP3 model facilitate the transition from crypto to real-world asset trading, indicating a shift towards an efficient, transparent market environment expected to thrive by 2026.
Sean DeDevins from BlockWorks discusses the rising importance of perpetuals, particularly in relation to the anticipated 24/7 equity perpetual market projected for 2026. He notes the shift from crypto perpetuals to triad-file perpetuals, highlighting the potential success of platforms like Hyperliquid and TradeXYZ.
Perpetuals are simpler trading instruments than options, which involve complexities such as expiry. The demand for trading price is more effectively expressed through perpetuals, which focus solely on price without expiry. Current market data shows a staggering $89 trillion in monthly volume for single stocks and index options, with $48 trillion attributed to zero days to expiry options, primarily driven by retail traders. In contrast, crypto perpetuals have a smaller volume of $1.2 trillion, indicating significant growth potential.
In the crypto space, perpetuals dominate leverage, accounting for 97% of trading volume. The infrastructure supporting these trades operates 24/7, providing trustless, transparent, and verifiable on-chain venues. Transitioning to triad-file perpetuals involves adapting price feeds from tokens to real-world assets, presenting challenges such as ensuring liquidity and efficient hedging.
Hyperliquid's HIP3 model facilitates this transition by managing margining and collateral through Hypercore order books. TradeXYZ serves as the primary asset layer for Hyperliquid, handling listings for various assets, including commodities and equities. Their perpetuals utilize different price feeds depending on trading hours, allowing traders to execute strategic trades even during off-hours.
Recent statistics indicate that TradeXYZ holds over 90% of the open interest exceeding $1.5 billion, with HIP3 markets accounting for over 40% of Hyperliquid's total volume on certain days. Case studies on silver and crude oil demonstrate market performance and efficiency, with silver becoming the second most traded asset on Hyperliquid during a significant market downturn. Crude oil also saw substantial trading activity, with prices reacting to geopolitical events before traditional markets.
These findings support the thesis that 24/7 equity perpetuals will dominate by 2026, showcasing market efficiency even during volatile conditions. Hyperliquid is preparing for continuous trading of real-world assets, reflecting the increasing participation in HIP3 markets.
This summary was generated from the episode transcript and can contain mistakes.