Hyperliquid shows how onchain perps could challenge Wall Street: Pantera
Perpetual futures are emerging as a major trading format, with Hyperliquid shown as a leading example of blockchain-based markets challenging traditional finance. Pantera Capital says perps have key advantages over legacy derivatives: 24/7 trading, no expiries, easier position management, and continuous price discovery. Hyperliquid has expanded beyond crypto into equities, commodities, and stock indices, aligning with its goal of “housing all of finance.” Onchain perps have grown quickly: DEX perps volume has risen to 14% of CEX perps volume, up from under 1% in early 2023, and Hyperliquid accounts for about 40% of onchain perps trading. Its growth has also drawn TradFi interest, including from NYSE parent ICE, whose CEO has called for a level regulatory playing field for 24/7 onchain perp markets. Broader finance is also moving toward blockchain wrappers for traditional assets.
