Perpetual Futures Dominate Bitcoin and Ether Markets, as Evidenced by SpaceX's Successful IPO Pricing
The mechanism behind cryptocurrency price setting is often misunderstood, with many believing it is driven by spot trading. However, perpetual futures, also known as perps, have become the primary driver of price discovery in the crypto market, accounting for approximately 93% of all crypto futures volume. These contracts, which can be held indefinitely, have no expiration date and are leverage-f…