How Perpetual Futures Dominate Bitcoin and Ether Markets, and Their Surprising Role in SpaceX's IPO
The process of setting crypto prices is often misunderstood, with many believing it is driven by spot trading, where buyers and sellers meet on an exchange. However, for years, perpetual futures, also known as perpetual swaps or 'perps', have been the main drivers of price discovery in the bitcoin, ether, and broader crypto markets. These contracts are leverage-friendly, never expire, and have be…