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Opinion
The Misguided Debate Over Perpetual Futures and Systemic Risk
The introduction of perpetual futures into regulated markets has sparked concerns about systemic risk, driven by high-leverage retail trading. However, this criticism is misdirected, as the risk is inherent to the trading venue, not the contract. The venue's design, including leverage limits, margin rules, and default handling, determines the level of risk. The risk of systemic events, such as liā€¦
July 29, 2026, 1 p.m.
Opinion
The Real Risk in Perpetual Futures: Venue Design, Not the Contract Itself
The introduction of perpetual futures into regulated markets has sparked concerns about systemic risk, with critics warning that these high-leverage instruments could destabilize the market. However, this criticism is misdirected, as the risk is not inherent to the perpetual futures contract itself, but rather a result of the venue's design. The venue's choices, such as leverage caps, margin ruleā€¦
July 29, 2026, 1 p.m.
Opinion
The Misguided Debate Over Perpetual Futures and Systemic Risk
The introduction of perpetual futures into regulated markets has sparked concerns about systemic risk, with critics warning that these high-leverage instruments could destabilize the market. However, this criticism is misplaced, as the risk is not inherent to the contract itself, but rather a result of the venue's design. The venue's choices, such as leverage caps, margin rules, and default managā€¦
July 29, 2026, 1 p.m.
Opinion
The Misguided Debate Over Perpetual Futures and Systemic Risk
The introduction of perpetual futures into regulated markets has sparked concerns about systemic risk due to their potential for high-leverage and retail-driven trading. However, this criticism is misguided, as the risk is not inherent to the contract itself, but rather a result of the venue's design, including leverage limits, margin rules, and default handling. The real question is not whether ā€¦
July 29, 2026, 1 p.m.
Opinion
Misconceptions Surrounding Perpetual Futures: A Misguided Debate
The introduction of perpetual futures into regulated markets has sparked concerns about systemic risk due to their association with high-leverage, retail-driven instruments. However, this critique is misdirected, as the true source of risk lies in the design of the trading venue, including factors such as leverage caps, margin rules, and default management, rather than the perpetual contracts theā€¦
July 29, 2026, 1 p.m.
Opinion
The Real Target of the Systemic Risk Debate: Venue Design, Not Perpetual Futures
The introduction of perpetual futures to regulated markets has sparked concerns about systemic risk, but the focus is misplaced. The risk is not inherent to the contract itself, but rather a result of the venue's design, including factors such as leverage caps, margin rules, and default management. The recent deleveraging episodes in crypto, including the 2025 cascade, were caused by a combinatioā€¦
July 29, 2026, 1 p.m.
Opinion
The Misguided Debate Over Perpetual Futures and Systemic Risk
The introduction of perpetual futures to regulated markets has sparked a heated debate, with critics warning of the potential for systemic risk due to high-leverage, retail-driven instruments. However, this criticism is misguided, as the risk is inherent to the venue on which the perpetuals are traded, not the contract itself. The venue's design, including leverage caps, margin rules, and defaultā€¦
July 29, 2026, 1 p.m.
Opinion
The Misguided Debate Over Perpetual Futures and Systemic Risk
The introduction of perpetual futures into regulated markets has sparked concerns about systemic risk, but this criticism is misplaced. The true source of risk lies in the design of the trading venue, including leverage limits, margin rules, and default handling, rather than the perpetual futures contract itself. The risk of systemic events is not inherent to perpetual futures, but rather a resulā€¦
July 29, 2026, 1 p.m.
Opinion
The Misguided Debate Over Perpetual Futures and Systemic Risk
The introduction of perpetual futures into regulated markets has sparked concerns about systemic risk, driven by high-leverage retail trading. However, this criticism is misplaced, as the risk is inherent to the venue's design, including leverage limits, margin rules, and default handling, rather than the contract itself. The real issue is how a venue manages risk, particularly during times of stā€¦
July 29, 2026, 1 p.m.
Opinion
The Misguided Debate Over Perpetual Futures and Systemic Risk
The introduction of perpetual futures into regulated markets has sparked a serious debate, with critics warning of the potential for systemic risk due to high-leverage, retail-driven instruments. However, this critique is misdirected, as the risk inherent in a derivatives market is a function of the venue on which the perpetuals are traded, rather than the contract itself. The actual risk is deteā€¦
July 29, 2026, 1 p.m.