The rise of perpetual futures in the crypto space has led to a shift in Ethereum's role, with its layer-2 networks such as Arbitrum and Base gaining prominence in supporting high-frequency trading. This evolution has sparked debates about Ethereum's position in the market, with some arguing it no longer needs to be the fastest platform for trading perpetuals, but rather the most trusted and deepest for settlement. The distinction between Ethereum's base layer and its layer-2 networks has become increasingly important as decentralized perpetual exchanges mature and attract institutional attention. While Solana and Hyperliquid have established themselves as key players in high-speed perpetual trading, Ethereum's layer-2 ecosystem is becoming a crucial component in the broader DeFi infrastructure, providing a settlement and collateral layer that underpins these markets.