The crypto perpetual futures market has experienced rapid growth, with Ethereum's layer-2 networks playing a crucial role in supporting this expansion. While Ethereum's mainnet has historically been synonymous with decentralized finance, its limitations in terms of speed and cost have led to the emergence of alternative platforms. Hyperliquid and Solana have established themselves as popular venues for high-speed transactions, with Solana's large retail trader base and low fees making it an attractive option.
However, Ethereum's layer-2 ecosystem, including Arbitrum and Base, has become a hub for perpetual futures trading, offering a compromise between security and performance. The distinction between Ethereum's role in settlement and collateralization, and the execution-focused approach of other platforms, has become increasingly important as institutional attention turns to onchain derivatives. Proponents of Ethereum argue that its focus on security, depth of liquidity, and range of assets makes it an ideal settlement and collateral layer, while others see the need for improved interoperability and a more seamless user experience to remain competitive.