The rise of crypto perpetual futures has led to a shift in Ethereum's role, from a direct competitor to faster blockchain networks to a settlement and collateral layer that underpins the broader DeFi ecosystem. Despite not being designed for high-frequency trading, Ethereum's security-first architecture and layer-2 networks like Arbitrum have become a hub for perpetual trading activity. However, other chains like Solana and Hyperliquid have gained traction due to their low fees and large retail user base. As institutional investors begin to take notice of onchain derivatives, the focus is on whether decentralized perpetuals can compete with traditional infrastructure in terms of execution, custody, and predictability.