Perpetual futures, traded 24/7 without expiration dates, represent an existential threat to traditional U.S. exchanges, whose combined market capitalization dropped by $18 billion in two days after the CFTC approved bitcoin perpetuals on Kalshi. Hyperliquid dominates the decentralized market with nearly $200 billion in notional volume traded last month and average daily volume of $9.6 billion in June. The native HYPE token surged 196% this year, while total perpetual volume across the market averaged $150 billion per day. CME Group CEO Terry Duffy has filed a lawsuit to challenge the classification of these instruments, but volume traded on Kalshi already exceeds $20 billion one month after launch.
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