Wall Street's existential crisis over perpetual futures — the 24/7 security on steroids — just got urgent

Impact · against what's priced in

The potential for CFTC regulation of perpetual futures on traditional assets creates a structural threat to the 'roll' revenue models of legacy exchanges. While incumbents are attempting to adapt, the rapid scale of decentralized alternatives like Hyperliquid suggests a permanent shift in derivatives pricing power away from centralized exchanges.

CME−0.60

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