Everything is becoming a perp

In a recent analysis published by CoinDesk on July 30, 2026, Matthew Fisher, CEO of Katana Network, discusses the growing prevalence of perpetual contracts, or "perps," across multiple asset classes beyond their original use in cryptocurrency markets. Fisher argues the trend of "perpification" is inevitable, as these 24/7 leveraged contracts provide continuous price discovery and access to markets that were traditionally limited by geographic, temporal, or regulatory constraints. For example, a perpetual contract on SpaceX trades actively even before its IPO, giving ordinary traders leveraged exposure to the company despite limited direct access.

Perpetual contracts have spread beyond crypto into equities, commodities such as gold, silver, and oil, and even pre-IPO shares. Notably, Hyperliquid ran the largest market it ever had on a SpaceX perpetual during and before the public listing. In commodities, perps offered continuous pricing during times when traditional markets were closed, such as during the February 2026 strikes on Iran. The expansion includes major U.S. players like Kalshi, Coinbase, and Robinhood offering regulated perpetual futures products, while CME has announced 24/7 oil trading contracts targeting smaller retail trades.

Regulatory scrutiny is increasing, with the U.S. Commodity Futures Trading Commission (CFTC) requesting comments on physical delivery of perpetual crude oil contracts and pausing CME's self-certification of a 24/7 oil contract for a full review. Fisher highlights this as part of a broader tension between market innovation and regulatory frameworks adapting to reshape onshore derivatives flows. He emphasizes that perpetual contracts' appeal is strongest where traditional markets are inconvenient or restrictive, such as private credit, carbon credits, freight, and tokenized real-world assets.

The challenges noted include risks to inexperienced retail traders who may underestimate the dangers of leverage in a constantly open market, leading to liquidations at any hour. Fisher stresses that successful platforms will prioritize responsible leverage limits, liquidation mechanisms, and user education. Importantly, he points out that perpification redefines market creation from permissioned offerings to permissionless markets as long as a reference price and demand exist, signaling a fundamental shift in how finance operates. The article suggests that the lasting impact will come from platforms that build these markets responsibly, rather than simply expanding product menus rapidly.