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Pantera Capit
2026-07-11 11:04:10

Pantera Capital says Hyperliquid sits at the center of a shift as perpetuals move into mainstream finance

Pantera Capital argues that perpetual futures are moving well beyond their crypto-native roots and into the core of global market structure, with Hyperliquid emerging as one of the clearest on-chain expressions of that trend. In a lengthy note, the firm says recent moves by the U.S. Commodity Futures Trading Commission mark an important change in Washington’s stance, opening a path for regulated crypto perpetuals under the existing futures framework rather than requiring a brand-new rulebook. The report traces the appeal of perpetuals to their simpler design: no expiry, funding-based price anchoring, easier position management, and round-the-clock trading. Pantera says those traits made digital assets the natural proving ground, citing 2025 centralized exchange perpetual volume of $62 trillion versus roughly $19 trillion in spot volume and $86 trillion in total derivatives volume. Hyperliquid is presented as the main on-chain winner so far. Pantera says the protocol accounts for about 40% of decentralized perpetual volume, with monthly volume above $250 billion and annualized revenue of $800 million. The firm also points to Hyperliquid’s expansion beyond crypto into equities, commodities, indexes, and private companies, alongside growing attention from hedge funds, exchange operators, and public-market vehicles tied to HYPE. At the same time, Pantera flags regulation as the biggest unresolved risk, especially for a permissionless venue without KYC. Its broader argument is that the market has already answered whether perpetuals matter outside crypto; the open question is whether blockchain-based infrastructure can become a major venue for pricing risk across other parts of finance.

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Pantera Capital says Hyperliquid sits at the center of a shift as perpetuals move into mainstream finance