Crypto Derivatives Explained: Futures, Perpetuals and Options

This is really a primer on risk allocation, not market news, and the framing matters: futures impose symmetric obligations on both sides, while options deliberately make the exposure asymmetric through the premium. That distinction shapes which counterparties absorb losses first when positions move against them, a structural point that tends to surface only during stress. Whether the market's preference for perpetuals over expiry-dated and premium-paid instruments shifts as volatility regimes change is the open question worth watching.