Perpetual Futures Dominate as Crypto Volumes Hit 31-Month Low

The migration of perpetual futures beyond crypto into equities, indexes, gold and pre-IPO exposure is the more durable signal here than any single volume print: the product is outgrowing its native market even as that market contracts. That divergence matters because it suggests the venue and instrument layer is consolidating around perps while spot activity thins, concentrating liquidity and risk in fewer, more leveraged structures. Whether regulated venues absorb this expansion or it stays on newer offshore-style platforms is the open question worth watching.