HPC Report: Perpetual Contracts Complement, Not Replace, Expiring Futures

The framing matters because the debate over perpetuals has often been cast as a zero-sum contest with dated futures, and HPC's position pushes back on that. If the complement view holds, the two instruments are serving different hedging and risk-transfer needs rather than competing for the same flow. The open question is whether that division of labor persists as perpetual venues deepen, or whether the lower-cost argument eventually pulls activity away from expiring contracts.