Perpetual Motion: The Rise of Perps

Research evidence excerpt

Perpetual Motion: The Rise of Perps

USA | Brokers, Asset Mgrs & Exchanges EquityJuneResearch9, 2026

Exhibit 1 - Crypto Perpetual vs Non-PerpetualPerpetual Motion: The Rise of Perps

Avg Daily Volume ($B)

Avg Daily Volumes "ADV" ($B)

250 90

80The CFTC's approval of Kalshi's BTC perpetual futures contracts on 5/29 has

200 70 Non-Perp

60driven debate of growing competition among exchanges. While we understand 150 50

Perp

100 40investor concerns around the potential expansion of perps in the US, the 30

TokenIndex (RHS)Priceviability of the perp structure for a broader set of asset classes as well as inst'l 50 2010

1Q-20 2Q-20 3Q-20 4Q-20 1Q-21 2Q-21 3Q-21 4Q-21 1Q-22 2Q-22 3Q-22 4Q-22 1Q-23 2Q-23 3Q-23 4Q-23 1Q-24 2Q-24 3Q-24 4Q-24 1Q-25 2Q-25 3Q-25 4Q-25 1Q-26 2Q-26

volumes may differ from co. reported metrics; Price Index calculated for basket of tokenscustomers (i.e. mostly retail) limits the opportunity, in our view. That said, we . *Estimated- -

would anticipate add'l regulatory clarity around perps in the near term. Source: CoinMetrics, TokenTerminal, Jefferies

Exhibit 2 - CME Micro Complex Avg Daily

What Are Perps? Perps are derivative contracts that enable traders to take long or short exposure Volume ($Thousands)

to an underlying asset without an expiry date. Positions can be held indefinitely, subject to margin 7,0006,000

requirements. The contract price is kept close to the underlying spot price through a funding 5,000

mechanism. Because there is no expiration date forcing convergence to spot prices, perps use ($Thousands) 4,0003,000

periodic payments between longs and shorts. Importantly, these are mainly retail-oriented products 2,000

(speculation vs risk-management/hedging) that are only available in markets that have 24/7 1,000

trading.