Crypto’s retail traders haven’t exactly left the casino. They’ve simply migrated to a bigger floor, with traditional-asset perpetuals accounting for a larger share of volume on platforms like Hyperliquid and Ostium. Sidhartha Shukla documents the growing trading of traditional assets on crypto perpetual-futures venues.
The shift highlights growing cross-asset activity within crypto markets, as users seek broader hedges and exposure from a single platform. As traditional perps take a bigger slice of liquidity, traders may see evolving risk dynamics and platform competition.
Shukla’s piece underscores a broader trend of traditional assets gaining traction in crypto perpetual markets. The cross-asset participation could shape trader behavior, liquidity, and overall market dynamics on crypto platforms.















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