Pantera: Hyperliquid highlights how on-chain perps may disrupt Wall St

Perpetual futures—derivatives that typically trade without fixed expiry dates—are increasingly being positioned as a next-generation instrument for markets that never sleep. In a Wednesday post on X, blockchain-focused asset manager Pantera Capital argued that decentralized venues built around onchain infrastructure could make 24/7 perpetual trading materially more competitive with traditional finance by improving continuity of trading and simplifying contract mechanics.

Pantera, which is an investor in the Hyperliquid ecosystem, highlighted Hyperliquid as a leading example of that shift. The firm also pointed to growing interest from established market operators, including NYSE parent Intercontinental Exchange (ICE), and cited data suggesting onchain perpetuals have taken a meaningful share of total perpetual volumes over the last year-plus.

Key takeaways

• Pantera says perpetual futures offer structural advantages—such as 24/7 trading and continuous price discovery—over many traditional derivative formats.
• Hyperliquid is presented as the clearest onchain case study, extending perpetuals from crypto to equities, commodities, and stock indices.
• Pantera claims decentralized exchange (DEX) perpetual volumes have risen to 14% of centralized exchange (CEX) perpetual volumes, up from less than 1% in early 2023.
• Pantera estimates Hyperliquid represents about 40% of onchain perpetual trading volume and generated $13.5 million in weekly fees over the past seven days, according to DefiLlama data.
• Traditional finance firms are moving toward onchain 24/7 markets, with ICE leadership urging regulators to avoid a “level playing field” disadvantage for onchain perps.

Why perpetuals are attracting attention beyond crypto

Perpetual futures have long been a staple in crypto markets, but Pantera’s argument is that their core mechanics translate well to broader financial products. According to the asset manager, onchain perpetual venues benefit from several “structural advantages” relative to conventional derivatives: trading can run continuously, positions don’t face the same kind of scheduled contract expiries, position management can be simpler, and prices can reflect ongoing demand through uninterrupted markets.

The point matters for investors and market participants because it reframes the debate away from whether derivatives can be moved to blockchain and toward how the product’s operational characteristics change trading behavior. If market hours and contract roll cycles are reduced, liquidity dynamics and execution practices may shift—particularly for strategies that rely on staying continuously exposed rather than rebalancing around expiry windows.

Hyperliquid’s expansion and the push toward “housing all of finance”

Pantera specifically singled out Hyperliquid as evidence that perpetuals can spread quickly when the venue’s design supports both trading continuity and a growing menu of assets. The firm said Hyperliquid has gone beyond cryptocurrencies and expanded perpetual futures into equities, commodities, and stock indices as part of founder Jeff Yan’s vision of “housing all of finance.”

That expansion is significant because it introduces a compatibility question that often holds back experimental derivatives: whether an onchain trading venue can support complex, non-crypto underlyings while maintaining the user experience traders expect. By framing Hyperliquid’s asset diversification as a key driver, Pantera is effectively arguing that the perpetual model—paired with always-on trading—can serve as a general-purpose derivatives interface.

Onchain perps gain share, but central venues are watching closely

Pantera’s post also emphasized measurable traction in onchain perpetuals. The firm said DEX perpetual volumes rose to 14% of CEX perpetual volume, up from less than 1% in early 2023, when Hyperliquid first launched. It further claimed Hyperliquid accounts for roughly 40% of onchain perpetual trading volume.

To ground the growth narrative in revenue generation, Pantera cited fees performance: Hyperliquid, it said, generated $13.5 million in weekly fees in the past seven days, using DefiLlama data. While trading volume and fee totals are not the same metric, the combination is useful for readers because it suggests demand is not purely speculative—there is sustained activity sufficient to support protocol revenue.

Still, the numbers also highlight a transition phase. Even at 14% of CEX perpetual volume, the majority of perpetual activity remains centralized. Pantera’s figures therefore portray an emerging competitive set of venues rather than a complete replacement of traditional exchanges.

Traditional finance steps toward 24/7, and ICE calls for regulatory parity

Pantera’s thesis about perpetual futures has drawn parallels with moves already happening in traditional finance. The asset manager pointed to attention from ICE, where CEO Jeffrey Sprecher urged regulators to create a “level playing field” for launching 24/7 onchain perpetual futures contracts.

The underlying tension is straightforward: onchain derivatives aim to bring trading closer to continuous market mechanics, but regulatory frameworks and supervisory expectations may still treat onchain offerings differently than traditional venues. Pantera’s mention of ICE leadership implies that the competitive stakes are large enough that major incumbents are advocating for consistent rules rather than waiting for markets to converge naturally.

Momentum appears across multiple related announcements involving 24/7 trading ambitions. Cointelegraph previously reported that OKX announced plans to launch perpetual futures linked to ICE’s Brent crude and West Texas Intermediate benchmarks, citing a partnership with the exchange operator. Earlier coverage also noted the NYSE’s collaboration with tokenization platform Securitize to develop blockchain-based stock trading infrastructure with 24/7 trading and settlement for Wall Street, as well as ICE’s plans for a tokenized securities venue aimed at 24/7 trading and instant settlement, with stablecoin-based funding and onchain settlement.

Taken together, these developments show that the “always-on” market concept is no longer confined to crypto infrastructure. Instead, it is becoming a reference point for how TradFi platforms consider liquidity access, settlement speed, and funding workflows.

For readers, the next thing to watch is whether regulatory clarity accelerates the move from pilots to scaled onchain perpetual launches across more traditional asset classes. Pantera’s data suggests onchain perps are already carving out measurable share, but the pace of expansion beyond current players will likely depend on how the “level playing field” debate resolves and whether incumbents can align product rollouts with regulator expectations.