Equity Perpetuals Gain Momentum as New Platforms Emerge

Based on Blockworks, equity perpetuals have become a dominant focus in recent weeks, with multiple platforms launching Pre-IPO and public equity perpetuals markets on Hyperliquid. These markets offer 24/7 trading and perpetual futures on equity products, with platforms like Ventuals, Felix, and trade.xyz leading the charge. Order-book-based models are outperforming peer-to-pool approaches, as seen in the significantly higher trading volumes on trade.xyz compared to Ostium. New entrants like Vest Markets are also entering the space, offering equity perpetuals for major indices like the Nasdaq 100 and SPY. The growing interest in leveraged exposure to stocks suggests that perpetuals may increasingly replace demand for options, particularly 0DTE options, among retail traders.