Perpetual futures are more transparent than options because they are linear instruments whose profit or loss moves one-for-one with the underlying price (scaled only by position size and leverage), with no expiration and therefore no time-decay component, while their key parameters: mark price, funding rate, and liquidation levels—are computed from published formulas and displayed in real time. By contrast, options have a convex payoff with limited downside equal to the premium paid and theoretically unlimited upside, and their value is driven by an opaque implied volatility surface reverse engineered from market prices via models whose assumptions about future volatility, skew, and risk-neutral dynamics are not directly observable or continuously verifiable in the same way.