Key Takeaways
- • Perpetual futures, a crypto-native product popularized by BitMEX in 2016, are now expanding into non-crypto markets for stocks, metals, and oil, with Bloomberg reporting open interest of around $9 billion in non-crypto perps.
- • Crypto perp open interest sits at approximately $67–81 billion, and perps account for the majority of crypto derivatives volume.
- • Hyperliquid, a decentralized perpetuals exchange settling trades on a blockchain, reported total open interest above $18 billion in late September 2026, up from roughly $13 billion at the end of August.
- • Ripple's prime brokerage unit has moved into perpetual swaps linked to real-world assets, targeting the roughly $9 billion institutional perp segment.
- • Bloomberg frames the trend as a reversal of blockchain-in-finance: crypto is exporting its trading products to traditional assets rather than importing traditional assets onto chains.
Summary
Bloomberg is suggesting that the case for blockchain in traditional finance may need reassessing, pointing to the spread of perpetual futures, or "perps," into markets for stocks, metals, and oil. A perpetual future removes the fixed expiry of a traditional futures contract, allowing traders to hold leveraged positions indefinitely. BitMEX popularized the product in 2016, and perps have since become the dominant form of crypto derivatives trading. Open interest across crypto perps is approximately $67–81 billion, while non-crypto perps have reached around $9 billion, according to the primary source's reporting, which links the boom to a $62 trillion market spanning stocks, metals, and oil.
Much of the momentum is attributed to Hyperliquid, a decentralized exchange built around perpetual futures where trades settle on a blockchain rather than through a traditional clearing intermediary. Hyperliquid reported total open interest of over $18 billion in late September 2026, compared with approximately $13 billion at the end of August. Around October 5-6, 2026, the Bloomberg Terminal began streaming Hyperliquid perpetual futures prices around the clock across asset classes including crypto and commodities. Ripple's prime brokerage unit has also moved into perpetual swaps linked to real-world assets aimed at institutional clients, and Bloomberg reported in October 2026 that the unit is expected to tap the roughly $9 billion institutional perp segment.
The article contrasts this with the early era of blockchain-in-finance, which was marked by skepticism and cautionary examples such as the halted Australian Securities Exchange blockchain project. A Bloomberg Businessweek article published September 24, 2026, described US regulatory support for blockchain innovation under the Trump administration, with a focus on bringing Hyperliquid into US markets.
For traders, the central features are 24/7 access and high leverage. Traditional stock and commodity markets have historically operated during business hours, while perps never close, allowing traders to react to weekend news before the opening bell. Bloomberg's coverage, as summarized by the article, presents these products as carrying both substantial opportunity and serious risk, since leveraged losses can arrive faster and be larger than in a cash trade. Risk management frameworks built around market closes and expiry dates may need revision when neither exists. The article characterizes this as a native crypto product being exported to traditional markets, in contrast to tokenization efforts that aimed to move traditional assets onto blockchains.
Much of the momentum is attributed to Hyperliquid, a decentralized exchange built around perpetual futures where trades settle on a blockchain rather than through a traditional clearing intermediary. Hyperliquid reported total open interest of over $18 billion in late September 2026, compared with approximately $13 billion at the end of August. Around October 5-6, 2026, the Bloomberg Terminal began streaming Hyperliquid perpetual futures prices around the clock across asset classes including crypto and commodities. Ripple's prime brokerage unit has also moved into perpetual swaps linked to real-world assets aimed at institutional clients, and Bloomberg reported in October 2026 that the unit is expected to tap the roughly $9 billion institutional perp segment.
The article contrasts this with the early era of blockchain-in-finance, which was marked by skepticism and cautionary examples such as the halted Australian Securities Exchange blockchain project. A Bloomberg Businessweek article published September 24, 2026, described US regulatory support for blockchain innovation under the Trump administration, with a focus on bringing Hyperliquid into US markets.
For traders, the central features are 24/7 access and high leverage. Traditional stock and commodity markets have historically operated during business hours, while perps never close, allowing traders to react to weekend news before the opening bell. Bloomberg's coverage, as summarized by the article, presents these products as carrying both substantial opportunity and serious risk, since leveraged losses can arrive faster and be larger than in a cash trade. Risk management frameworks built around market closes and expiry dates may need revision when neither exists. The article characterizes this as a native crypto product being exported to traditional markets, in contrast to tokenization efforts that aimed to move traditional assets onto blockchains.
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