The wave of perpetual futures has been building and is now crashing on our shores. While still primarily trading on offshore venues, perpetual futures or “perps” have captivated U.S. derivatives traders and market structure experts in 2026. The debates have been active and hotly contested. Are they futures or swaps? Are they safe for retail? Will they cause more good than harm in physically delivered markets? What about liquidity fragmentation and its impact on traditional futures markets? Will institutional investors care?
MethodologyCrisil Coalition Greenwich conducted research to better understand industry perspectives of perpetual futures (aka ‘perps’) including their impact on futures markets, benefits and risks, and application to various asset classes. In September 2026, interviews were conducted with 63 professionals at investment and trading firms, banks/brokers, exchanges/platforms, and technology and data providers in North America and U.K./Europe.
