Beyond Expiration: Perps, Transparency & The Future of Trading

Join our hosts as they explore the evolution of perpetual futures and how these “no-expiration” instruments are reshaping crypto market structure. From the mechanics of funding rates to the differences between traditional and perpetual futures, we break down why perps have become a dominant trading vehicle in digital assets. We'll cover the rapid rise of on-chain platforms like Hyperliquid, examining how permissionless market creation, expanded asset access, and real-time transparency are redefining who can trade—and what they can trade. We'll also unpack core trade-offs: from oracle design and liquidity challenges to smart contract risk, visible positions, and regulatory uncertainty. Listen in as we look ahead at what these innovations could signal for the broader future of markets, including the potential convergence of crypto-native infrastructure with traditional finance. **Episode Topics:**  \[0:00] Intro \[1:20] News Rundown \[2:17] About Spot Markets & Perpetual Futures \[8:06] Features & Differentiation \[13:14] Risks & Considerations \[20:14] Market Validation \[23:44] Final Thoughts & Outro Stay connected with us beyond the podcast by following FCAT on, Instagram, LinkedIn, and X, where we share additional insights and updates on all things emerging tech.  Whether you're crypto-curious or have a crypto foundation, Fidelity may have your next career opportunity. EXPLORE NOW.  Please remember: this podcast is solely for informational and educational purposes and is not investment, tax, legal or insurance advice. Digital assets are speculative and highly volatile and you should conduct thorough research before you invest. To learn more, visit: FCATalyst.com FMR LLC. © 2026 FMR LLC. All rights reserved.  ### Chapters - (00:00:00) - Intro - (00:01:20) - News Rundown - (00:02:17) - About Spot Markets & Perpetual Futures - (00:08:06) - Features & Differentiation - (00:13:14) - Risks & Considerations - (00:20:14) - Market Validation - (00:23:44) - Final Thoughts & Outro