Crypto’s Perpetual Futures Model Is Moving Into Traditional Markets

The perpetual futures model developed in crypto is finding a place in traditional markets. Proposals for single-stock contracts and regulated access to on-chain exchanges point toward a broader change in how investors trade market exposure. For equities, that could mean more flexibility around trading hours and contract duration. For crypto, it could expand the role of its trading infrastructure beyond digital assets.

A familiar trading model reaches new markets

Payward, Kraken’s parent company, announced on September 18 that it was filing to bring single-stock perpetual futures to US traders. The proposal initially covers ten stocks and targets 24/5 trading, subject to the applicable regulatory process. These contracts would allow eligible traders to take long or short exposure without rolling an expiring perpetual futures contract. [1]

Two days earlier, Payward announced a separate plan to deploy US perpetual markets on Hyperliquid. Under that proposal, Bitnomial would operate and clear the markets, while NinjaTrader Clearing would carry client accounts. Access would be restricted to approved accounts and remains subject to regulatory approval. [2]

The announcements should not be conflated: the stock-futures filing does not establish that those contracts will trade on Hyperliquid. Together, however, they show an established financial group pursuing both the perpetual contract format and the infrastructure developed around it. This is a more substantial shift than another crypto exchange adding a ticker.

For an investor, the attraction is practical. A market view does not always fit the opening hours or expiry schedule of the available instrument. Earnings releases and geopolitical developments can change that view outside the main trading session. Longer trading hours offer more opportunities to adjust exposure, while a perpetual contract removes the recurring need to replace an expiring position.

Those benefits do not eliminate trading costs. Funding payments, margin requirements and available liquidity still affect what a position earns or loses. A market that stays open can also be thin when the underlying market is closed. Continuous access and reliable execution are separate achievements.

Broader access makes the trading process more important

Hyperliquid’s HIP-3 framework lets builders define and operate perpetual markets using its trading infrastructure. The shared API gives software a common way to interact with those markets, while individual markets retain their own specifications and operating responsibilities. [3] That makes it possible to build trading applications around an expanding range of exposures without rebuilding every connection from scratch.

The implication for AI trading is a wider field of potential application. A systematic process could eventually help investors manage views across more markets through familiar tools. But a model that works on one market cannot simply be assumed to work on another. Trading hours, funding and liquidity affect both the signals it sees and the results it can deliver.

For AlphaNet, the significance is the expanding scope of an AI DEX. As more markets become accessible through infrastructure such as Hyperliquid, systematic trading can reach beyond its original crypto universe. The work shifts toward researching strategies suited to those markets, rather than building a separate trading connection for each one.

The next milestone is whether these proposals become usable markets with sustained liquidity. If they do, crypto’s influence on finance will extend beyond the assets people trade to the way trading itself works.