Perpetual Futures

Tokenized assets reached a $3.5B record and prediction markets gained traction, while funding fell to 3% from 11% in two days.

BTC hit a $62,137 July high as 57K nonfarm payrolls and nearly $450M in short liquidations hit at once.

The launch pairs tokenized equities in 120+ countries with a self-custody USDG lending product targeting an estimated 7% APY.

ESMA has signaled “perpetual futures” can be treated like CFDs, but cross-border enforcement remains uneven.

Rising funding and short interest are being cited as a volatility accelerant even as charts map a relief bounce toward $70,000.

The comments land after May BTC-linked perp approvals and as CME sues the agency under the Commodity Exchange Act.

SpaceX stock perpetuals also climbed to $812M notional open interest, concentrated on Hyperliquid and Binance.

The exchange argues the product should be treated as a Dodd-Frank swap and says the agency skipped required analysis.

Commentary pointed to Binance spot selling into the rally and framed $66,000 as near-term upside.

HyperDash data shows margin falling from about $100,000 to roughly $14,000 and all-time perps losses at $803,800.

Analysts called derivatives “the prize” but expect limited near-term earnings impact from the new slate.

The US rollout pairs stock/ETF transfers with a roadmap for options, perps variants, and prediction markets.

The move opens an onshore pathway for a core crypto price-discovery product long dominated by offshore venues.

SPCX perpetuals printed a $159.89 pre-open VWAP, while tokenized “IPO access” campaigns were canceled after allocations failed.

Kalshi says its newly launched U.S. perps crossed $1B in volume, offering an early demand signal.

SPCX pre-IPO perps drew $2.1B on Binance in 18 days and $115M+ OI on Hyperliquid ahead of expected Thursday pricing.

The exchange is pitching the products as regulated derivatives as MiCA’s July 1, 2026 authorization deadline approaches.

The note spotlights $1.06B annualized fees, $220B 30-day perp volume, and $2B+ in cumulative HYPE repurchases since Jan. 2025.

Worldcoin whipsawed from above $0.60 to around $0.40 as Hayes cited a falling SpaceX pre-IPO perp chart.

Negative perp funding and $1.28B in long liquidations met a fresh Zcash infinite-mint bug headline and a DeFi TVL slide.