🏦 DeFi: Perpetual Exchanges

Cboe’s interest in VIX perpetuals signals a broader shift by traditional exchanges toward derivative products that can hedge volatility outside the crypto sphere. This move aligns with a growing appetite for “crypto‑like” instruments that offer high leverage and continuous settlement, potentially attracting institutional capital that has historically avoided spot crypto markets. The introduction of VIX perpetuals could increase overall market liquidity and provide a benchmark for volatility expectations, thereby influencing risk‑pricing across both traditional and digital asset classes. Meanwhile, DeFi Rate’s latest snapshot of BTC and ETH perp funding rates across seven exchanges shows persistent positive rates, indicating sustained short‑side pressure and a continued preference for leveraged long positions. High funding rates also suggest that liquidity providers are demanding premiums to hedge exposure, reflecting heightened market uncertainty.