According to CoinMeta, perpetual contracts (perps) are the largest segment of the crypto market and are quietly reversing the narrative regarding the integration of crypto with traditional finance. The design of perpetual contracts eliminates the expiration and settlement dates associated with traditional futures, replacing them with a funding rate that keeps the contract price in line with the spot price. According to research by Coindesk, in May 2026, the trading volume of perpetual contracts for real-world assets reached $211 billion, which is approximately sixteen times that of $12 billion in the fourth quarter of 2025. Analysts expect that the trading volume of stock perpetual contracts will eventually surpass that of crypto perpetual contracts.