Bitcoin Perpetual Futures Are Now Available for Trading. Here's What You Need to Know.

The article explains that Bitcoin perpetual futures are now legally available on certain platforms after the CFTC cleared the first onshore contract on May 29, expanding access to a popular crypto derivative previously limited for U.S. participants. It argues that while perps may boost liquidity and trading activity in crypto markets, they are highly risky due to leverage, liquidation risk, and the fact that most retail traders lack an edge. The piece also highlights that the opportunity may be better captured by owning platforms that collect trading fees, such as Hyperliquid, which dominates the decentralized on-chain perp niche and uses 99% of trading fees for token buybacks. Overall, the article is bullish on the market impact for crypto liquidity, but cautionary on direct trading of perpetuals.