In the crypto ecosystem, blockchains are competing to host perpetual futures exchanges (perpetual decentralized exchanges), or perp DEXs. These exchanges give traders, market makers, and institutional participants access to leveraged products. While some blockchains have begun exploring their own derivatives venues, this does not necessarily guarantee sustained trading activity. Derivatives make up most of today’s crypto trading activity, accounting for the majority of total volume. Some chains are actively incubating perpDEXs instead of waiting for external teams to select their network for use. However, some argue that decentralization can be beneficial for institutional traders and allow for greater privacy and limited delays in transaction times.