perpetuals

According to CoinDesk, Nasdaq-listed fintech company Perpetuals.com plans to offer tokenized trading services for U.S. stocks based on the innovative exemption mechanism introduced by the U.S. Securities and Exchange Commission (SEC). This plan predates the proposal related to the joint venture between OKX and Intercontinental Exchange (ICE).Perpetuals.com CEO Patrick Gruhn co-founded Digital Assets AG, which developed stock-linked tokens for cryptocurrency exchanges including Binance and FTX, and was later acquired by FTX Group. The related trading could potentially start in mid-November, but the company still needs to complete technical and compliance preparations.

The cryptocurrency protocol Ethena, which issued $4 billion in synthetic US dollars (USDe), announced plans to expand its basis trading strategy to stock perpetual contracts. According to Ethena's data, the open interest in stock perpetual contracts has grown tenfold to $6.2 billion since March. Over the past few months, the funding rates on Hyperliquid and Binance averaged approximately 14% and 17.5%, respectively, while the Bitcoin funding rate during the same period was only in the low single digits.Ethena pointed out that the average Bitcoin funding rate was 11% in 2024, 4.9% in 2025, and has dropped to 2.2% as of August 11 this year. In contrast, stock perpetual contracts had positive funding rates on 94% of trading days on Hyperliquid and 97% on Binance, with a median funding rate of 13.9%, while Bitcoin's was 3.9%. Co-founder Guy Young stated that stocks tend to rise in the long term, creating a continuous demand for leveraged longs to pay fees, and that the funding rate for stocks has almost no correlation with Bitcoin, providing USDe with a revenue source that relies less on the crypto market.The global stock market had a market capitalization of approximately $166.5 trillion in July, far exceeding the crypto market's approximately $2.2 trillion. This expansion is one of Ethena's initiatives to seek new revenue sources after the supply of USDe fell from a peak of about $15 billion to below $5 billion. Last week, it also announced a $1 billion financing arrangement with FalconX.

According to CoinDesk, the AI-driven derivatives trading platform Perpetuals com (PDC), founded by former core members of FTX Europe (FTX EU), has officially launched, with its stock beginning trading on Nasdaq on Tuesday. The platform was co-founded by Patrick Gruhn and Robin Matzke, who were co-founders of the Swiss digital asset company Digital Assets, which was acquired by Sam Bankman-Fried in 2021 and renamed FTX EU.The launch of Perpetuals com stems from the business integration following Earlyworks Co.'s acquisition of Perpetual Markets Ltd. The company stated that its platform offers regulated 24/7 self-clearing trading and blockchain-based settlement technology.After the bankruptcy of FTX's parent company, Gruhn and Matzke successfully repurchased the remaining assets of FTX EU after a lengthy legal process and quietly developed the Perpetuals platform. Gruhn stated that this process provided the company with a vast amount of retail trading data to train its AI and machine learning systems.It is reported that Perpetuals' AI system is trained on over 10 million transaction histories from multiple mainstream crypto exchanges, capable of analyzing market sentiment and calculating the profit and loss probabilities of individual traders, helping option issuers, market makers, and others optimize their hedging strategies. The company's goal is to provide the market with innovative products that serve as alternatives to traditional CFDs (Contracts for Difference) and perpetual contracts, and to reduce potential losses for retail traders in a trading environment that has long been considered unfair and even predatory through AI-enhanced derivatives.