Perpetual futures (perps) are among the most traded crypto products globally. But so far, they’ve been mostly off-limits in the U.S. That’s about to change.

Executive Editor Steven Ehrlich joins Laura to discuss his recent reporting on Hyperliquid’s rise, the surging American appetite for perps, and why Coinbase and Robinhood are finally entering the market. They break down what makes perps attractive, the barriers U.S. firms will face, and whether regulated platforms can really compete with a token-fueled DeFi juggernaut.