THE COMPOSABILITY OF CRYPTO DERIVATIVES

Summary from the TLDR Crypto newsletter

Crypto derivatives, particularly perpetual futures and options, are mainstreaming rapidly with DEXs processing over $1.2T in perp volume monthly by end-2025, led by Hyperliquid. Traders are seeking leveraged returns amid stagnant altcoin spot markets, with the systematic leverage ratio showing ~10% of crypto in purely speculative exposure. High-throughput decentralized platforms and increased regulated US access are fueling this integration into the broader financial system.