Bitcoin and ether markets are ruled by perps. SpaceX showed how far their influence can go
CoinDesk·
60-second summary
Perpetual futures dominate price discovery for bitcoin and ether, with traders using this machinery to accurately price the biggest IPO in history, surpassing Wall Street's estimates. However, this same machinery then failed to account for the stock's subsequent surge, highlighting the complex dynamics between perpetual futures and traditional markets, and the evolving influence of perps on the crypto landscape.
Perpetual futures drive much of the price discovery for bitcoin and ether. When traders pointed the same machinery at a private company, they priced the biggest IPO in history more accurately than Wall Street, and then watched the stock walk away from them.