0xResearch The Rise of Equity Perps | Livestream
Dec 12, 2025
Shaunda Devens, a crypto researcher and analyst at Blockworks Research, dives into the exciting world of equity perpetuals. She discusses how these derivatives offer simpler leverage for retail investors compared to traditional options. Shaunda elaborates on the mechanics behind funding rates, oracles, and the role of tokenization in markets. The conversation also covers regulatory challenges and the potential for DeFi to enhance trading experiences. Finally, insights into Hyperliquid's innovative ecosystem and its scalability strategies make for a fascinating listen!
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Perps Are Simpler Delta-One Exposure
- Equity perps offer a simpler, delta-one exposure compared with options, making them more accessible to retail traders.
- Perps track the underlying one-to-one and use funding rates to anchor mark price to oracle price, simplifying risk and execution.
Retail Favors Perps Over Options
- Retail prefers perpetuals because they are simpler to use than options and fit crypto's speculative culture.
- Options price in time and implied volatility, making them less attractive for average retail traders in crypto.
High Funding Is A Transitional Cost
- Funding rates for equity perps are currently high because markets are new and market makers need incentives.
- Funding should decline over time as liquidity improves and market-making becomes easier.