On The Brink with Castle Island Pbj (Perpl) on the Perp DEX Market & Monad's Imminent Launch (EP.677)
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Oct 14, 2025 Delve into the booming world of perpetual exchanges as the founder of Perpl shares insights on their allure for retail traders. Discover how derivatives dominate crypto trading volumes and the innovative strategies behind Hyperliquid's success. The discussion highlights Monad's unique features and potential for broad asset classes, while examining trading behavior across desktop and mobile. Learn about the exciting future of on-chain trading and how it could transform access to traditional markets.
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Why Perpetuals Dominate Crypto Trading
- Perpetuals are derivatives without expiration that let traders hold leveraged positions as long as they maintain margin and pay funding.
- This structure concentrates liquidity into a single market, improving execution and lowering slippage for retail traders.
Derivatives Outsize Spot Volume
- Derivatives volume far exceeds spot in crypto, with Binance showing roughly a 90/10 split in favor of derivatives.
- Leverage multiplies notional value, making perp notional flows orders of magnitude larger than spot.
How Hyperliquid Cracked Perp DEXs
- Hyperliquid succeeded by launching at a moment of distrust in centralized exchanges and delivering a centralized-exchange-like UX on a custom chain.
- They combined market-making experience, passive liquidity pools, and chain-level optimizations to enable deep on-chain perp liquidity.