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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Perpetual futures are becoming the dominant trading instrument across asset classes, with Hyperliquid capturing $250B monthly volume as the leading decentralized venue. The platform has proven superior price discovery for pre-IPO equities and 24/7 commodity trading, with recent CFTC approvals opening US adoption."
Pantera Capital argues that perpetual futures (perps) are evolving from a crypto phenomenon into a dominant global trading instrument, with Hyperliquid leading the decentralized exchange revolution at $250B monthly volume and $800M annualized revenue. Perps offer superior execution, simpler risk management, and 24/7 trading compared to dated futures, making them the natural instrument for directional leveraged exposure. Hyperliquid has demonstrated remarkable price discovery capability, trading within 3% of Cerebras' IPO price and becoming the venue where traditional markets look for pricing when closed. The CFTC's recent regulatory approvals mark an inflection point for US adoption. Separately, tokenized startups are emerging to restore public investor access to pre-IPO companies, addressing the decade-long trend of companies staying private longer. Platforms using SPV structures, closed-end funds, and pure perps are competing to provide exposure to names like SpaceX, OpenAI, and Anthropic. While challenges around founder alignment, price discovery, and regulatory clarity remain, the convergence of SPV proliferation, RWA tokenization growth to $320B, and the breakdown of the token-equity consensus suggests tokens may re-architect the traditional IPO model for broader access.
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