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Bitcoin Traders Move to Perpetual Contracts as Risk-Free Return Ends

  • Perpetual futures have become favored product among traders
  • Perps make up 66% of open interest and 93% of trade volume
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Interest in Bitcoin has waned since the golden days of 2021, with prices and volume slumping, and online searches nosediving. But one corner of the derivatives market has been a standout. 

Bitcoin perpetual contracts -- which, unlike traditional calendar futures, don’t expire -- have long been a crypto retail-investor favorite, with a bigger number of professional and institutional traders also shifting toward them and away from traditional calendar futures. Such contracts have grown to account for around 66% of open interest and roughly 93% of trading volume, according to data from Glassnode.