The bank said clients and market participants still view perpetual futures mainly as speculative tools, with basis risk, no term structure, limited physical delivery and weaker on-chain clearing protections constraining broader use.
JPMorgan said discussions with clients and market participants show institutional demand for perpetual futures remains limited and is still centered largely on speculative trading. The bank said the products are viewed more as trading tools than substitutes for traditional derivatives, pointing to basis risk, the lack of term structure, limited physical delivery, and the absence of traditional clearing protections for on-chain products as key barriers to broader adoption.