Hyperliquid, a decentralized exchange, has rapidly gained traction in the crypto market, amassing billions in trading volume within just two years. Specializing in perpetual futures, it has attracted significant investment and outperformed Coinbase in several metrics, positioning itself as a formidable player in the industry, albeit smaller than Binance.

Kraken has introduced perpetual futures trading for eligible retail clients in select jurisdictions, aiming to expand its offerings as it prepares for a public listing in 2026. These perpetual contracts allow traders to speculate on price movements without owning the underlying asset, featuring built-in protections like stop-loss functions for risk management.