The perps are coming.

That’s not shorthand for criminals. We’re talking about perpetual futures, a once-obscure crypto-linked play that could soon expand across markets.

Perpetual futures have been in the zeitgeist lately. Along with “tokenization,” perps are seen as a structural engine for 24/7 trading, something that regulators and finance pros have advocated for recently.

The model has been championed by crypto proponents for a long time, but there’s a growing push to bring perpetual futures to other markets, including indexes, single stocks, and commodities.

“The bigger question isn’t whether perp futures are coming to traditional assets,” stated Jordan Knecht, head of strategic integrations at…