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Markets debate how to move from perpetual swaps to CFDs
The Block explores why the current trading setup in crypto derivatives, built for 24/7 activity, can be structurally mismatched with traditional market structures and retail participation patterns.
The analysis argues that venues designed around fixed exchange hours, such as the NYSE’s 9:30 a.m. to 4:00 p.m. Eastern session, reflect an earlier era when market participation was more geographically concentrated and order flow was physically intermediated.
Against that backdrop, the article frames an evolution in regulated products, moving from perpetual swaps toward perpetual CFDs, as a way to better align derivatives access with the realities of global, always-on retail trading.