Over a trillion dollars worth of perps are traded every month, yet 99% people have never heard of them. This @LawofCodeFM episode is a multi-hour deep dive on perps, starting from the history of grain futures in Chicago to Friday's historic @CFTC announcements. It took me months to put this together. My goal: the internet's most comprehensive explainer on perps. You'll hear from the world's leading experts on the legal layer of perps; @jchervinsky and @BradBourque of @HyperliquidPC, @BrettHarrison of @Architect_Fi, @kkirkbos, @_Ryne_Miller, @mdf2000 and David Shafer of @coinbase. By the end of this episode, I promise you'll be in the top percentile for understanding perps, regardless of where you're starting from. (You just might need to listen twice. There's a lot here.) Timestamps: 0:00 Intro 4:04 What is a perp @BrettHarrison 7:18 Why futures contracts exist 8:15 Liquidity fragmentation 11:01 History of U.S. futures @_Ryne_Miller 17:08 Richard Nixon, the gold standard and financial futures 21:27 Birth of the CFTC 24:27 Robert Shiller's 1992 paper @kkirkbos 30:09 Price convergence 32:00 The funding rate 43:41 Oracles and manipulation risk 47:39 Are perps swaps or futures? 52:44 A @ChairmanSelig clip on perps 54:02 The DCM framework 59:16 DCMs, DCOs and FCMs explained 1:04:55 History of crypto perps (BitMEX) 1:13:00 How Hyperliquid works 1:25:41 CFTC's historic announcements on May 29, 2026 1:35:00 Fireside with @jchervinsky and @BradBourque of @HyperliquidPC Nothing in this podcast is legal or investment advice.

Jalen Brunson is HIM.

Settlement occurs in two ways: Physical delivery or cash. I spoke to two of the foremost experts in derivatives law, @_Ryne_Miller and @kkirkbos, to understand how derivatives settlement works today.

Compute futures are the most novel product I've heard of in the past month. What is a "compute future"? @BrettHarrison explains exactly how it works in 99 seconds (he and his team at @Architect_Fi pioneered them).

" For many users or traders of derivatives, a perpetual derivative is fundamentally better than a future or an option or a swap." @jchervinsky and @BradBourque of @HyperliquidPC explain why perps have become a trillion-dollar product so quickly. (Hint: They solve a lot of problems. Brad tells a great 1990s story on that at the 2:19 mark.)

Kudos to the team at @Kalshi, who made history with the first formal @CFTC approved onshore perpetual futures contracts in American history. A bit of a mouthful, but if you're curious, this 2-minute clip explains exactly what Kalshi was approved for.

I had the privilege of asking @HesterPeirce about why capital markets matter to her, and about the philosophy underlying her work at the SEC. "The goal of the capital markets is to bring together people who have money with people who have ideas." "That marriage is great ... you can dramatically improve the lives of the investors, the lives of the entrepreneurs and the lives of the communities that they live in and serve." She will be missed. Full conversation coming this Monday on @LawofCodeFM.

The easiest way to guarantee that no one reads what you write is to get AI to write it. We can tell. It's better to post nothing than to post slop.

ICYMI: U.S. regulated stablecoins will disappear from DeFi if stablecoin issuers are liable for the use of their tokens in permissionless environments. That harms every American. That's also the effect of OFAC’s proposed GENIUS framework. Kudos to both teams at @HyperliquidPC and @paradigm for protecting DeFi here.

Perps solve several problems in the futures market (nearly all related to expiry dates). Expiry dates were the feature, not a bug, for traditional futures contracts. @mdf2000 explains the simple and obvious reason why.

99% of people don’t understand the nuance of insider trading rules. Real answer to Duca’s Q: it depends. It depends on things like: 1) how you got the information (maybe you work at the company) 2) what duty you have to disclose your short (investment advisor?) 3) what role you have wrt the business (contractor?) 4) what laws apply (securities? Commodities? Market manipulation rules?) Among many, many others. Talk to a lawyer.

In 1971, President Richard Nixon took America off the gold standard via a historic announcement. It was supposed to be a temporary government measure. (Narrator: It was not.) It also inadvertently created a market for swaps, as I explain here.

An excellent 2 -hour explainer on perpetual futures – deep, easy to understand, eye-opening and well-produced, doesn't skimp on detail, a **must-listen** if you’re interested in how crypto structures are changing traditional markets. Great job @JacobRobinsonJD and guests ✨

Last Friday was a big one for perps. @coinbase received an interpretation and a no-action position from the @CFTC that allows the company to list true perpetual futures (as futures) and route orders through an affiliated entity. If you haven't read the CFTC's Staff Letter, this 2-minute clip from David Shafer on @LawofCodeFM covers what you should know.

The most important and novel aspect of perps is the funding rate. As @BradBourque of @HyperliquidPC explains here, the funding rate avoids the fixed and time-dependent nature of dated futures contract. Good explainer on one of the biggest benefits of perps.