A year ago, institutional perp strategy was theoretical for most traditional players.
Kalshi just hit $1B on their onshore perp offering. CEO on CNBC. First US perp license.
Vladimir Novakovski says talk to any institution, talk to any traditional exchange, they all have a perp strategy now.
We always knew it would be centralized first, then decentralized. The sequence was predictable.
The centralized era is opening. Every traditional exchange is thinking about it. The decentralized era is next.
The Bull Thesis For
@lighter_xyz in 2026 with
@vnovakovski
Timestamps
00:00 Intro
01:37 Perp Market Awareness Today
03:26 Pitching Institutions On Lighter
05:28 Ethereum Security And Escape Hatch
07:54 How Market Makers Stay Comfortable
11:17 How Lighter Bootstraps Liquidity
12:35 Pre-IPO Perp Durability
15:37 Build In-House Or Composable
19:29 US Regulatory Path For Perps
23:29 CFTC Innovation Council Insights
26:39 Questions For Commissioner Hester Peirce
28:07 Team Culture And Miami Office
32:26 Founder Decision Making Framework
34:46 AI Agents And Lighter's Stack
37:30 Perps Market Structure Long View
41:21 Power Law Or Distributed Market?