Crypto's 24/7 Trading Revolution Hits Wall Street: Stocks Go Perpetual with 100x Leverage

A product born in crypto’s most fevered era is being quietly rebuilt for the US stock market — trading 24-7, with no brokers and no closing bell.

What Are Perpetual Swaps?

The perpetual swap, or perp, is a derivative that lets traders take long or short positions on a digital asset’s price, without ever owning it. In crypto, perps have reshaped trading, becoming a multi-trillion-dollar engine of leverage and liquidity, where positions can run as high as 100-to-1 and never expire.