Contributor
Perps trading has evolved a lot over the last few years. Matching engines got faster. New types of pairs are traded, such as pre-markets, commodities, and (now, increasingly) equities. Centralized exchanges pioneered portfolio margin, so that crypto collateral such as BTC and ETH can act as margin alongside stablecoins. If collateral rewards becomes a default option on the leading decentralized perps venue, the benefits accrue not only to HyENA or Ethena, but to the broader community of traders, desks, and builders on Hyperliquid.
