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The street's best takes on crypto — without the timeline.

A curated feed of what serious analysts are saying about specific tokens, equities, and private companies. Updated continuously.

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Market Structure

4 takes

All takes are our summaries. Tap View on Xfor the analyst's original words.

Sam Schubert
Sam Schubert@minnus·5d

Bulk Perps: The Sidecar Thesis

Sam argues Solana's perps problem runs deeper than liquidity—the chain lacks execution guarantees market makers need for tight quotes, while Hyperliquid processes 5-10x Solana's entire perp volume. Bulk's answer is a validator-native sidecar network handling matching and risk separately from Solana's leader-based execution, paired with a SPAN-style portfolio-aware risk engine that cuts margin requirements 70%+ on hedged books—the institutional standard CME has used for decades but no live crypto venue currently offers. The model preserves composability by keeping collateral productive on Solana while supporting trades, with mainnet targeting this half.

$SOLMarket StructurePerp Trading
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Sam Schubert
Sam Schubert@minnus·23d

Solana Perps: Engineering the Missing Piece

Solana hosts crypto's deepest retail user base but has ceded perpetual futures dominance to Hyperliquid, which runs 5 to 10x the volume of Solana's entire perps complex. Sam Schubert attributes this to Solana's general-purpose design lacking the execution guarantees perp makers need—non-deterministic ordering, opaque fees, and rotating validator leaders every 1.6 seconds make quoting impractical. Three new protocols (Phoenix Perps, Bulk, Bullet) are attacking the execution gap with different approaches, but closing that gap may not matter if Solana can't convert its memecoin-focused retail base into active perps traders.

$SOLMarket StructurePerp Trading
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Kunal Doshi
Kunal Doshi@Kunallegendd·111d

The Bull Case for Equity Perps and the Likely Winners

Kunal argues equity perpetuals will onboard retail traders not by competing with options but by displacing leveraged ETFs, which see $800-900B in monthly volume. Leveraged ETFs mechanically lose value through daily rebalancing even when underlying assets trade flat, while equity perps offer constant notional exposure without decay. Though early traction shows $12.9B cumulative volume on Hyperliquid since mid-October, adoption will ultimately depend on distribution—Robinhood and Coinbase are best positioned to capture this market once regulatory frameworks permit, potentially capturing 5% of leveraged ETF volume and driving 17-70% volume growth.

Market StructurePerp Trading
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matteo
matteo@0xmattegoat·161d

Equity Perps Done Right

Matteo outlines core design challenges for onchain equity perpetuals: oracle pricing gaps during off-hours and weekends make traditional funding mechanisms economically meaningless. Instead of pretending basis exists, he proposes symmetric weekend fees feeding insurance, matching bands clamped around Friday's close (like regulated equity ATS), synthetic dividend settlement to avoid oracle jumps, and base funding rates around 4% rather than crypto's ~10% to compete with CFDs. The constraint: build honestly about fragility and cap maximum weekend PnL distortion the insurance fund must absorb.

Market StructurePerp Trading
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