Perpetual futures high-frequency trading flows reveal

High-frequency trading flows reveal that "perpetual futures" linked to semiconductor indices are in backwardation, reflecting cautious near-term views but strong positioning for year-end. Options market skews also align with the view of a potential post-earnings rally in chipmakers. In comparison, Hyperliquid, which launched its perp DEX platform in 2023 and its TGE in November, sees HYPE currently trading at $49.63 with a $49.5 billion fully diluted valuation, while Lighter has yet to launch a token. Perpetual futures dominate the crypto derivatives market, accounting for the majority of trading volumes. Key trends include: