Everyone has the perps convergence backwards

The scale is easy to underestimate. Perps are the deepest and most liquid instrument in crypto , with daily volumes that have approached three-quarters of a trillion dollars and that routinely run several times the size of the spot markets they reference. Their design stripped out the two features that define a traditional future, the expiry and the settlement date, and replaced them with a funding rate that keeps the contract anchored to spot. For most of their history, they were treated as a crypto-native product with little relevance beyond it.