Bitget CEO: Crypto Perps Convergence Is Backwards
Bitget CEO Gracy Chen argues that the common belief of crypto derivatives converging toward traditional finance is mistaken; instead, TradFi is increasingly adopting crypto-like perps structures, signaling a reversed convergence.
Quick Take
Gracy Chen contends that perps convergence is misunderstood.
Evidence shows TradFi moving toward crypto-style perpetuals, not the reverse.
The op-ed challenges prevailing narratives about crypto market maturation.
Market Impact Analysis
NeutralOpinion piece on market structure unlikely to directly impact prices.
Speculation Analysis
Key Takeaways
- The common belief that crypto derivatives are converging toward traditional finance structures is being challenged by a top exchange CEO.
- Evidence from the perpetuals market suggests traditional finance is increasingly adopting crypto-style perpetual futures, signaling reversed convergence.
- If accurate, this shift could reshape global derivatives markets and position crypto as a financial innovator rather than a follower.
- Regulatory responses to perps in TradFi will be critical to watch.
What Happened
Bitget CEO Gracy Chen published an opinion piece challenging the prevailing wisdom that crypto derivatives are evolving to resemble traditional finance. Instead, she argues the perpetual swaps market—crypto’s largest and most liquid derivative segment—tells a story of reversed convergence. According to her analysis, it is TradFi that is increasingly adopting the never-expiring, capital-efficient structure of crypto perpetuals, not the other way around. This counter-narrative comes as institutional interest in digital assets grows but questions remain about how markets will standardize.
The Numbers
Perpetual futures account for over 70% of open interest and daily volume in crypto derivatives markets, dwarfing traditional expirable futures. Major platforms like Binance and Bybit report billions in daily perps turnover. On the TradFi side, a small but growing number of brokers and exchanges have begun offering crypto perps, with the CME Group exploring similar products. While Chen’s op-ed doesn’t cite specific figures, the dominance of perps underscores the weight of the evidence behind her claim.
Why It Happened
The perpetual swap emerged from crypto’s need for 24/7, globally accessible derivatives without expiration dates—a model ill-suited to traditional futures. This innovation drew massive volume from traders seeking capital efficiency and flexibility. Now, TradFi incumbents eyeing the crypto market see perps’ popularity and are adapting to offer equivalent products. Chen suggests this reflects crypto’s original spirit of innovation, contradicting the story that the sector is simply mimicking Wall Street as it matures.
Broader Impact
If reversed convergence persists, global derivatives markets could see a wholesale shift toward crypto-originated instruments, forcing regulators and traditional exchanges to adapt. This may accelerate integration but could also spark new regulatory battles over perps’ legality. It also reframes crypto as a source of financial engineering, rather than a mere copycat, potentially attracting more institutional capital.
What to Watch Next
- Watch for announcements from major TradFi exchanges like CME or ICE on perpetual futures listings.
- Monitor regulatory developments in the U.S. and EU, where perps face an uncertain legal framework.
- Track commentary from other industry leaders and data from Bitget and similar platforms on market structure trends.
This article is for informational purposes only and does not constitute financial advice.
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