Hyperliquid, Binance, CME. Why Nobel Prize Winner Robert Shiller's Invention is Destroying Retail

The perps run on Hyperliquid, Binance, CME, and more, all stemming from Robert Shiller's 1992 description of perpetual futures. Perpetual futures, or perps, are tools for hedging risk, but also for retail speculation.

Dana Love, PhD, follows the perpetual future from a Nobel economist's 1992 paper to a $61.8 trillion market, and explains why CME Group is really in federal court fighting it.

Perps were not invented by crypto. Robert Shiller designed them in 1992 to trade real estate. Crypto operationalized them, scaled them to $61.8 trillion a year, and now the structure is escaping crypto: perpetuals on stocks, on oil, on pre-IPO shares, even on the rental price of the Nvidia H100 chips that train AI. The question CME's lawsuit is really about is who gets to bring that machine onshore.

CME sued the CFTC over a Dodd-Frank classification argument. But CME is already building its own perpetual-style product, the Spot-Quoted Future, on the S&P 500. The legal fight is a MacGuffin. While CME litigates to slow its rivals, it innovates to take the market itself. Win or lose the case, CME wins. It was never about swaps or futures. It was about the money.

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CHAPTERS
00:00 BitMEX realized Shiller's vision
01:00 Dana's four things
01:42 Hyperliquid shows perps aren't just for crypto
03:13 The perp has expanded outside crypto
05:05 What CME tells us, and what they show us
07:08 Meet the spot-quoted future, CME's perp
08:41 The lawsuit doesn't have to win
11:20 Position, not principle, drives CME's actions

SOURCES
Perpetual futures history, Shiller 1992 and BitMEX 2016: https://en.wikipedia.org/wiki/Perpetual_futures
CoinGlass 2025 Annual Report, perp volume: https://www.coinglass.com/learn/2025-annual-report-en
CME Group, Spot-Quoted Futures explainer: https://www.cmegroup.com/articles/2025/gaining-capital-efficient-exposure-to-spot-crypto-prices.html
Devexperts, A Perp by Any Other Name, SQF as CME's perp: https://devexperts.com/blog/the-rise-of-us-perpetual-futures/
Cryptopolitan, CME launches 24/7 crypto futures: https://www.cryptopolitan.com/cmes-24-7-crypto-futures-trading-reshapes/
DeFi Rate, CME sues CFTC, Duffy on hedging and Selig on funding rates: https://defirate.com/news/cme-sues-cftc-over-perpetual-futures/
CNBC, Terry Duffy interview, June 17: https://www.cnbc.com/2026/06/17/cme-ceo-terrence-duffy-says-the-exchange-operator-will-sue-cftc-over-perpetual-futures.html

FOOTAGE
Terry Duffy and Michael Selig: CNBC, Fast Money
Terry Duffy: CNBC, Fast Money
Alfred Hitchcock: The Dick Cavett Show

#PerpetualFutures #DanaLovePhD #CME #Hyperliquid #CryptoDerivatives #CryptoNews