DRW's Don Wilson Says Perpetual Futures Need Not Use 24/7 Trading or ADL

2 articles · Updated · CoinDesk · Jul 28

Don Wilson argued in X posts that perpetual futures are simply futures without an expiration date, not inherently high-leverage products with auto-deleveraging or round-the-clock trading.
Real-time margining and digital collateral let some crypto venues offer those features, he said, but they reflect exchange design choices rather than the contract itself.
Wilson said continuous settlement could cut the large upfront margin buffers common in traditional clearing, while whether to turn that efficiency into higher leverage remains a business decision.
His comments land as U.S. interest in regulated perpetuals grows, with exchanges testing broader use cases and Kalshi recently proposing precious-metals perpetuals.
Wilson urged regulators to classify perpetuals by economic substance as futures rather than swaps and to consider them for commodities, securities and crypto alike.