Curated news digest: BMNR token listed on Hyperliquid, Singapore stablecoin licensing debate heats up, Polymarket launches 20x leverage perpetuals, and AMC CEO challenges Robinhood over AMC stock token trading legality.
DeFi & Yields ·
Polymarket launched perpetual futures on September 3 with an initial 10 markets that expanded to 67 within hours, offering leverage up to 20x on crypto assets, the S&P 500, oil, gold, and silver, while individual stocks cap at 10x. The contracts feature no expiration date and are anchored to spot prices via hourly funding rate adjustments. Polymarket Perps marks the platform's expansion beyond its prediction-market roots into leveraged derivatives trading.
U.S.-based traders cannot access the new product directly. Instead, they are routed to Polymarket US, a separate CFTC-regulated exchange operated under constraints stemming from the company's 2022 settlement with the regulator over noncompliant swap operations. This geographic segmentation reflects ongoing compliance friction between decentralized prediction markets and U.S. derivatives oversight. Maintenance margin sits at half the maximum leverage rate, meaning a fully leveraged 20x position faces liquidation after roughly 2.5% in margin losses.
The launch occurs amid competitive pressure from Kalshi, which received CFTC approval for Bitcoin perpetuals in May and has since filed for altcoin contracts, and Hyperliquid, the decentralized exchange already dominant in on-chain perpetuals. Whether regulatory clarity on leveraged crypto products will consolidate around any single venue remains unresolved.