Ex-FTX US chief bets on ‘perps’ for traditional markets
Brett Harrison’s new startup brings perpetual futures — crypto’s signature high-leverage contracts — to stocks, currencies and commodities.
Former FTX US President Brett Harrison is launching a new venture that brings one of crypto’s most popular — and controversial — trading instruments into traditional finance.
His startup, Architect Financial Technologies, has received approval in Bermuda to offer perpetual futures contracts tied to traditional assets such as stocks, indexes, commodities, foreign currencies and interest rates, Bloomberg reported Wednesday.
Perpetual futures, or “perps,” let traders take leveraged long or short positions without contract expiry. To keep prices aligned with spot markets, exchanges use a funding rate mechanism, a periodic payment between long and short positions that balances demand.