JPMorgan Chase stated that, based on its exchanges with clients and market participants, institutional demand for perpetual futures remains limited, and such products are more often viewed as speculative trading tools rather than alternatives to traditional derivatives. The report pointed out that although perpetual futures support 24/7 trading and eliminate rollover costs, most trading comes from traders seeking leveraged directional exposure, rather than institutions with genuine hedging needs. Additionally, the report believes that factors such as basis risk, lack of term structure, insufficient physical delivery, and the lack of traditional clearing guarantees for on-chain products all limit institutional adoption. (CoinDesk)