I have been watching the derivatives work on Canton more closely than most new perpetual markets, largely because the setup is unusual. The network is built around institutional assets, private financial activity, and settlement that only the relevant parties can see 🤌. @ekidenfi is using that base for a trading venue rather than launching another public book.

Mainnet is live ✨, though it is still invite-only. The figures are early: over $5M in volume, about $330K in TVL, and more than $190K in open interest, across BTC, ETH, HYPE, and CC perpetuals, with leverage up to 20x. What held my attention is the market structure. It runs a central limit order book, not an AMM, with REST and WebSocket access for traders and market makers. That is closer to how serious trading infrastructure is normally operated.
The privacy side is the stronger point. Under @CantonNetwork’s need-to-know model, positions, collateral, and trading activity are not sitting in public view, while settlement stays onchain and custody stays with the user. That combination is uncommon.
These numbers are too small to call adoption. What I want to see is whether volume and open interest keep building as more desks get access. If they do, this is less an early perpetual exchange than the trading layer the network has been missing.
My referral carries a 20% mainnet multiplier: