Chris Tyrer, President of Bullish Exchange, stated that the debate over systemic risks associated with perpetual futures is misguided. He believes the risks stem from the specific design of trading platforms—including leverage limits, margin rules, index construction, and default handling—rather than from perpetual contracts themselves. Although perpetual futures are entering regulated markets and critics warn that they may pose systemic risks, Tyrer emphasized that the key lies in how trading platforms structure and manage risk. He also noted that institutional investors use perpetual futures for delta hedging and value their liquidity. Bullish has filed an application with the U.S. Commodity Futures Trading Commission (CFTC) seeking designation as a Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO).