Perpetual futures, or "perps," are rapidly disrupting traditional exchanges, with their 24/7, non-expiring trading model. Following President Trump's recent press conference, which teased a path for CFTC regulation of decentralized perp platform Hyperliquid, Wall Street may shift from resisting to embracing these products. The rise of perps has already led to a combined $18 billion market value drop for CME Group, Cboe Global Markets, Intercontinental Exchange, and Miami International Holdings in two days. While U.S. approval for perps has been limited to cryptocurrencies, Trump's comments suggest regulated trading could soon extend to traditional asset classes like stocks and commodities, potentially challenging traditional exchanges' revenue streams from derivatives roll-overs. Hyperliquid, a leading decentralized venue, recorded nearly $200 billion in notional volume last month, and i