The US compliant crypto perpetual market has seen tangible product developments: Crypto.com and OG.com announced the launch of perpetual contracts for eligible US users. Ripple also expanded the use of RLUSD in the Robinhood and BNY ecosystems. Yesterday, Hyperliquid disclosed Payward's compliant perpetual deployment plan, and today Crypto.com and OG.com announced the launch of their US compliant perpetual products. This raises a question: When traditional exchanges can legally offer 24/7 perpetual trading, where will the long-term competitiveness of on-chain exchanges come from? Perhaps it's market depth, transaction costs, user retention, and ultimately, how much actual revenue can be captured by tokens? In the last five full trading days, both BTC and ETH spot ETFs have experienced net outflows. Key event: The Federal Reserve FOMC interest rate decision will be announced at 2 AM tonight.