Equity perps right now look a lot like crypto perps did in 2024. Currently funding runs 11-31% annualized and liquidity is thin. But crypto perps faced the same criticisms until the basis trade arrived. Before BTC spot launched on Hyperliquid, funding averaged around 18% annualized. Within months it compressed to around 9%, That same flow deepened the order book and anchored price to the underlying. Equity perps could be approaching the same inflection point.(Delphi Digital)