<div id="readability-page-1"><h2>Key Takeaways</h2><h3>What’s the projection for equity perps?</h3>Ethena founder Guy Young said equity perpetuals could unlock a market opportunity over 30 times larger than crypto’s.<h3>Which projects will be beneficiaries of the boom?</h3>Perps DEXes like Hyperliquid and delta-neutral players like Ethena could benefit first.<hr/>Crypto speculation has hit a fever pitch. On-chain perpetuals, leveraged Derivatives that you can hold forever, provided you pay Funding Rates, are now being rolled out for equities.According to Ethena [ENA] Founder Guy Young, the equity perps trend could offer a massive upside potential. He noted,<blockquote>“Crypto created 1x &gt;$200b business and &gt;4x $10-100b businesses with perpetuals on a $4tn asset class. Equities alone are &gt;30x the size.”</blockquote>Here, he was referring to major crypto exchanges offering perpetuals like the Binance [BNB] exchange. Other businesses like Ethena’s synthetic USDe that leverage yield from delta-neutral strategies from perpetual Funding Rates have also benefited from the trend.Young added,<blockquote>“In my view, the potential upside for this product is larger than the current market cap of Robinhood.”</blockquote><div id="attachment_540814"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-130025.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="594" height="581" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-130025.png"/>Source: X</div><h2>Is equity perps the next catalyst?</h2>Young’s acknowledgment of the opportunity hinted that they may be preparing to make a move if the market matures. Jose Macedo, Co-Founder of analytics firm Delphi Research, echoed a similar stance and added,<blockquote>“Equity perps expand Ethena’s yield TAM from the $3 trillion crypto market to $120 trillion global equities market. This is not priced in.”</blockquote>The retail player Robinhood has a market cap of $129 billion. For Young, however, the equity perps could birth businesses worth way more than this figure.For perspective, Ethena’s USDe is now the third-largest stablecoin by market cap ($10 billion) because of traditional crypto perps. The firm buys a spot and opens a corresponding short on Futures (perps) to pocket the price difference or yield that backs USDe.<h2>Perp DEX boom adds momentum</h2>Crypto is only a $4 trillion market. Now, imagine scaling into a $120 trillion market with a similar delta-neutral strategy? That’s the likely bet Young could be eyeing, especially after regulatory clarity and liquidity improve.<div id="attachment_540815"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-132427.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="598" height="386" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-132427.png"/>Source: X</div>Meanwhile, the overall crypto perps space has been on a tear. In October alone, perp DEXes hauled $1.2 trillion in volume. This was nearly double the $739 billion seen in September, underscoring the massive speculation interest.<div id="attachment_540817"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-123009.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1503" height="506" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Screenshot-2025-10-27-123009.png"/>Source: DeFiLlama</div>Whether Ethena will tap into the broader perps growth and drive ENA’s value remains to be seen.</div>

HOOD

Ethena founder Guy Young predicts that equity perpetuals could unlock a market opportunity over 30 times larger than crypto's, potentially surpassing Robinhood's market cap. He highlights that equity perps could expand Ethena's yield TAM from the $3 trillion crypto market to a $120 trillion global equities market. The perpetual DEX market is experiencing significant growth, with $1.2 trillion in volume in October alone, indicating strong speculation interest. Young's insights suggest a promising future for equity perps, contingent on market maturation and regulatory clarity.

‘Bigger than Robinhood’? – Ethena’s Guy Young bets on 30× equity perpetual boom