Perps are leveling up from a crypto-native niche into a global trading primitive—and equity perps may be the breakout narrative of 2026.
In this year-in-review episode of Messari: Unqualified Opinions, Messari Research Analysts Sam and Qorban are joined by Messari alumni Sunny and Kunal to unpack 2025’s biggest DeFi themes: Hyperliquid’s rise, the equity perp inflection, the maturation (and looming skepticism) around prediction markets, how political markets could evolve, and why yield-bearing stablecoins may accelerate as rates compress.
This conversation connects directly to Messari’s newly published 2026 Crypto Theses report—covering the structural tailwinds behind perps + equities, stablecoin adoption, onchain market structure, and the next wave of DeFi product-market fit.
📘 Read the full (free) Crypto Theses 2026 report: https://messari.io/report/the-crypto-theses-2026
Hosted by Sam Ruskin of Messari
Subscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.
Follow Messari on Twitter: https://twitter.com/MessariCrypto
Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415e
Follow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979
____
This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.