Today we launched the first stock index perpetual future in America. You can now trade a perp on the US 500, an index of America’s largest companies weighted by market cap. Stock index perps let you trade the broader market with greater capital efficiency and make it easier to do things like take a short position. Unlike traditional options and futures, they don’t expire, so there’s no need to roll over contracts or decide when to exercise an option. Gains and losses are tied directly to how much the market moves, giving you an efficient and straightforward way to ask the question: is the market going up or down? One perpetual contract concentrates liquidity instead of spreading it across expiration dates. Bringing more traders and competing views into a single liquidity pool on a national exchange can strengthen competition, improve pricing, and make markets more efficient over time. This launch brings us closer to building a financial exchange for anyone and everyone. Prediction markets gave traders exposure to the events that move the stock market. The US 500 is the natural next step: a way to trade on the market itself.