About this event
Perpetual futures are crypto’s most significant market structure innovation. Now entering a new phase as they come onshore to the U.S. market through similarly designed products such Cboe's continuous BTC and ETH futures. In 2025, these products accounted for more than 70% of total BTC trading volume.
This webinar will examine how and why perpetual futures became the dominant crypto derivatives product globally, and what fundamentally changes as they are now available to institutional investors in the United States. The discussion will cover the transition from offshore retail markets to onshore institutional, evolving expectations around transparency and benchmark integrity from Cboe and Kaiko, and execution perspectives from Marex and Prime Trading.
Agenda
- The shift from offshore retail to U.S. institutional markets
- Why reliable benchmarks backing continuous future markets matter to the users?
- Cboe's and Kaiko's approaches to perpetual-style products
- Trading, liquidity, and execution perspectives on these products, from Marex and Prime Trading
This event is part of The Agora pre-event webinar series, leading up to Kaiko's annual gathering of global financial institutions building in digital assets. Learn more and secure your place at The Agora.
Hosted by
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Team member
Adam Morgan McCarthy Sr. Research Analyst @ KaikoT
Adam Morgan McCarthy leads research at Kaiko, focusing on crypto derivatives, indices, and ETF impacts since 2024.
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Guest speaker
Tom Kalaway Prime TradingTK G
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Guest speaker
Dennis O'Callahan CboeG
Dennis has been instrumental in developing volatility index derivatives, credit event derivatives, corporate bond index futures, interest rate futures and product enhancements such as weekly options. During his tenure at Cboe he has been the inventor of several patented product designs and has patents pending for several other product innovations. Prior to joining Cboe, Dennis developed interest rate products at the CME.
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Guest speaker
Tom Chlada COO @ Prime Trading, LLCG
Tom Chlada is a 39-year veteran in the financial services industry with a successful history of building profitable businesses. He joined Prime Trading and Prime Capital Markets in 2022 after his most recent role as Managing Director of PTG Sales at RCM Alternatives in Chicago. Prior to that he spent 2 years as Vice President of PTG Trading at Wedbush Securities. Tom served as Director and Business Manager at ABN AMRO Clearing Chicago formerly Fortis Clearing Chicago LLC and O’Connor and Company LLC, where he was Head of the U.S. Relationship Management Team and Business Development for 12 years. Prior to ABN AMRO, Tom served as Chief Executive Officer at FFASTFILL U.S. LLC. He spent seven years in London with CRT, NationsBank, and Bank of America, as a Trainer, Risk Manager, and Options Market Maker on LIFFE and the European Futures exchanges. He holds the Series 3, 7, 24, and 63 licenses.
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Guest speaker
Brooks Dudley Head of Digital Asset Sales @ MarexG
The Agora
Where ideas shape the new financial infrastructureAt the intersection of traditional finance and digital markets, the Agora by Kaiko, provides a curated space for executives to examine market infrastructure evolution, operational efficiency, and institutional capital deployment in digital assets.
