Equity perpetuals are gaining traction as new platforms launch markets for Pre-IPO and public equity perpetuals on Hyperliquid. Platforms such as Ventuals, Felix, and trade.xyz are leading this trend, offering 24/7 trading and perpetual futures on equity products. Notably, order-book-based models are outperforming peer-to-pool approaches, with trade.xyz experiencing significantly higher trading volumes than Ostium. New entrants like Vest Markets are expanding the market by offering equity perpetuals for major indices such as the Nasdaq 100 and SPY. The rising interest in leveraged stock exposure indicates that perpetuals might increasingly replace options, especially 0DTE options, among retail traders.