Crypto price discovery shifts from spot to perpetual futures

Crypto price discovery has shifted from spot markets to perpetual futures, according to a CryptoQuant analysis by Carol Alexander cited by CoinDesk. In a recent report, the two teams said perpetual futures prices are leading spot prices, with the perpetual futures market driving price discovery by using funding rates to narrow gaps with spot prices. They added that pre-IPO trading in SpaceX (SPCX) on Hyperliquid (HYPE) had also accurately reflected market demand. At the same time, the report said perpetual futures are strong at capturing demand but have limits in forecasting supply-side variables such as insider lockup expirations.