Equity perps could overtake crypto perps within 3 years, Galaxy exec says.

Mike Harvey, head of Franchise Trading at Galaxy, made a striking call at Consensus 2026 in Miami: within two to three years, offshore-traded equity perpetual futures will surpass crypto perps in volume. That's not a vision statement — Harvey framed it as the logical endpoint of infrastructure that is already operational, with dealers like Galaxy moving natively between offshore exchanges, onshore venues, futures, and ETFs as a matter of daily routine.

The panel, which also included Grayscale's Krista Lynch and FalconX's Griffin Sears, underscored how far the regulatory groundwork has advanced. Lynch pointed to the SEC's generic listing standards as a quiet but consequential driver: two of the three paths to spot ETF eligibility run directly through derivatives markets, meaning perps are now structurally embedded in the traditional-asset approval pipeline.

By early 2026, derivatives…