@Blockhouse_cap

The CFTC just approved the first US-regulated bitcoin perpetual futures contract. A perp is a futures contract that never expires. Unlike traditional futures that settle on a fixed date and force you to roll into a new contract, a perp lets you hold the position indefinitely. This works because to keep the price anchored to spot, longs and shorts exchange a funding rate every few hours. Whichever side is over-positioned pays the other. Globally, perps did ~$85T in volume in 2025. The dominant crypto derivative globally - EXCEPT the US. Perps were banned by the CTFC, whose framework was built for expiring futures - set settlement, basis convergence, weekday hours. Perps didn't fit. As a result, for years, offshore exchanges built the deepest derivative market in crypto while US exchanges and trading firms were locked out entirely. Billions in trading fees and funding rate yield got captured by foreign entities and capital. None of it could touch a US balance sheet. Today, that has changed and the door has finally opened. US based allocators that couldn't legally touch offshore venues can now get exposure to the most liquid derivative in crypto, and as more US exchanges list perps - that access only deepens. At Blockhouse, we look forward to onboarding the asset managers, here at home, and closest to us. This is exactly the market we built our infrastructure to serve.

Many 8-9-figure allocators whose accounts we manage come in with prime brokers. The benefits make sense: 3:1 leverage on capital, cross-margining infrastructure, 4% borrow on BTC, and top VIP fee tiers on all exchanges. But doing this at scale is a headache: > Setting up an exchange account? 2 week approval. >Need to borrow? 3 month strategy monitoring. >Exchange rules change? Reconfigure every account. All while token and leverage restrictions handicap your returns. Want to trade RWAs, on DEXs, or prediction markets? Forget it. A new fund deploying $50M at 15% APY should clear $7.5M. But 3 months without borrow, capped leverage, and a limited token universe. You land at 9%. $4.5M. $3M gone to ops, not the market. Payroll doesn't pause. LPs won't re-up on a fund underperforming. They don't care about your set up. That's why billion dollar allocators that have never touched crypto, started with Blockhouse. Our product and relationships plug them into the best infrastructure at the best terms - generating returns from day one with minimal operational lift.

Blockhouse went from $0 to $16M in deposits in 8 months. Our clients (asset managers, funds of funds, on-chain vaults) represent $5B+ in AUM. Looks like overnight growth. It's actually 4 years of work across 2 industries finally lining up. Here's the story 🧵