24/7 Perpetual Trading Expansion into Traditional Asset Classes: The Disruptive Potential of Neo-Brokerages and DeFi Platforms

The financial landscape is undergoing a seismic shift as neo-brokerages and decentralized finance (DeFi) platforms redefine market infrastructure through 24/7 perpetual trading in traditional asset classes. This evolution, driven by technological innovation and shifting investor expectations, is blurring the lines between traditional finance (TradFi) and decentralized ecosystems. While challenges persist, the momentum behind continuous trading models suggests a paradigm shift in how global markets operate.

Neo-Brokerages: Bridging the Gap Between Retail and Institutional Markets

Neo-brokerages like Robinhood and Webull have long capitalized on the demand for accessible, user-friendly trading platforms. However, the next frontier lies in their integration of 24/7 perpetual trading for traditional assets. Cascade, a New York-based startup, exemplifies this trend with its unified margin account model, which allows retail traders to access perpetual markets tied to cryptocurrencies, U.S. stocks, and even private companies like OpenAI and SpaceX. Cascade's platform, built on a new execution and settlement stack, offers features such as direct bank transfers and synthetic exposure, positioning it as a hybrid of TradFi and DeFi.

Yet, the path is not without setbacks. According to reports, Cascade's decision to discontinue 24/7 neo-brokerage services in late 2025 highlights the operational and regulatory complexities of perpetual trading in traditional assets. This retreat underscores the need for robust infrastructure and liquidity management, particularly as platforms navigate the demands of continuous trading. Meanwhile, crypto exchanges like Kraken and Coinbase are accelerating their forays into real-world assets (RWA). Kraken's acquisition of NinjaTrader and Coinbase's "verified pools" initiative-enabling compliant trading of regulated securities-signal a broader industry push to digitize traditional assets.

Traditional exchanges are also adapting. Nasdaq's plan to offer 24-hour trading five days a week and the NYSE's expansion of its Arca electronic trading system to 22 hours daily reflect the growing pressure to meet investor demand for round-the-clock access. These moves are not merely incremental; they represent a fundamental reimagining of market hours, historically constrained by geographic and institutional limitations.

DeFi Platforms: Tokenizing Real-World Assets and Expanding Liquidity

DeFi platforms like Aave and Uniswap are amplifying this disruption by tokenizing real-world assets (RWA) and integrating them into decentralized ecosystems. Aave, a leader in decentralized lending and borrowing, has expanded its Total Value Locked to over $10 billion, offering advanced financial tools such as flash loans. Uniswap, with a TVL of $4 billion, has leveraged automated market making to facilitate billions in daily trading volume.

The tokenization of RWA-spanning private credit, U.S. Treasuries, and commodities-has surged from $5 billion in 2022 to over $30 billion by Q3 2025. This growth is underpinned by institutional adoption and blockchain infrastructure innovations. Platforms like Ethena, Maple, and Securitize's sToken framework are enabling institutional-grade access to DeFi liquidity, while oracle networks like RedStone provide the pricing mechanisms necessary for on-chain integration of complex assets.

Regulatory developments in the U.S., Singapore, Hong Kong, and the UAE further validate this trend, as policymakers seek to align tokenization with existing securities laws. For instance, BlackRock's tokenized money market fund has tokenized $7-8 billion in U.S. Treasuries, demonstrating the scalability of RWA adoption.

Infrastructure Innovations: The Backbone of 24/7 Trading

The shift to perpetual trading requires a reengineering of market infrastructure. High-speed matching engines, cloud-native architecture, and liquidity management systems are critical to ensuring seamless execution. Features like funding rates, leverage, and margin requirements-common in crypto perpetuals-are now being adapted for traditional assets to maintain alignment with spot prices according to industry analysis.

For example, Cascade's execution stack is designed to handle the volatility and liquidity demands of 24/7 trading, while Kraken's integration of NinjaTrader underscores the need for institutional-grade tools in decentralized environments. These innovations are not limited to neo-brokerages; traditional exchanges are also investing in cloud-native solutions to reduce latency and expand trading hours.

Market Impact and Investor Implications

The convergence of TradFi and DeFi is reshaping investor behavior and market dynamics. Retail traders now expect the same flexibility and accessibility offered by crypto markets, while institutional players are exploring tokenized assets for enhanced liquidity and efficiency. The tokenization of private credit alone-accounting for $14-15 billion of the RWA market-highlights the potential for decentralized platforms to democratize access to previously illiquid assets.

However, risks remain. The discontinuation of Cascade's 24/7 services illustrates the fragility of early-stage models, while regulatory uncertainty continues to pose challenges for RWA adoption. Investors must weigh these risks against the long-term potential of a 24/7 global market infrastructure.

Conclusion: A New Era of Market Access

The expansion of 24/7 perpetual trading into traditional asset classes is not merely a technological advancement-it is a structural transformation of global finance. Neo-brokerages and DeFi platforms are redefining market hours, liquidity, and accessibility, driven by the demand for continuous trading and the tokenization of real-world assets. While challenges like regulatory alignment and infrastructure scalability persist, the trajectory is clear: the future of finance is decentralized, perpetual, and always on.