Perpetual futures are entering regulated markets, and the objection to them is serious: retail-driven, high-leverage instruments will import systemic risk. Systemic risk in a derivatives market is a property of the venue on which the perpetuals are traded, not the contract. That is correct when it comes to the mechanics: as a substitute for dated futures, perpetuals fall short. The liquidity institutions want already exists, drawn in large part by retail. What lets them use it safely is institutional-grade default management, the same thing that contains the systemic risk the critics fear.