The rise of perpetual futures in India: Structural transformation of cryptocurrency trading

India's cryptocurrency market is undergoing a structural shift, and perpetual contracts will account for 70-80% of trading volume in 2025 driven by tax arbitrage and leverage advantages. Tax regulations impose 1% TDS on spot transactions and 30% TDS on earnings, while futures profits are taxed as income, which inspires the market to turn to derivatives. Exchanges such as Mudrex and Giottus accelerate market growth by offering up to 50 times leverage and competitive rates. Platforms such as Hyperliquid and Binance reflect this global trend, and India is becoming a key test site for the development of cryptocurrency derivatives in the context of regulatory scrutiny.