Are perpetual swaps inherently impossible outside the cryptocurrency space, or is this just a "… on the blockchain!" invention? I'm unconvinced that AMM is an

Are perpetual swaps inherently impossible outside the cryptocurrency space, or is this just a "… on the blockchain!" invention? I'm unconvinced that AMM is an actual good. It's like HFT, where you're counting centimeters of fiber to the exchange, to win algorithmically. The solution there isn't to democratize HFT by (in the analogy) allowing the little guy to also colocate with the exchange. The solution is to remove the penny tray theft that is HFT altogether, as it can't be justified as paying for value added. These last nanoseconds don't actually add any liquidity.