One answer here is that with dated rates products (I.e. all futures and options, not to mention spot ficc) is * pricing is well understood * shares similar ri

One answer here is that with dated rates products (I.e. all futures and options, not to mention spot ficc) is * pricing is well understood * shares similar risks across all products If you add an ES perp, that might be a fine instrument in isolation, but it behaves totally differently than most other rates instruments so might be hard to fit into a portfolio than dated futures that you roll. I ran a trading desk in the past that did both dated and perpetual products and this was a major point of focus.