In most cases, deeper spot liquidity should come first.

Derivatives — particularly perpetual futures — introduce leverage and shorting. If spot markets are thin, PERPs can amplify volatility, distort early price discovery, and create funding imbalances that overwhelm natural demand.

Supporting derivatives early can make sense if:

• Spot depth is already robust.
• Circulating supply is stable and predictable.
• Demand drivers are active.
• Liquidity providers can hedge effectively.

If those conditions are not met, derivatives often accelerate instability rather than strengthen the market.

The sequencing principle is simple: build stable spot infrastructure first. Layer leverage once price discovery is orderly and liquidity can absorb it.