This study investigates the impact of perpetual swaps on structural complexity and market efficiency within cryptocurrency markets. Utilizing 15-minute interval price data from 35 cryptocurrencies, we employ multifractal detrended fluctuation analysis (MF-DFA), Multifractal-based measure of the degree of market efficiency (MED), and Market deficiency measure (MDM) to comparatively evaluate market characteristics before and after the introduction of perpetual swaps. Our empirical analysis reveals a substantial decrease in multifractality and structural complexity across most cryptocurrencies post-introduction, particularly pronounced over longer horizons (4–6 months). This reduction indicates enhanced information dissemination and more efficient price formation mechanisms. Notably, Bitcoin (BTC), benefiting from superior liquidity and efficient information flow, exhibited relatively stable multifractal characteristics, although significant volatility driven by fat-tail distributions remained persistent. Statistically significant improvements in market efficiency were consistently demonstrated via paired t-tests, one-sided t-tests, and Wilcoxon non-parametric tests. These improvements were particularly salient during extended observation periods, providing robust empirical evidence that perpetual swaps markedly enhance market efficiency. Consequently, our findings highlight that the introduction of perpetual swaps contributes meaningfully to cryptocurrency market efficiency beyond mere liquidity enhancement, promoting more accurate price discovery and reducing informational asymmetries.

The purpose of this study is to assess the effects of outlook project for olive flounder, from the view point of price stabilization, market efficiency, and causality of the prices in different distribution channels. Analytical results show that the volatility of producer price of olive flounder has been significantly mitigated after the implementation of the outlook project. The market efficiency is estimated to be improved after implementing the outlook project although there is an inefficiency on price determination process in some producing regions. The causality test on the producer and wholesale price shows that producing stage leads the wholesale stage in forming the prices. It is found that Jeju leads the flounder price on the size of 500g and 2kg, while Wando leads the price of 1kg size. These estimation result as whole indicate that outlook project for olive flounder has accomplished the intended goals.