Artículos Relacionados con Perpetual Contracts

El Centro de Noticias de HTX ofrece los artículos más recientes y un análisis profundo sobre "Perpetual Contracts", cubriendo tendencias del mercado, actualizaciones de proyectos, desarrollos tecnológicos y políticas regulatorias en la industria de cripto.

Solana OI And Weighted Funding Rate Crash To Levels Not Seen Since 2023

Solana has experienced a significant decline, with its price falling over 71% from its all-time high of $291 in January 2025. Key metrics such as Open Interest and Weighted Funding Rate have also dropped to multi-year lows. Open Interest, which reflects market activity, has plummeted from a peak of $17.1 billion to under $4.9 billion, indicating reduced investor interest. The Weighted Funding Rate, which influences trader positions, has also fallen to its lowest level in more than a year and remains mostly negative, meaning short traders are currently paying to maintain their positions. Both metrics underscore the ongoing bearish trend in the Solana market.

bitcoinist03/04 13:02

Solana OI And Weighted Funding Rate Crash To Levels Not Seen Since 2023

bitcoinist03/04 13:02

Europe doubles down on ‘same risk, same rules’ approach for crypto derivatives

Europe's securities watchdog ESMA has reaffirmed that crypto derivatives, particularly perpetual contracts, will be regulated under the same "same risk, same rules" framework as traditional high-risk financial products like CFDs. Regulatory treatment depends on a product's economic substance, not its name or marketing. This means leveraged crypto derivatives are subject to existing EU rules, including leverage caps, risk warnings, and investor protection measures under MiFID II. The statement serves as a regulatory reminder, not a new ban, emphasizing that crypto markets must integrate into the existing financial system under established safeguards. Firms must ensure compliance and avoid mass-market promotion of these high-risk products to retail investors.

ambcrypto02/24 22:35

Europe doubles down on ‘same risk, same rules’ approach for crypto derivatives

ambcrypto02/24 22:35

Don't Just Focus on Trading Volume: How to Understand the 'True vs. False Prosperity' of Perpetual Contracts

While financial markets evolve, the explosive growth of perpetual futures (Perps) markets stands out. Perps allow leveraged, 24/7 speculation on assets without expiration dates, leading to a surge in trading volume. However, volume alone can be misleading, as it may reflect high-frequency, recursive activity rather than meaningful capital inflow. A more nuanced view emerges when combining volume with Open Interest (OI), which measures the total value of active, unsettled positions. While cumulative perpetual volume doubled to $14 trillion in the past six months (exceeding the previous four years' total), OI growth tells a deeper story. The OI-to-volume ratio, a measure of capital efficiency, has increased from 0.33x to 0.49x over the past year, indicating that more "patient capital" is being deployed and held as open risk. Analysis of top protocols reveals differences in efficiency. Hyperliquid leads with an OI/volume ratio over 45% and a high fee capture rate, demonstrating its ability to convert trading activity into sticky capital and revenue. In contrast, others prioritize different strategies, such as capital retention over fee maximization. Ultimately, the true measure of a perpetual market's strength lies not in volume alone but in its ability to foster trading conviction and sustainable monetization.

marsbit02/20 04:09

Don't Just Focus on Trading Volume: How to Understand the 'True vs. False Prosperity' of Perpetual Contracts

marsbit02/20 04:09

The 'True and False Prosperity' of Perpetual Contracts: Have You Seen Through It?

The article "Perpetual Contracts: Real or Illusory Boom?" examines the explosive growth of perpetual futures (perps) markets, arguing that trading volume alone is a misleading metric. While perps have become dominant—growing from 44% to 75% of DEX spot volume since February 2025—this surge doesn't necessarily reflect meaningful capital deployment. Key insights include: - Total perp volume doubled to $14 trillion in just six months, even as crypto market cap fell 40%. - Open Interest (OI), which measures unrealized risk exposure, only grew ~50% in that period, indicating much of the volume is from rapid capital recycling rather than new committed capital. - The OI/Volume ratio (a measure of capital efficiency) rose from 0.33x to 0.49x over the past year, but with significant volatility, including a sharp drop after a major liquidation event in October. - Protocol-level analysis shows Hyperliquid leads in capital efficiency (OI/Vol >45%) and fee generation (~3.2 bps take rate), while others like Aster prioritize capital retention over fees. The conclusion: True market health is best read by combining volume with OI and fee data. Sustainable platforms will be those that optimize for "conviction" (long-term capital) rather than just incentivized volume.

比推02/11 19:29

The 'True and False Prosperity' of Perpetual Contracts: Have You Seen Through It?

比推02/11 19:29

Stuck in a Local Optimum, Prediction Markets Should Not Stop Here

This article argues that prediction markets like Polymarket and Kalshi are stuck in a "local maximum," similar to past tech giants like BlackBerry and Yahoo. While they've achieved initial success with a binary options model, the author contends this design is fundamentally flawed and prevents mass adoption. Core problems include severe liquidity issues (with wide bid-ask spreads and low activity in most markets), inefficient capital use, and a structure that fragments liquidity. The piece highlights that much of the reported trading volume is concentrated on a few major events or is incentivized/synthetic, masking weak organic demand. The author proposes that prediction markets must evolve towards a "perpetual contract" model, akin to those in crypto derivatives exchanges, to achieve their true potential as "markets for everything." This would require solving core structural problems like "jump risk" (sudden price moves from 45% to 100%), enabling native leverage, and allowing for continuous price discovery and hedging. Without this fundamental redesign, the current platforms will remain niche, unable to attract the broader user base and deep liquidity required for their grand vision.

marsbit01/06 06:40

Stuck in a Local Optimum, Prediction Markets Should Not Stop Here