Huobi Growth Academy | In-Depth Research Report on the Stock Contract Track: The Next Trillion-Dollar Battlefield for On-Chain Derivatives
Stock Perpetual Contracts, an innovative product bridging traditional finance and crypto derivatives, are rapidly reshaping the on-chain trading landscape. This emerging sector combines the massive market cap of global equities (over $160 trillion) with the mature perpetual contract model, creating a new synthetic derivative that tracks stock price movements without actual equity ownership.
Leading Perp DEXs like Hyperliquid, Aster, and Lighter have established comprehensive product matrices, excelling in trading depth, user experience, and asset coverage. The underlying mechanism relies on decentralized oracles (e.g., Pyth, Chainlink) for price feeds, dynamic risk management for cross-market volatility, and controlled leverage (5-25x).
Despite its potential, regulatory uncertainty remains the primary constraint, as authorities may classify these products as securities derivatives or CFDs, triggering compliance requirements. Technical risks include oracle failures, liquidity issues, and smart contract vulnerabilities.
The future outlook is vast, with potential expansion into commodities, indices, and forex, evolving Perp DEXs into multi-asset derivative platforms. Regulatory clarity is expected in 2-3 years, fostering institutional adoption. Stock perpetual contracts could become a trillion-dollar market, democratizing global asset trading with borderless, 24/7 access.
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