# Derivatives Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Derivatives", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Solana Explosive Growth Pushes Its Monthly Perps Volume Beyond Prior Records

Despite bearish market conditions and price volatility, Solana is demonstrating significant strength in its derivatives market. The network's monthly perpetual futures volume has surged to a new record, exceeding $76.7 billion in May 2026—a 34% increase from the previous high. This growth reflects heightened speculative activity and trader engagement. Analysts note that perpetual contracts are becoming crucial financial primitives, with Solana positioning itself as a network for genuine on-chain price discovery and execution. Concurrently, Solana is experiencing a massive increase in stablecoin activity, processing over $79.9 billion in stablecoin volume in one week, underscoring its role as a major hub for on-chain liquidity and transactions.

bitcoinist06/04 03:03

Solana Explosive Growth Pushes Its Monthly Perps Volume Beyond Prior Records

bitcoinist06/04 03:03

Hyperliquid, Wall Street's 24/7 Trading Convenience Store

Hyperliquid: The 24/7 Trading "Convenience Store" for Wall Street Hyperliquid, a decentralized cryptocurrency exchange, has become a go-to platform for Wall Street traders seeking to trade around the clock, especially during traditional market closures. Founded by Jeff Yan, a former quantitative trader, after the FTX collapse, the platform emphasizes user self-custody of assets. It offers a wide range of perpetual contracts—leveraged derivatives with no expiry—on assets from Bitcoin and crude oil to the S&P 500 and even pre-IPO companies like SpaceX. A notable example involves a hedge fund trader who capitalized on geopolitical news over a weekend, securing a 243% return on oil derivatives before markets reopened. The platform, run by just 11 employees, generated approximately $800 million in revenue last year, and its native token HYPE has seen significant growth. Its rise highlights the merging of traditional finance and crypto. While U.S. users are currently restricted, recent CFTC rule changes could open access. The platform is known for its transparency, having processed $10 billion in liquidations during a market crash while competitors faltered. Regulators warn of the high risks and complexity of perpetual contracts for retail investors. Key to its appeal is a strong community culture, direct engagement with founders, and a simple interface. Despite rules against VPN use, it attracts global users with its permissionless approach. Hyperliquid plans to expand into prediction markets and options, aiming to eventually host all financial activity.

marsbit06/04 02:15

Hyperliquid, Wall Street's 24/7 Trading Convenience Store

marsbit06/04 02:15

BTC Market Pulse: Week 22

Bitcoin experienced a week of consolidation and moderated activity. The price fell from around $79K to $74K before recovering to $77K, with overall momentum declining, reflecting softer price action. However, some metrics signaled a balancing sentiment: spot and perpetual Cumulative Volume Deltas increased, suggesting selling pressure may be easing. Trading activity cooled, with spot volume and futures open interest declining, pointing to reduced speculative appetite. Contrasting signals emerged in sentiment. Long-side funding payments surged significantly, indicating strong demand for bullish exposure. In options markets, there was slightly greater demand for downside protection. US spot ETF netflows improved, hinting at stabilizing capital flows, though trade volume fell. On-chain network activity showed minor reductions, hinting at a consolidation phase. Liquidity metrics suggested a more stable market with higher conviction among holders. However, profitability metrics flagged potential stress, with an increase in loss realization compared to profit-taking, indicating a cautious and potentially bearish undercurrent. In summary, the market displayed mixed signals: reduced volatility and speculative activity alongside a complex blend of stabilizing flows, cautious sentiment, and emerging but selective risk appetite.

insights.glassnode06/03 14:11

insights.glassnode06/03 14:11

Bulls Approach the Ceiling

Bitcoin has surged to $81k, breaking above key on-chain resistance levels like the True Market Mean ($78.2k) and Short-Term Holder Cost Basis ($79.1k). The market is now targeting the next major hurdle at the Active Realized Price near $85.2k. On-chain metrics show profitability flipping positive, with the Net Realized Profit/Loss indicator turning constructive. However, the recovery faces headwinds from rising long-term holder profit-taking and still-elevated loss realization. Off-chain, ETF demand has rebounded, providing a tailwind, while perpetual futures funding rates remain negative, indicating persistent short pressure. Options markets show increased sensitivity with a large short gamma cluster around $82k, which could amplify price moves. The overall trend is constructive, but Bitcoin is approaching a significant supply zone where the market's ability to absorb selling pressure will be tested for a sustained breakout.

insights.glassnode06/03 13:58

insights.glassnode06/03 13:58

BTC Market Pulse: Week 23

Bitcoin's market shows widespread caution in Week 23. On-chain, transfer volume and fees are up, but fresh capital inflows have nearly halted, with the monthly realized cap change collapsing 57%. Active addresses remain flat, indicating network activity without new investment. Spot markets confirm the shift: the Cumulative Volume Delta (CVD) turned deeply negative as sellers took control, and momentum is declining. Derivatives reflect unease, with rising costs for long positions and negative perpetual CVD. Options open interest dropped, though the volatility spread remains elevated. ETF flows were notably bearish, with net outflows nearly doubling to $1.3B amidst a surge in trading volume, signaling urgent institutional selling. Profitability metrics worsened, with only 59.8% of supply in profit, realized losses dominating on-chain activity, and deepening net unrealized losses. In summary, Bitcoin is in a distribution/consolidation phase with deteriorating breadth. While on-chain activity is structurally healthy, capital inflows have stalled, spot selling pressure is building, and institutional money is exiting via ETFs. The path of least resistance remains sideways-to-lower until realized cap growth resumes and spot CVD turns positive.

insights.glassnode06/03 13:53

insights.glassnode06/03 13:53

IBIT Options Metrics Live on Glassnode

Glassnode has expanded its options analytics to include BlackRock's iShares Bitcoin Trust ETF (IBIT), the largest US spot Bitcoin ETF. This move brings institutional-grade volatility intelligence to a key regulated Bitcoin instrument, reflecting Bitcoin's integration into traditional finance. IBIT options, with over $27.6B in open interest, now rival crypto-native venues like Deribit, offering a crucial lens into institutional positioning and risk appetite. The new suite provides 40+ metrics, including open interest, volume, max pain, ATM implied volatility, and proprietary skew analytics like the IBIT Skew Index. A core application is comparing IBIT data with platforms like Deribit to identify divergences between traditional finance and crypto-native market sentiment. For instance, recent data showed IBIT options exhibited a more defensive, put-skewed stance compared to Deribit at the 1-month tenor. These tools enable professionals to measure TradFi Bitcoin sentiment, monitor hedging pressure, and track volatility risk across tenors. The growth of IBIT options signals Bitcoin's maturation, allowing the pricing of volatility and complex risk views within a regulated framework. Glassnode's coverage provides real-time analytics for this evolving market structure.

insights.glassnode06/03 13:45

insights.glassnode06/03 13:45

Coinbase + Glassnode: Charting Crypto Q2 2026

Amid geopolitical uncertainty overshadowing crypto-native drivers, Q2 2026 market analysis reveals capital rotation within crypto rather than full exit. While the total crypto market cap (ex-stablecoins) fell ~18% in Q1, stablecoin supply grew, indicating investors are de-risking into cash-like instruments while staying engaged. Bitcoin sentiment reset to 'Fear' with supply tightening as speculative capital diminished. Ethereum shows capital concentrating at its base layer for utility-driven use cases like stablecoins and tokenized assets, despite softening broader activity. Most surveyed institutions (82%) now view the market in a bear or late-bear phase, though derivatives markets show rebuilding risk appetite. Historical cycle analogs are becoming less reliable for timing inflection points.

insights.glassnode06/03 13:34

Coinbase + Glassnode: Charting Crypto Q2 2026

insights.glassnode06/03 13:34

Crypto is dead, Perps are forever

The crypto industry is shifting from a focus on creating native assets (like altcoins and protocol tokens) to becoming a "global asset pipeline." Native cryptocurrencies, except for Bitcoin, are seen as failing in their value storage and utility promises, with demand driven largely by speculation. Attention and liquidity are now moving toward real-world assets (RWAs) like U.S. stocks, bonds, gold, and oil traded on-chain via perpetual contracts (Perps). Stablecoins like USDT and USDC set the precedent, proving blockchain's core strength is efficient global settlement and transfer, not inventing new monetary systems. Meanwhile, assets like Ethereum and many DeFi tokens struggle as their narratives weaken against tangible traditional assets and the rapid real-world progress of AI. Perpetual contracts have emerged as a pivotal innovation. They simplify trading by offering pure price exposure to any asset, bypassing complexities of ownership, custody, and traditional market hours. Projects like Hyperliquid gained traction by combining CEX-like efficiency with on-chain transparency, capitalizing on post-FTX distrust, macroeconomic volatility, and the surge in demand for 24/7 stock trading. In conclusion, while the era of speculative native "crypto assets" may be over, perpetual contracts persist as the industry's most potent financial instrument—transforming all assets into globally accessible, constantly tradable instruments centered on price speculation.

marsbit06/03 12:30

marsbit06/03 12:30

WSJ: Hyperliquid Is Becoming Wall Street's Crypto 'Convenience Store'

The Wall Street Journal reports that Hyperliquid, a decentralized crypto platform, is becoming a go-to "convenience store" for Wall Street traders, especially "weekend warriors" seeking to position themselves around global events outside traditional market hours. Founded by ex-HFT quant Jeff Yan after FTX's collapse, Hyperliquid emphasizes self-custody and operates 24/7. It has gained traction by offering perpetual futures on assets ranging from Bitcoin and the S&P 500 to oil and pre-IPO companies like SpaceX. A notable case involved a trader profiting 243% on oil positions after news of Middle East airstrikes. The platform, while currently blocking U.S. users, has seen significant growth, with its native HYPE token's market cap around $16B. Its community-driven culture, user-friendly interface, and developer ecosystem contribute to its appeal, despite concerns about the high risks of leveraged perpetuals. Hyperliquid aims to expand into prediction markets and options.

链捕手06/03 04:29

WSJ: Hyperliquid Is Becoming Wall Street's Crypto 'Convenience Store'

链捕手06/03 04:29

Solana Takes Aim At Hyperliquid With Push For Fully Onchain Perps

The Solana Foundation has announced a new initiative to actively support teams building fully onchain perpetual futures (perps) on Solana. This move directly challenges the current market structure, exemplified by platforms like Hyperliquid, where much of the derivatives volume still relies on centralized exchanges or hybrid models with offchain components. Solana argues that its high-performance blockchain makes fully onchain perps viable without sacrificing speed or user experience, aiming to shift a lucrative trading segment entirely onchain. The Foundation seeks to back projects that prioritize onchain price discovery (like order books or RFQ systems) over pool-based models, require projects to be "Solana-first" with revenue routed back to the chain, and mandate open-source development. The support includes distribution, technical assistance, and capital for core perps protocols as well as complementary infrastructure.

bitcoinist06/02 17:27