# Пов'язані статті щодо Derivatives

Центр новин HTX надає останні статті та поглиблений аналіз на тему "Derivatives", що охоплює ринкові тренди, оновлення проєктів, технологічні розробки та регуляторну політику в криптоіндустрії.

A Comprehensive Analysis of On-Chain Pre-IPO: Why is the Pricing Power of SpaceX and OpenAI Moving On-Chain?

This podcast episode explores the rise of on-chain pre-IPO price discovery and trading, focusing on companies like SpaceX, OpenAI, and Anthropic. Key trends include the recent launch of a SpaceX pre-IPO perpetual contract on Hyperliquid, the secondary market trading of AI company shares, and a new partnership between Nasdaq Private Market and Polymarket. Dio Casares explains why AI companies like OpenAI and Anthropic actively deny the legitimacy of secondary trades. Primary reasons are to protect their primary funding rounds (as secondary trades don't provide cash to the company) and to avoid complex legal and administrative responsibilities associated with settling these transactions. He argues that on-chain **derivatives** (like perpetuals) are a more viable solution than **tokenized spot markets**, as they better navigate U.S. regulatory holding period requirements, provide effective hedging, and avoid antagonizing the companies themselves by competing with their primary raises. The discussion covers the risks and methods of gaining pre-IPO exposure, from direct investments and SPVs to riskier, layered structures that can lead to legal complications and settlement issues. Casares also maps the landscape of key players, differentiating between traditional secondary brokers (like Forge, Hiive, and Setter) and on-chain derivatives protocols (like Trade.xyz/Ventuals on Hyperliquid) and tokenization platforms (often on Solana). He positions Patagon as a facilitator for access to private market deals but clarifies it avoids on-chain tokenization to maintain good relations with portfolio companies. Looking ahead, the convergence of a historic IPO pipeline (with potential trillion-dollar valuations), the 24/7 nature of crypto markets, and the strategic use of pre-market perpetuals as a "loss leader" suggest continued growth and competition in the on-chain pre-IPO space.

marsbit4 год тому

A Comprehensive Analysis of On-Chain Pre-IPO: Why is the Pricing Power of SpaceX and OpenAI Moving On-Chain?

marsbit4 год тому

Secures Over $60 Million in Funding from Dragonfly, Sequoia, and Others. An In-Depth Look at the On-Chain Derivatives Protocol Variational | CryptoSeed

Variational, a decentralized derivatives trading platform, has raised over $61.8 million in total funding, including a recent $50 million Series A led by Dragonfly Capital. Investors include Sequoia Capital, Coinbase Ventures, Bain Capital Crypto, and Hack VC. The platform, with over $810 million in Open Interest (ranking 4th among on-chain derivatives protocols), is founded by Lucas Schuermann and Edward Yu. Both are Columbia University graduates and former partners at quant fund Qu Capital. They later held senior roles at Genesis Trading, handling billions in trading volume. The broader team includes talent from Google, Meta, and top trading firms like Jane Street. Operating on Arbitrum, Variational distinguishes itself by aggregating external liquidity from CEXs, DEXs, and traditional market makers using an RFQ (Request-for-Quote) model, positioning itself more as a broker than an exchange like Hyperliquid. Its dual product line features Omni for retail users (offering up to 50x leverage on ~450+ crypto and TradFi pairs) and Pro for institutional OTC trading. Currently in a pre-TGE phase, Variational has launched an "Omni Points" system, with 50% of its upcoming $VAR token supply allocated for community incentives through trading-based rewards and referrals until Q3 2026.

链捕手8 год тому

Secures Over $60 Million in Funding from Dragonfly, Sequoia, and Others. An In-Depth Look at the On-Chain Derivatives Protocol Variational | CryptoSeed

链捕手8 год тому

21Shares Report: HYPE's P/S Ratio Only Half That of CME, Bull Market Target Price $70

21Shares Research Report: HYPE's P/S Ratio Half of CME's, Bullish Target $70 A recent report from 21Shares highlights Hyperliquid's evolution from a crypto derivatives DEX into a 24/7 "everything exchange" for perpetual contracts across various asset classes. The platform gained prominence during a February geopolitical incident when it provided real-time price discovery for WTI crude oil while traditional markets like CME were closed. Non-digital assets now account for approximately 35% of its volume, with traditional commodities and indices featuring among its top-traded assets. Hyperliquid's business model is rapidly diversifying, significantly reducing its dependence on crypto market cycles. Its cumulative trading volume and revenue are approaching levels comparable to CME Group's crypto derivatives segment. A key feature is its Assistance Fund, which directs 97%-99% of protocol fees to automated HYPE token buybacks, creating a deflationary mechanism with an implied buyback yield significantly higher than CME's traditional share repurchase program. Despite strong fundamentals, HYPE currently trades at a Price-to-Revenue (P/R) ratio of ~10x, roughly half of CME's ~17x. The report outlines valuation scenarios: a bullish case targets $62-$70 based on annualized revenue reaching $12-$15B and applying CME's P/R multiple. A bear case considers $15-$19 if growth slows. Key risks include platform centralization during crises, regulatory uncertainty for on-chain commodities, dependence on geopolitical volatility for non-crypto volume, and the need for sustained high trading volume to offset token unlocks. The analysis concludes that HYPE is increasingly being valued as a legitimate exchange business rather than a speculative crypto asset.

marsbit9 год тому

21Shares Report: HYPE's P/S Ratio Only Half That of CME, Bull Market Target Price $70

marsbit9 год тому

BingX Shows Robust 66% Growth YoY in CoinGecko Perpetuals Report

BingX, in partnership with CoinGecko's 2026 State of Crypto Perpetuals Report, demonstrates significant growth in the perpetuals market. The report highlights accelerating trends in tokenized real-world assets (RWAs), AI-linked markets, and multi-asset products, areas where BingX is a leader. Key findings from the report include BingX ranking #2 globally for new perpetual listings with 565 since 2025, and showing the fastest derivatives market share growth entering 2026 at 58%, with year-over-year growth exceeding 66%. This growth is attributed to strong performance in RWA assets. BingX also led in new AI-related perpetual listings with 111 markets and expanded its TradFi offerings with tokenized equities. Further aligning with its strategy, BingX introduced innovative products like pre-IPO perpetuals for SpaceX and OpenAI, and EventX, a contract for trading on global event outcomes. These developments underscore BingX's vision of a unified multi-market platform bridging crypto and traditional finance.

TheNewsCryptoВчора 11:13

BingX Shows Robust 66% Growth YoY in CoinGecko Perpetuals Report

TheNewsCryptoВчора 11:13

When Hyperliquid Takes Away Solana's "Internet Capital Markets" Script

The article discusses how Solana's vision of becoming the "Internet Capital Markets" is being challenged, primarily by the rise of Hyperliquid. While Solana positioned itself as a high-performance blockchain for tokenizing all global assets, its native token SOL has significantly underperformed, and its core narrative faces pressure. Hyperliquid, initially a perpetual contracts platform, has evolved into a specialized Layer 1 financial network. Its focused, trading-optimized design is attracting users and capital, suggesting a vertical L1 may be better suited for a core capital market than a general-purpose chain like Solana. This external competition was compounded by an internal $200M+ exploit on Solana's key derivatives protocol, Drift, creating a strategic vacuum. In response, Solana founder Anatoly Yakovenko heavily promoted the Phoenix protocol as a decentralized, composable alternative. However, Phoenix's trading volume remains far behind leading platforms. Solana supporters also launched critiques against Hyperliquid's decentralization, citing its limited validators and closed-source code. Critics countered that Solana's own decentralization metrics have weakened, and the foundation's overt backing of Phoenix caused friction with other ecosystem builders. The piece concludes that Solana risks losing the "Internet Capital Markets" race if it cannot regain dominance in derivatives, potentially remaining a meme coin hub rather than achieving its grand ambition of hosting all global assets.

marsbitВчора 05:57

When Hyperliquid Takes Away Solana's "Internet Capital Markets" Script

marsbitВчора 05:57

Morning Brief | Deloitte Acquires Crypto Infrastructure Firm Blocknative; Stablecoin Firm Checker Raises $8M; a16z Likely Becomes Largest External Holder of HYPE

ChainCatcher Daily Update - May 21st Major headlines include Deloitte's acquisition of crypto infrastructure firm Blocknative, signaling further traditional finance adoption. In funding news, stablecoin infrastructure company Checker secured $8 million, while decentralized derivatives platform Variational raised $50 million in a Series A round led by Dragonfly Capital. Significant corporate moves saw Tether acquire SoftBank's entire stake in Twenty One Capital (XXI), and Mastercard pivot its strategy by investing in BVNK for stablecoin payments after abandoning Zerohash. VC giant Andreessen Horowitz (a16z) is reported to be a major external holder of HYPE, with positions exceeding $356 million. On the institutional front, MicroStrategy's CEO noted that 13 of its top 15 institutional shareholders increased their $MSTR holdings in Q1 2026, with aggregate positions growing 27%. Meanwhile, the parent company of the NYSE, ICE, announced plans to launch a futures market for AI computing power ("hashrate"). The report also features a "Meme Hot List" ranking trending tokens on Ethereum, Solana, and Base networks, and highlights several key articles. These include an analysis of renowned investor Duan Yongping's first crypto investment in Circle, concerns over talent drain and institutional selling pressure at the Ethereum Foundation, the growing business of crypto asset recovery, and an examination of the trillion-dollar potential and remaining hurdles for the tokenized asset market.

链捕手Вчора 01:32

Morning Brief | Deloitte Acquires Crypto Infrastructure Firm Blocknative; Stablecoin Firm Checker Raises $8M; a16z Likely Becomes Largest External Holder of HYPE

链捕手Вчора 01:32

When Hyperliquid Steals Solana's 'Internet Capital Markets' Playbook

The article discusses how Solana's grand vision of becoming an "Internet Capital Markets" platform is facing significant challenges in 2026, primarily from the unexpected rise of Hyperliquid. Solana's performance has weakened, with its token SOL experiencing the largest price decline among major cryptocurrencies. Its core narrative of building a global, chain-based marketplace for all assets is under pressure both internally and externally. Hyperliquid, originally a perpetual futures exchange, has evolved into a dedicated Layer 1 financial infrastructure network. Its focused, trading-centric approach is attracting capital and challenging the assumption that a "general-purpose" ecosystem like Solana is necessary for a capital market. Hyperliquid's success suggests that for high-frequency trading, superior performance, liquidity, and user experience may be more critical than a broad application ecosystem. Internally, Solana's strategy suffered a blow from a major hack on the Drift Protocol in April, resulting in over $200 million in losses. In response, Solana founder Anatoly Yakovenko has heavily promoted Phoenix as a new decentralized perpetual futures platform on Solana. While this boosted Phoenix's visibility, its trading volume remains far behind leading platforms. Solana's community has launched a rhetorical attack against Hyperliquid, questioning its decentralization due to its limited validator set and closed-source code. Critics, however, point out Solana's own decreasing validator count and increasing centralization of stake. This focus on "decentralization metrics" has also caused internal friction, with other Solana ecosystem developers expressing discontent over the foundation's perceived favoritism towards Phoenix. The article concludes that the rise of Hyperliquid represents a challenge to the "general-purpose blockchain" narrative, proving that an efficient trading engine might be more central to a capital market than a vast ecosystem. If Solana cannot regain dominance in the derivatives space, it risks remaining a "meme coin paradise" rather than achieving its ambition of hosting global assets.

链捕手05/19 15:00

When Hyperliquid Steals Solana's 'Internet Capital Markets' Playbook

链捕手05/19 15:00

Base Native Leveraged Prediction Market OmenX Officially Launches on Mainnet

Base-native leveraged prediction market platform OmenX has officially launched on mainnet. It currently supports up to 5x leverage, with plans to increase to 10x based on platform liquidity and market conditions. Unlike traditional prediction markets where users fully collateralize YES/NO positions and wait for settlement, OmenX aims to create a trading platform-like experience. Users can open leveraged positions on event outcomes, and actively trade, adjust, or hedge these positions before the event concludes for greater capital efficiency. Alongside the mainnet launch, OmenX introduced a "Hedge-to-Earn" campaign targeting existing users of other prediction markets (initially Polymarket). This initiative allows users to claim incentives or hedging benefits on OmenX based on their existing positions, aiming to introduce them to leveraged trading and active risk management. OmenX positions itself as a derivatives trading platform for prediction market assets. The team believes that as platforms like Polymarket mainstream prediction markets, event outcomes are becoming a new tradable asset class. The next phase of demand will focus on leverage, liquidity, and advanced trading tools. Post-launch, OmenX plans to expand supported market types, optimize liquidity, and develop APIs and additional trading tools. The team is also in discussions with investors and partners to secure resources for further development.

链捕手05/19 13:35

Base Native Leveraged Prediction Market OmenX Officially Launches on Mainnet

链捕手05/19 13:35

OmenX Launches Mainnet as the First Live Leveraged Prediction Market Platform

OmenX has launched its mainnet, claiming to be the first live leveraged prediction market platform. Built natively on Base, it initially offers up to 5x leverage for trading event outcomes, with plans to increase to 10x. The platform aims to provide a derivatives-like trading experience with better capital efficiency and active risk management. Concurrently, OmenX introduced "Hedge-to-Earn," an incentive campaign starting with Polymarket users, allowing them to hedge existing positions. The company has secured a multi-million dollar angel round and positions itself as a trading layer for event-based assets, focusing on crypto, sports, politics, and other high-attention topics.

TheNewsCrypto05/19 12:20

OmenX Launches Mainnet as the First Live Leveraged Prediction Market Platform

TheNewsCrypto05/19 12:20

BingX Upgrades Bot Trading Infrastructure To Enhance Futures Strategy Flexiblity

Cryptocurrency exchange BingX has upgraded its automated futures grid trading infrastructure to provide traders with greater flexibility and efficiency. Key enhancements include the ability to modify active grid strategies without stopping them, adjust trading size per grid level, and automatically adapt the grid price range to follow market trends. The maximum number of grids per strategy has been raised to 500 for denser order placement. A new feature also allows users to share strategy parameters via QR code or link for easy copying. These improvements aim to meet the demand for more adaptive trading tools in volatile crypto markets. BingX, a top derivatives exchange serving over 40 million users, continues to expand its AI-driven product suite.

TheNewsCrypto05/19 07:31

BingX Upgrades Bot Trading Infrastructure To Enhance Futures Strategy Flexiblity

TheNewsCrypto05/19 07:31

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