# Сопутствующие статьи по теме Hedging

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Hedging", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

On the Eve of the Explosion of On-Chain Options

On-Chain Options on the Brink of Breakout The cryptocurrency options market is larger than most realize, with CME's crypto derivatives volume up 46% year-over-year. Institutional investors require defined-risk tools like options for hedging large positions. A pivotal shift occurred in mid-2025 when Bitcoin options open interest reached $65 billion, surpassing futures for the first time, indicating a move from pure leverage to risk-defined instruments. Growth is concentrated on Deribit (now backed by Coinbase after its acquisition) and traditional finance capital via IBIT options. While decentralized derivatives have grown from 2% to over 10% market share in two years, on-chain options remain nascent. @DeriveXYZ leads with over $700 million in notional options volume over 30 days. It has evolved from an AMM to a gas-free central limit order book on its own L2, featuring portfolio margin and cross-margin. @KyanExchange is approaching similarly with on-chain portfolio margining and partial liquidation mechanics. Structured products and asset managers urgently need options for their defined risk/return profiles. Institutional demand is clear, with IBIT options OI surpassing the gold ETF GLD and CME handling $3 trillion in crypto derivatives notional volume in 2025. Regulatory clarity is improving. A joint statement from the SEC and CFTC in 2025 allows regulated exchanges to trade spot crypto assets, and the CLARITY Act has passed the House. This improved environment, alongside CME's planned 24/7 crypto options launch, suggests the timing is finally ripe for on-chain options to flourish.

marsbit03/12 10:29

On the Eve of the Explosion of On-Chain Options

marsbit03/12 10:29

Behind the 25% Surge: The On-Chain Life-and-Death Game of Hyperliquid

A dramatic 25% surge in WTI crude oil prices, reaching $119.5 per barrel, has triggered a high-stakes on-chain showdown on the Hyperliquid derivatives exchange. The price spike was driven by a geopolitical crisis: the seven-day blockade of the Strait of Hormuz, a critical chokepoint for 20% of global oil supply. This event led to massive liquidations for several prominent traders who had heavily shorted oil. Key figures include trader CBB, who faced a $3.8 million unrealized loss on a $13.78 million short position, and the account "2 frères 2 fauves," the platform's largest oil short with a $3.4 million loss. Both faced liquidation at $120.76. Another whale, 0x8Af7, was fully liquidated, losing $1.55 million, only to immediately reopen a new $6.48 million short position. In contrast, Sky (formerly MakerDAO) co-founder Rune Christensen profited significantly, gaining over $1.36 million from a $7.82 million long position opened around $93. He employed a sophisticated macro-hedging strategy, simultaneously shorting ETH and equity indices to bet on war-driven oil premiums and risk-off sentiment. The event highlights the emergence and risks of on-chain commodity trading. Platforms like Hyperliquid offer democratized access to leveraged oil futures without traditional brokers or safeguards. However, the automated, unforgiving liquidation mechanisms provide no protection against black swan events like a geopolitical crisis, demonstrating that while the tools are new, the lessons of leverage and risk remain starkly old.

比推03/09 08:45

Behind the 25% Surge: The On-Chain Life-and-Death Game of Hyperliquid

比推03/09 08:45

Bitcoin Funding Rate Hits Three-Month Low: What Did the Shorts Already Know?

Bitcoin's derivatives market signaled significant downside pressure ahead of key macro data, as funding rates turned deeply negative — hitting around -6% on February 28, a three-month low — while open interest (in BTC terms) continued to rise. This combination indicated that traders were aggressively shorting or hedging, using high leverage, even before the U.S. employment report was released. When the jobs data came in softer than expected, it triggered a macro repricing event. The negative funding rates reflected a crowded speculative position favoring shorts, meaning sellers were paying buyers to maintain their bearish bets. Such conditions can persist if hedging demand is genuine or if trend-following behavior continues, rather than simply indicating an imminent reversal. The real signal occurs when negative funding rates coincide with stable or rising open interest — suggesting new short positions are still entering — while price fails to make new lows. Liquidations then act as a scoreboard: cascading long or short squeezes confirm whether volatility has forced positions to unwind. In summary, derivatives metrics — funding rates, open interest, and liquidations — provided a clear, early warning of building risk and leveraged positioning prior to the macro catalyst. The market’s reaction was ultimately a function of crowded positions meeting a macroeconomic trigger.

marsbit03/09 08:23

Bitcoin Funding Rate Hits Three-Month Low: What Did the Shorts Already Know?

marsbit03/09 08:23

Hyperliquid vs Polymarket: How Do On-Chain Exchanges Price Crises?

Hyperliquid and Polymarket, two leading on-chain exchanges, played critical roles in pricing the recent US-Israel airstrike on Iran during traditional market closures. Polymarket, a prediction market, allowed users to trade on event probabilities—such as the likelihood of a US strike or the closure of the Strait of Hormuz—effectively converting information asymmetry into actionable data. Its probability shifts often preceded asset price movements, serving as an early warning system. Notably, new wallets placed large, profitable bets on conflict outcomes, suggesting potential insider activity. Hyperliquid, a perpetual futures exchange, provided 24/7 trading for commodities like crude oil and gold, which are directly impacted by geopolitical tensions. During the crisis, oil spiked to $71.76 and gold rose, reflecting real-time risk pricing unavailable in traditional markets. The platforms complement each other: Polymarket creates new asset classes for otherwise untradeable events, while Hyperliquid enables continuous trading of traditional assets. Strategies include using Polymarket’s probability shifts as leading indicators for futures positions on Hyperliquid, or using prediction markets to hedge commodity exposures. Beyond trading, these platforms offer societal value by generating transparent, real-time signals that can serve as early warnings for civilians in conflict zones, transforming on-chain finance into a vital information system during crises.

marsbit03/03 10:00

Hyperliquid vs Polymarket: How Do On-Chain Exchanges Price Crises?

marsbit03/03 10:00

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