# Сопутствующие статьи по теме Order Book

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

The Midfield Battle of Perp DEX: The Declining, The Self-Rescuers, and The Latecomers

The article "Perp DEX Midfield Battle: The Declining, The Self-Rescuers, and The Newcomers" discusses the shifting landscape of decentralized perpetual exchanges (Perp DEX). Hyperliquid saw a weekly trading volume of approximately $15 billion, driven largely by commodity contracts like crude oil, gold, and silver amid geopolitical tensions and market volatility. Meanwhile, GMX Labs is hiring a CEO, moving away from its founder-driven model, and dYdX's market share dropped from 73% in early 2023 to single digits by late 2024. The decline of GMX and dYdX is attributed to several factors: reliance on token incentives that inflated trading volumes artificially, architectural limitations (e.g., GMX's liquidity pool model capping open interest, dYdX's costly migration to Cosmos), and misjudging key competitive factors like performance and market maker density. Hyperliquid, in contrast, grew slowly without VC backing or token incentives. It built its own L1 chain with a fully on-chain order book, focusing on transparency to attract market makers. It strategically expanded into traditional assets only after establishing a robust ecosystem, enabling it to capture demand during events like the Iran crisis. It now leads with ~54% of open interest among top Perp DEXs, ahead of Aster (~15%). The article concludes that the first generation of Perp DEXs is transitioning to professional management, while new opportunities lie in replacing traditional financial infrastructure, as Hyperliquid demonstrates by handling real-world demand.

marsbit03/27 09:31

The Midfield Battle of Perp DEX: The Declining, The Self-Rescuers, and The Latecomers

marsbit03/27 09:31

‘Liquidity still low’- Bitcoin’s $75K rally looks fragile, warns analysts

Despite Bitcoin's recovery to $75,000, analysts from Amberdata warn that the rally appears fragile due to structurally weak orderbook liquidity, which remains below pre-October crash levels. Current liquidity, though improved to over $30 million, is still insufficient compared to the $40 million+ considered healthy, making the market vulnerable to large downward moves if selling pressure returns. A decline below $25 million in liquidity, combined with high volume, could trigger significant liquidation cascades. Additionally, increased Bitcoin inflows and potential resistance near $75,000–$85,000 may cool the rally. For a sustained breakout, Bitcoin must firmly hold above $75,000 as support, indicating strong spot-driven demand.

ambcrypto03/19 00:01

‘Liquidity still low’- Bitcoin’s $75K rally looks fragile, warns analysts

ambcrypto03/19 00:01

How Much Money Has Kalshi Actually Made? Deconstructing the Prediction Market Business Behind 200 Million Trades

In this analysis of Kalshi, a leading prediction market platform, the author examines its business model, transaction data, and regulatory landscape. By accessing Kalshi’s public API, the study reveals that the platform has processed over 203 million transactions with a total volume exceeding $41.7 billion. More than 82% of this volume comes from sports betting, positioning Kalshi as a de facto sports gambling platform accessible to users as young as 18. The platform operates a central limit order book (CLOB) where users trade binary contracts that settle at either $1 (if the event occurs) or $0 (if it does not). Kalshi generates revenue through a variable fee structure: Takers pay a fee based on the formula 0.07 × C × P × (1-P), where C is the number of contracts and P is the price, while Makers pay a quarter of that rate. Total fee income amounts to $545.6 million. Kalshi ecosystem includes markets, events, and series, with major volumes driven by events like the 2024 U.S. presidential election and Super Bowl outcomes. The platform’s fee model is compared to traditional sportsbooks, highlighting how its variable structure adapts to implied probability. Regulatory oversight falls under the CFTC, though enforcement remains limited, creating a grey area that allows Kalshi to operate with fewer restrictions than conventional gambling platforms. The analysis also touches on market结算 practices, liquidity incentives, and the broader context of prediction markets, including competitors like Polymarket and regulatory cases such as PredictIt’s legal battle with the CFTC.

marsbit03/13 04:30

How Much Money Has Kalshi Actually Made? Deconstructing the Prediction Market Business Behind 200 Million Trades

marsbit03/13 04:30

Trading Everything, Never Closing: RWA Perpetual Contracts — The Final Piece of DeFi Devouring Wall Street (Part 2)

This article explores the emergence and implications of Real World Asset (RWA) Perpetual Contracts (Perps) in DeFi, focusing on their potential to bridge traditional and decentralized finance. It analyzes key projects, contrasting two primary architectural models: the order book-based system, exemplified by Hyperliquid's HIP-3 ecosystem (e.g., Trade.xyz), and the oracle-priced liquidity pool model used by protocols like Ostium. The former prioritizes 24/7 market-driven pricing with oracles for risk management, while the latter favors accuracy and safety by pausing trading during market closures. A significant portion is dedicated to the regulatory landscape, particularly in the US. The analysis highlights the legal barrier of the "Shad-Johnson agreement," which subjects equity-based derivatives to dual SEC and CFTC jurisdiction, effectively blocking compliant retail single-stock perps. This creates a window of opportunity for offshore markets operating under Regulation S exemptions. The article proposes a symbiotic "CFD Broker + RWA Perps Dex" model for growth, where DeFi protocols act as back-end clearing engines for traditional brokers handling front-end compliance and user acquisition. Finally, it examines the external variable of traditional exchanges like NYSE planning their own 24/7 trading platforms. While this could erode DeFi's current monopoly on continuous trading and provide better underlying price feeds, it also forces DeFi to compete on different strengths like higher leverage, permissionless access, and superior capital efficiency. The conclusion posits that RWA Perps represent a fundamental restructuring of global leverage markets, evolving into a high-speed execution layer atop regulated traditional finance.

marsbit03/12 03:41

Trading Everything, Never Closing: RWA Perpetual Contracts — The Final Piece of DeFi Devouring Wall Street (Part 2)

marsbit03/12 03:41

Xmarket Launches Beta on Bnb Chain Mainnet:The First Prediction Market That Pays Creators and Early Believers

Xmarket, a decentralized prediction market platform, has launched its Private Beta on BNB Chain Mainnet. It introduces a revenue-sharing model that pays market creators up to 50% of trading fees and rewards early investors who fund markets during a pre-sale phase. Unlike existing prediction markets, Xmarket allows creators and backers to earn ongoing income from the trading activity their markets generate. The platform also features a referral program and uses a central limit order book for better pricing and liquidity. During the beta launch, 100% of platform revenue is being returned to users. Built for the APAC region, Xmarket aims to attract creators by turning market creation into a sustainable revenue stream.

TheNewsCrypto02/27 06:43

Xmarket Launches Beta on Bnb Chain Mainnet:The First Prediction Market That Pays Creators and Early Believers

TheNewsCrypto02/27 06:43

When DeFi Enters the "Exchange Era": The Ambition and Boundaries of Hyperliquid

Hyperliquid is a specialized Layer 1 blockchain designed to bring a centralized exchange-like experience to on-chain perpetual contract trading. It places order books, matching, execution, and liquidation primarily on-chain while achieving performance and usability comparable to major CEXs. Its native token, HYPE, captures value from trading fees and embodies a hybrid narrative of both exchange and blockchain utility. Key innovations include the HLP (Hyperliquid Liquidity Provider) mechanism, which incentivizes liquidity provision and supports market-making activities. However, Hyperliquid faces challenges including decentralization trade-offs, systemic risks from derivatives, potential HLP user misunderstandings, and future regulatory pressures. It represents a significant shift in DeFi towards exchange-grade usability but remains a high-risk, complex financial experiment.

比推02/25 06:18

When DeFi Enters the "Exchange Era": The Ambition and Boundaries of Hyperliquid

比推02/25 06:18

AZX, an Oder Book DEX, Debuts Beta Testing With Breakthrough Performance and Innovation

AZX, a next-generation order book decentralized exchange (DEX) built on the trading-optimized AZ Axis blockchain, has launched its Beta testing. It features a P99 latency of under 20 milliseconds and is backed by professional market-making teams for robust liquidity, targeting high-frequency and professional trading. The platform introduces a simplified onboarding process allowing users to register with an email to receive an auto-generated on-chain wallet address, while also supporting popular external wallets. This aims to lower the entry barrier to DeFi and improve accessibility without compromising self-custody. AZX is running an early contributor rewards program where users can earn points through trading and feedback. With the vision to "Compose All Finance," AZX aims to bridge traditional and decentralized finance, offering a foundational layer for new financial applications.

TheNewsCrypto12/29 11:44

AZX, an Oder Book DEX, Debuts Beta Testing With Breakthrough Performance and Innovation

TheNewsCrypto12/29 11:44

Analysis of LIT (Lighter): Ethereum's First Verifiable Zero-Knowledge Rollup Perpetual Contract Exchange

Lighter is the first verifiable zk-Rollup perpetual contract exchange on Ethereum, combining centralized exchange-level performance (millisecond latency, 10k+ TPS) with on-chain transparency. It uses a custom ZK circuit for verifiable order book matching and清算, and operates on a zero-fee model for retail traders while charging institutions via API. The LIT token enables governance, fee discounts, and liquidity incentives. The protocol addresses the scalability-security-decentralization trade-off in decentralized derivatives by leveraging an application-specific zk-Rollup. Its core innovations include an Order Book Tree for efficient matching (Θ(log2N) complexity), a fully verifiable清算 engine, and an Exit Hatch mechanism for user fund safety reliant only on Ethereum. With $80M in total funding and a $1.5B valuation (led by Founders Fund and Ribbit Capital), Lighter competes with established players like Aster and Hyperliquid. The LIT distribution includes 41.4% for ecosystem incentives, with initial circulating supply at 10.8% at TGE (Q1 2026). Key risks include technical complexity, regulatory uncertainty, and competitive pressure. Lighter aims to expand to spot, options, and cross-chain markets by 2027.

深潮12/28 12:24

Analysis of LIT (Lighter): Ethereum's First Verifiable Zero-Knowledge Rollup Perpetual Contract Exchange

深潮12/28 12:24

Attack on MM 2: Market Maker Order Book and Order Flow

"Attack of the MM 2: Market Maker Order Books and Order Flow" by Dave explores the dynamics of market making in crypto, focusing on the Limit Order Book (LOB) and order flow. The LOB is the market maker's battlefield, defined by depth, tick size, and the concept of price improvement—providing better prices than the current best bid/ask to create market value. Market makers profit from the bid-ask spread, which covers order processing costs, inventory risk (holding assets amid price fluctuations), and adverse selection risk (being exploited by informed "toxic" traders). The spread types include quoted, effective, and realized spread, with the latter factoring in future mid-prices to measure true profitability. Order flow involves managing incoming trades, with a focus on identifying "toxic flow" from informed traders who can cause losses. Market makers use metrics like VPIN (Volume-weighted Probability of Informed Trading) to detect one-sided pressure and respond by pulling quotes, widening spreads, or reducing order sizes to mitigate risk. The article hints at deeper institutional strategies in future installments.

深潮12/28 04:03

Attack on MM 2: Market Maker Order Book and Order Flow

深潮12/28 04:03

Honeypot Finance: The New Full-Stack Perp DEX – Can It Challenge Hyperliquid?

Honeypot Finance, a new full-stack perpetual DEX, is emerging as a potential challenger to established players like Hyperliquid. With a $35M valuation and backing from investors like Mask Network, it aims to reshape the Perp DEX landscape through a unique hybrid model combining order book efficiency with AMM resilience. Unlike traditional models, Honeypot integrates an order book (via Orderly Network) for low-slip execution during normal conditions and a proprietary AMM that activates during high volatility, ensuring continuous tradability. It also introduces a structured risk management system featuring layered vaults—allowing conservative capital to enter "Priority Vaults" for safer yields, while risk-tolerant users opt for "Secondary Vaults" for higher returns. The platform employs a multi-stage liquidation process to minimize unfair liquidations and avoid automatic deleveraging (ADL) unless absolutely necessary. The ecosystem is supported by a closed-loop tokenomics model. The $HPOT token (500M fixed supply) benefits from protocol fee buybacks and burns, tying its value to real revenue. HoneyGenesis NFTs act as yield-weight amplifiers, rewarding long-term stakers or offering permanent boost options when burned. Having already facilitated over $120M in total trading volume ($20M in perpetuals), Honeypot aims to create a synergistic system—from meme launchpad (Pot2Pump) to derivatives trading—that captures and sustains value through actual usage rather than inflationary incentives. Its success hinges on attracting sustained liquidity, proving its risk infrastructure under stress, and validating its full-stack integration approach.

marsbit12/23 09:03

Honeypot Finance: The New Full-Stack Perp DEX – Can It Challenge Hyperliquid?