# Сопутствующие статьи по теме Perpetuals

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

Hyperliquid with Trillions in Trading Volume: How to Break the Thin Profit Curse

Hyperliquid, a decentralized exchange, processes massive trading volumes (annualized $617B in perps) but captures minimal fees—only ~3.9 bps—compared to retail-centric platforms like Coinbase (35.5 bps) and Robinhood (33.5 bps). This reflects a structural divide: Hyperliquid operates at the "market layer" (like Nasdaq), offering low-margin execution, while brokers profit from higher-margin services like custody, lending, and subscriptions. Hyperliquid’s open architecture—via Builder Codes (third-party frontends) and HIP-3 (external product deployment)—fuels growth but risks commoditizing its core exchange, as third parties capture user relationships and routing leverage. Recent strategic shifts aim to defend its position: halting subsidies for external frontends, launching USDH (a native stablecoin) to capture reserve yields, and introducing portfolio margin to earn interest on lending. The protocol is evolving toward a hybrid model—balancing open infrastructure with broker-like revenue streams (e.g., balance-based earnings)—to avoid being trapped in low-margin wholesale execution. The key challenge for 2026 is achieving this shift without undermining its ecosystem-friendly approach.

比推12/18 22:14

Hyperliquid with Trillions in Trading Volume: How to Break the Thin Profit Curse

比推12/18 22:14

Hyperliquid at a Crossroads: Following Robinhood or Continuing the Nasdaq Economic Paradigm?

Hyperliquid, a decentralized exchange, processes perpetual contract volumes comparable to Nasdaq ($617 billion annualized) but generates significantly lower fee revenue—just 3.9 basis points—compared to retail platforms like Coinbase (35.5 bps) and Robinhood (33.5 bps). This reflects a structural divide: Hyperliquid operates at the low-margin "market layer" (exchange execution), while retail brokers capture higher profits through diversified revenue streams like net interest, subscriptions, and order flow. Hyperliquid’s architecture encourages permissionless third-party frontends (Builder Codes) and product listings (HIP-3), fostering ecosystem growth but risking "commoditization" if external interfaces gain routing power and compress fees. Recent strategic shifts suggest a move to defend its official frontend’s competitiveness and expand beyond trading fees. Initiatives like the native stablecoin USDH (capturing 50% of reserve yields) and portfolio margin lending (10% fee on borrower interest) aim to introduce broker-like revenue pools. The platform now faces a key challenge: balancing its open, modular design with the need to capture higher-margin brokerage economics—potentially requiring tighter integration and control over distribution and user balances to avoid long-term margin compression.

marsbit12/18 13:07

Hyperliquid at a Crossroads: Following Robinhood or Continuing the Nasdaq Economic Paradigm?

marsbit12/18 13:07

Coinbase Launches Major Product Updates, Including Prediction Markets and Stock Trading, Transforming into a Comprehensive Financial Platform

Coinbase has unveiled a major expansion of its product suite during its "System Update 2025" event, signaling a strategic shift from a pure cryptocurrency exchange to a comprehensive financial platform. Key announcements include the launch of commission-free stock and ETF trading for US users, with plans to offer extended 24/5 trading hours and eventually support thousands of assets. The company is also preparing to list stock-linked perpetual futures for international users. Additionally, Coinbase is entering the prediction markets through a partnership with Kalshi, allowing US users to trade event-based contracts. Other new features include a simplified interface for perpetual futures trading, integration of Solana DEX aggregator Jupiter for instant token trading, and an AI-powered wealth management tool called Coinbase Advisor. For businesses, Coinbase Business is now fully available in the US and Singapore, offering financial services for SMBs. The company also introduced a service for creating custom branded stablecoins and is developing new payment infrastructure, including the x402 open payment standard. These moves position Coinbase to compete directly with traditional brokers and expand into new multi-billion dollar revenue streams.

marsbit12/18 07:02

Coinbase Launches Major Product Updates, Including Prediction Markets and Stock Trading, Transforming into a Comprehensive Financial Platform

marsbit12/18 07:02

After Researching How to Add Leverage to Prediction Markets, I Found This Problem Almost Unsolvable

Leverage in prediction markets remains a major unsolved challenge due to the unique nature of binary outcomes. Unlike traditional assets, prediction market shares have a fixed maximum value of $1 and can drop to zero instantly upon event resolution, causing discontinuous price "jumps." This jump risk makes high leverage extremely dangerous, as liquidation mechanisms fail during sudden price moves, potentially leaving lenders with losses. Real-world cases, like dYdX’s TRUMPWIN market during the 2024 election, show even well-designed systems with safeguards can fail under jump conditions. Current solutions vary: some platforms (e.g., HyperliquidX, Drift) limit leverage to 1-1.5x; others use dynamic risk management (e.g., D8X, PredictEX); while some offer high leverage without clear risk disclosure. The core issue is that prediction markets resemble exotic options, not perpetual futures, and may require specialized, exchange-level infrastructure—such as time-based margin calls and multi-layer insurance—to manage jump risk transparently on-chain. Until then, sustainable high leverage remains elusive.

Odaily星球日报12/17 09:57

After Researching How to Add Leverage to Prediction Markets, I Found This Problem Almost Unsolvable

Odaily星球日报12/17 09:57

From Bangers to Flops: A Critical Review of 21 Mainstream Crypto Narratives in 2025

Tokenization of real-world assets (RWA) continues to grow, reaching a market size of $200 billion, while stablecoins ($3100B) are becoming critical infrastructure for payments and digital banking. Prediction markets and perpetual contracts are also seeing record activity. In the top tier, BTCFi is gaining traction as Bitcoin becomes productive capital, and privacy solutions are increasingly important for institutional adoption. AI remains a major area of interest, and DeFi is shifting toward consumer applications with all-time high TVL. Emerging areas like chain abstraction and InfoFi are reducing user friction and refining data markets, though they are still developing. Robotics and ZK-technology remain more promising in theory than practice. Meanwhile, staking and restaking face yield compression and complexity, and DePIN struggles with real-world integration. L1/L2 development is slowing as value shifts to applications. SocialFi and GameFi still lack sustainable user retention or product-market fit. NFTs remain stuck in speculative JPEG trading, meme coins are losing dominance, and modular blockchains, while architecturally significant, lack compelling investment narratives.

marsbit12/17 08:53

From Bangers to Flops: A Critical Review of 21 Mainstream Crypto Narratives in 2025

marsbit12/17 08:53

Hyperliquid to Launch Portfolio Margin: A Game-Changer or a Double-Edged Sword?

Hyperliquid, a leading Perp DEX, is introducing portfolio margin on its testnet, a significant upgrade aimed at professional and institutional traders. This system unifies users' spot and perpetual accounts, calculating margin requirements based on net risk exposure rather than summing individual positions. It rewards hedging strategies by freeing up capital, potentially improving efficiency by over 30%, as seen in traditional finance. This move signals Hyperliquid's strategic shift towards courting capital-efficient institutional players, offering benefits like a unified account for seamless trading, automatic yield on idle assets, and a theoretical 3.35x increase in leverage. It aims to support complex strategies like delta-neutral trading and arbitrage, potentially improving liquidity and tightening spreads. However, the system amplifies risks inherent in DeFi's lender-of-last-resort absence. Higher efficiency means losses and liquidations can accelerate more quickly. In extreme market conditions, correlated crashes could cause hedges to fail simultaneously, rapidly expanding risk exposure. Furthermore, the liquidation of a large, leveraged unified account could trigger a multi-asset fire sale, potentially creating a cascading liquidation spiral across connected markets and even impacting integrated lending protocols within Hyperliquid's HyperEVM ecosystem. This innovation is a high-stakes gamble on attracting institutions and a severe test for DeFi's resilience.

marsbit12/16 13:20

Hyperliquid to Launch Portfolio Margin: A Game-Changer or a Double-Edged Sword?

marsbit12/16 13:20

From Airdrop Myth to King of Derivatives: A Look Back at Hyperliquid's 2025 Conquest

Reviewing crypto's growth in 2025, Hyperliquid stands out. It began the year with an epic airdrop and strong price performance, capturing attention. By year's end, it transformed into a top-four revenue-generating platform in crypto, earning over $650M and at one point capturing 70% of all perp trading volume. Its success was no accident. In Q1, it solidified its reputation by being first to list new assets like the TRUMP perp and launched HyperEVM, a smart contract layer. Q2 saw explosive growth: HYPE token surged 4x from April lows, and HyperEVM's TVL grew from $350M to $1.8B. The platform gained mainstream media coverage. In Q3, major wallets like Phantom and MetaMask integrated via Hyperliquid's builder codes, routing $158B in volume and earning partners nearly $50M. A high-profile stablecoin bid war was won by Native Markets, aligning with Hyperliquid's bootstrapped ethos. However, new competitors like Aster and Lighter emerged with aggressive airdrops. Q4 brought permissionless listings via HIP-3, enabling new markets like stock perps and yield-bearing collateral. Yet, HYPE fell nearly 50% from its September peak due to market conditions, a rare ADL event during a crash, and the start of team token unlocks. As perps go mainstream in 2026, Hyperliquid's true test begins. Its success came from building a superior product and ecosystem without shortcuts. Maintaining leadership will require doing it all over again in a crowded field.

marsbit12/12 11:35

From Airdrop Myth to King of Derivatives: A Look Back at Hyperliquid's 2025 Conquest

marsbit12/12 11:35

Bankless | Hyperliquid's Epic Battle in 2025, Can It Hold Its Ground in 2026?

Hyperliquid dominated the perpetual futures exchange landscape in 2025, rising from a major airdrop in late 2024 to become the fourth-largest crypto ecosystem by revenue, earning over $650 million and at one point capturing 70% of all perp trading volume. Its success was driven by a crypto-native strategy, including quickly listing trending tokens like TRUMP, the launch of its HyperEVM smart contract layer, and key integrations with major wallets like Phantom and MetaMask via its builder codes program. However, facing rising competition from platforms like Aster and Lighter, along with an automatic deleveraging (ADL) event and team token unlocks in Q4, Hyperliquid’s market share fell to around 17% by year-end. The question for 2026 is whether it can maintain its lead through organic growth and decentralization as the perp market grows more competitive.

比推12/11 23:52

Bankless | Hyperliquid's Epic Battle in 2025, Can It Hold Its Ground in 2026?