# 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.

How Likely Is a 5x Surge for HYPE?

Despite a backdrop of "extreme fear" in the broader market, Hyperliquid (HYPE) has drawn significant attention, particularly from BitMEX co-founder Arthur Hayes, who has set a $150 price target—a fivefold increase from its current ~$36 price. Hayes argues that as trading activity shifts on-chain, HYPE's value capture mechanism, which uses ~97% of platform revenue to buy back and burn tokens, provides strong long-term price support. Key growth drivers include the HIP-3 proposal, enabling permissionless perpetual markets for traditional assets like indices and commodities, which already contributes ~10% of revenue. Community sentiment is bullish, citing HYPE's low ADV/OI ratio as a sign of genuine trading volume. However, achieving the $150 target is contingent on annualized revenue growing from ~$843 million to ~$1.4 billion. While on-chain data shows developer activity remains high, market sentiment has only recently begun to align with the platform's fundamentals.

marsbit03/12 08:39

marsbit03/12 08:39

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

Ondo, xStocks, Hyperliquid 'Three Kingdoms': Who is Building the 'Foundation' of Future Finance?

This article analyzes three distinct approaches to on-chain tokenization of traditional assets like stocks and ETFs: Ondo Finance, xStocks (by Backed Finance, now Kraken-owned), and Hyperliquid's HIP-3. Ondo Finance employs an institutional-grade, indirect tokenization model. An offshore SPV holds the underlying stocks, issuing on-chain structured notes that represent economic exposure but not legal ownership. It features atomic settlement, instant minting/redemption, and requires KYC for accredited non-US investors. xStocks targets the retail market with a multi-chain, composable model. Similar to Ondo, it uses a 1:1 backed debt instrument structure (tracking certificates) issued by a Jersey-based SPV. It emphasizes self-custody, ease of access with no specific KYC for trading, and integrates a novel "xChange" engine to bridge TradFi liquidity into DeFi. Hyperliquid's HIP-3 offers a fundamentally different, permissionless model for creating perpetual futures markets on any asset. It requires no underlying custody of assets. Instead, it provides synthetic price exposure through oracle-fed perpetual contracts, allowing high leverage and 24/7 trading. It functions as a decentralized infrastructure layer for market creators. The piece concludes that these protocols are not in direct competition but serve different purposes: Ondo and xStocks offer economic ownership and redemption, while Hyperliquid provides leveraged synthetic trading. The common thread is expanding access and composability for on-chain users.

marsbit03/11 10:03

Ondo, xStocks, Hyperliquid 'Three Kingdoms': Who is Building the 'Foundation' of Future Finance?

marsbit03/11 10:03

Arthur Hayes predicts $150 for HYPE: Can Hyperliquid’s trading boom make it happen?

Arthur Hayes, co-founder of BitMEX, predicts that the HYPE token from Hyperliquid could reach $150 by August 2026, a 5x increase from its current price. He argues that despite weak market sentiment, decentralized exchanges (DEXes) like Hyperliquid can thrive by generating consistent revenue from trading fees. Hyperliquid's model uses ~97% of its revenue to buy back and burn tokens, reducing supply and supporting the price. However, achieving this target requires annualized revenue to grow from ~$843 million to ~$1.4 billion. A key growth driver is HIP-3, which enables permissionless perpetual markets for assets like the Nasdaq-100 and already contributes 10% of revenue. Hayes also highlights Hyperliquid's low ADV/OI ratio as a sign of genuine trading activity. While recent price gains and improving sentiment are positive, the market remains cautious, awaiting stronger confirmation of sustained growth.

ambcrypto03/10 19:02

Arthur Hayes predicts $150 for HYPE: Can Hyperliquid’s trading boom make it happen?

ambcrypto03/10 19:02

Capital Outflow, Long-Short Balance: Ethena's Ebb Reveals a Rare Signal

The cryptocurrency market has been in a risk-off mode for months. Ethena, a key player in crypto basis trading, has seen its deployed capital—acting as a proxy for excess long demand—plummet to $791 million, just 71% of its 2025 low and 12.9% of its previous peak. This sharp decline reflects a rare market structure where active longs and active shorts are nearly balanced, a historically unstable condition. Ethena’s business model involves taking the short side of perpetual swaps against leveraged long traders, earning funding rates. The drastic reduction in its deployed capital—down over 60% in a month despite relatively stable Bitcoin prices—suggests either unprofitable basis trades are being unwound or increased hedging activity (e.g., VCs and projects hedging small-cap token exposure) is crowding out opportunistic basis traders like Ethena. Perpetual futures, central to crypto leverage, require a 1:1 match between longs and shorts. The current equilibrium indicates exceptionally low speculative long interest and a rise in structural short hedging. This balance is fragile and unlikely to persist, potentially leading to increased volatility. Ethena’s retreat serves as a clear signal of shifting risk appetite and crowded hedging strategies in crypto markets.

比推03/09 14:30

Capital Outflow, Long-Short Balance: Ethena's Ebb Reveals a Rare Signal

比推03/09 14:30

Hyperliquid’s HIP-3 Protocol Records $720M Single-Day Weekend Trading

Hyperliquid's HIP-3 protocol, a record-breaking $720 million in single-day weekend trading volume, driven by heightened demand for on-chain access to traditional assets. According to Pine Analytics, this surge is attributed to two key events: a silver price rally in January and geopolitical tensions in late February that drove traders to decentralized platforms when traditional markets were closed. The platform's native token, HYPE, saw a 2.67% price increase and a 55% rise in 24-hour trading volume, reflecting growing adoption. Analysts suggest that if this accelerating trend continues, HYPE is well-positioned to outperform other crypto assets.

TheNewsCrypto03/09 12:29

Hyperliquid’s HIP-3 Protocol Records $720M Single-Day Weekend Trading

TheNewsCrypto03/09 12:29

What Does Ethena's Trend Reveal About the Cryptocurrency Market?

The article analyzes the perpetual futures market structure and risk sentiment in the cryptocurrency market using Ethena's transparency dashboard as a key indicator. It reveals that Ethena's deployed capital has dropped to $791 million, only 71% of its 2025 low and 12.9% of its peak, reflecting extremely low net long demand in the market. A key insight is that directional long positions are nearly equal to directional short positions—a rare and historically unsustainable balance in crypto. The analysis breaks down perpetual contract holders into four categories: directional longs, directional shorts (including hedgers), basis traders (like Ethena), and arbitrageurs. Ethena’s role as a basis trader provides a proxy for excess long demand. The sharp decline in its deployed capital—over 60% since February 2026—suggests either the unwinding of unprofitable basis trades, increased hedging activity from directional shorts, or weak leveraged long demand. Current negative funding rates and stable open interest indicate growing short or hedge demand, possibly from VC firms and crypto companies managing risk in a bearish market. This equilibrium between longs and shorts is unusual and may signal a market regime change, though it remains uncertain whether this balance can persist.

marsbit03/09 10:12

What Does Ethena's Trend Reveal About the Cryptocurrency Market?

marsbit03/09 10:12

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

Analyzing if Hyperliquid can become the 24/7 derivatives hub – Why and why not?

Crypto markets operate 24/7, providing continuous price discovery, especially during off-hours geopolitical or macroeconomic events, as seen with recent Middle East tensions. Derivatives dominate this ecosystem, with perpetual futures volume vastly exceeding spot trading. Hyperliquid [HYPE], a high-speed Layer-1 blockchain, is emerging as a key decentralized derivatives hub. It features ultra-fast block finality, an on-chain order book, and a cross-margin model. With significant volume and open interest, it is consolidating liquidity in the decentralized space, sometimes offering better order book depth than centralized competitors like Binance. While it has the potential to become a global, 24/7 risk-transfer layer, persistent market fragmentation could limit this advantage.

ambcrypto03/08 00:02

Analyzing if Hyperliquid can become the 24/7 derivatives hub – Why and why not?

ambcrypto03/08 00:02

The 24/7 Takeover: How Crypto’s $130B TradFi Surge Is Absorbing The Global Commodities Trade

Cryptocurrency exchanges are expanding beyond digital assets to become major hubs for traditional financial derivatives, particularly perpetual futures tied to commodities and equities. A CryptoQuant report highlights that this shift is accelerating as TradFi participants leverage crypto infrastructure for 24/7 trading access. Binance’s TradFi perpetual futures have seen cumulative volumes exceed $130 billion, with over 90 million trades. Gold and silver contracts dominate, reaching daily volumes of nearly $4 billion each during strong market rallies. This reflects a broader convergence between traditional finance and crypto trading platforms, enabling continuous global market exposure outside conventional hours.

bitcoinist03/07 10:02