# 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.

346% Surge vs 20.8% Decline, CoinGecko: DEX Perpetuals Are Taking Market Share from CEX

CoinGecko's 2025 report highlights a dramatic shift in the crypto derivatives market, with DEX perpetual contract volume surging 346% to $6.7 trillion, while CEX open interest declined by 20.8%. This signals a systemic capital migration from centralized to decentralized platforms, driven by superior capital efficiency, mature market mechanisms, and enhanced DEX usability. Key factors include the ability to trade with leverage, hedge positions, and profit in both bull and bear markets. Hyperliquid, ranking as the seventh-largest global exchange with $2.9 trillion in volume—surpassing Coinbase International—exemplifies this trend. Its custom L1 blockchain enables high-speed, low-cost trading, while HIP-3’s permissionless listing mechanism allows trading of commodities, equities, and alternative assets, transforming DEXs into 24/7 global financial infrastructure. The data confirms perpetual contracts are reshaping crypto market structure, with DEXs becoming competitive in performance, fees, and user experience, positioning them as the future of decentralized finance.

marsbit03/04 05:15

346% Surge vs 20.8% Decline, CoinGecko: DEX Perpetuals Are Taking Market Share from CEX

marsbit03/04 05:15

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

Paradex Signals Upcoming $DIME Token Generation Event

Paradex has announced the upcoming Token Generation Event (TGE) for its native token, $DIME, marking a new phase in its development. Built by the team behind Paradigm, which has processed over $1 trillion in trading volume, Paradex is a privacy-focused decentralized perpetual futures exchange. It has achieved over $250 billion in cumulative trading volume, $550 million in open interest, and serves more than 75,000 users. Key features include an off-chain order book with on-chain settlement via a zk-STARK-secured L2 appchain, zero trading fees for retail, encrypted position data, and a no auto-deleveraging risk model. $DIME will serve as the native gas token on Paradex Chain and is designed to align economic incentives between stakeholders. The token allocation includes 25.1% to core contributors, 25% to a community airdrop, 20% to Season 2 XP holders, and 21.6% for ongoing community incentives. A significant portion of team and investor tokens are subject to performance-based or time-vesting unlocks. Paradex plans to expand into spot markets, options, and real-world assets, positioning $DIME as central to its long-term growth and value accrual.

TheNewsCrypto03/03 09:32

Paradex Signals Upcoming $DIME Token Generation Event

TheNewsCrypto03/03 09:32

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

Don't Just Focus on Trading Volume, Learn to Understand the 'True and False Prosperity' of Perpetual Contracts

Title: Look Beyond Trading Volume: Understanding the Real Growth of Perpetual Contracts Perpetual contracts (perps) have become a dominant force in crypto trading, with their volume now accounting for about 75% of decentralized exchange activity, up from 44% in February 2025. This surge occurred even as the total crypto market cap fell nearly 40% between August 2025 and February 2026, indicating a shift towards derivatives for speculation and hedging during volatility. However, volume alone can be misleading. It may reflect high-frequency, incentive-driven activity rather than meaningful capital deployment. A more nuanced view comes from combining volume with Open Interest (OI)—the total value of outstanding contracts. While cumulative perps volume doubled in the past six months to $14 trillion (exceeding the previous four years' total), OI grew by about 50%, from $13B to ~$18B before settling at $13B. The OI/Volume ratio, a measure of capital efficiency, rose from 0.33x to 0.49x over the past year. This growth wasn’t linear: it peaked at ~0.72x from June to mid-October 2025, then dropped to ~0.38x after a major liquidation event in October wiped out $19B in leveraged positions. At the platform level, Hyperliquid leads in capital efficiency with an OI/7-day volume ratio over 45% and a take rate of 3.2 bps, effectively converting trading activity into sustained positions and fee revenue. Aster follows with a 34% ratio but a lower take rate of 1.6 bps, prioritizing capital retention over revenue. edgeX and Lighter both show 21% efficiency, with edgeX matching Hyperliquid’s take rate. The key insight is that true growth in perps markets is signaled not just by volume but by rising OI/Volume ratio, reflecting patient capital and confidence in these platforms. Sustainable success will come from optimizing conviction and value capture, not just incentivized trading volume.

marsbit02/23 08:10

Don't Just Focus on Trading Volume, Learn to Understand the 'True and False Prosperity' of Perpetual Contracts

marsbit02/23 08:10

Lighter: How incentive exhaustion cut LIT’s dominance to 8.1%

Lighter's dominance in DeFi perpetuals peaked near 60% in late 2025, driven by aggressive incentives and an airdrop. However, as incentives normalized and the airdrop concluded, participation declined sharply. By mid-February 2026, Lighter’s market share fell to 8.1%, while Hyperliquid regained dominance, capturing 40-50% of the market. Despite the drop in headline volume, Lighter maintained strong open interest in key pairs. Large token movements by entities like Justin Sun and Wintermute indicated strategic positioning, balancing ecosystem support with readiness to sell if conditions worsened. Incentive exhaustion and post-airdrop exits enabled Hyperliquid to seize leadership in the derivatives space.

ambcrypto02/21 22:02

Lighter: How incentive exhaustion cut LIT’s dominance to 8.1%

ambcrypto02/21 22:02

Hyperliquid Launches D.C. Policy Center Backed By $28 Million In HYPE Tokens

Hyperliquid has announced the creation of the Hyperliquid Policy Center (HPC), a new Washington, D.C.-based organization backed by a $28.7 million allocation of HYPE tokens. The center will be led by Jake Chervinsky, former executive of the Blockchain Association and Variant, and aims to advocate for clearer federal regulations for decentralized finance (DeFi). HPC will focus on educating lawmakers and regulators about DeFi protocols and pushing for a legal framework for perpetual derivatives, which are popular in crypto but face regulatory uncertainty in the U.S. The initiative also includes key hires from legal and policy backgrounds to support its mission.

bitcoinist02/19 12:02

Hyperliquid Launches D.C. Policy Center Backed By $28 Million In HYPE Tokens

bitcoinist02/19 12:02

Zcash drops 12% as $52mln exits – Can ZEC avoid deeper breakdown?

Zcash (ZEC) experienced a significant 12% price decline, driven by a major capital outflow of $52 million from its perpetual futures market, which included $2.98 million in liquidated positions. This sell-off intensified downside pressure, as momentum indicators like MACD and Chaikin Money Flow signaled weakening bullish momentum and dominant selling activity. The Long/Short Ratio also fell below 1, indicating more traders are betting on further declines. However, not all signals are bearish: spot market data showed approximately $18 million in inflows on February 18, suggesting accumulation by buyers. Although derivatives market weakness persists, continued spot demand and a still-positive funding rate leave the possibility open for a short-term rebound if buying pressure sustains.

ambcrypto02/19 12:02

Zcash drops 12% as $52mln exits – Can ZEC avoid deeper breakdown?

ambcrypto02/19 12:02

Sai Launches Perps Platform Combining CEX Speed with Onchain Settlement

Sai has launched Sai Perps, a perpetuals trading platform designed to combine the speed and user experience of a centralized exchange (CEX) with the transparency and self-custody of onchain settlement. The platform offers gasless transactions to reduce friction while maintaining onchain security. Alongside the launch, Sai announced the "Let’s Go Saicho" trading competition, running from February 18 to March 19, 2026, with $25,000 in total prizes. The competition includes a PNL-based phase and a first-come, first-served phase to reward both performance and early participation. Key advantages of Sai Perps include a CEX-like interface, deep liquidity infrastructure, accessibility for all traders, and plans to expand into stocks, commodities, and FX markets. The platform aims to make advanced trading accessible without compromising on transparency or self-custody.

TheNewsCrypto02/18 14:21

Sai Launches Perps Platform Combining CEX Speed with Onchain Settlement

TheNewsCrypto02/18 14:21

From Crypto to the Entire Market: Exchanges No Longer Just Sell Coins. Will TradFi Become the Next Growth Curve?

The rise of TradFi (Traditional Finance) products on major crypto exchanges marks a strategic shift from crypto-only trading toward multi-asset platforms. Driven by macro volatility, user demand for diversification, and mature infrastructure like stablecoin margining, exchanges are integrating traditional assets—such as gold, forex, indices, and commodities—as derivative products (CFDs or perpetuals) rather than physical assets. Two dominant models have emerged: the MT5/CFD broker-style approach (adopted by Bybit, Bitget, and Gate) and the perpetual contract model (pioneered by Binance), which offers 24/7 trading with USDT settlement. While TradFi provides new growth avenues, hedging tools, and improved capital retention, it faces challenges including regulatory fragmentation, non-trading hour pricing risks, and complex risk management. The future of TradFi lies not just in expanding asset coverage but in building integrated, compliant, and user-friendly systems that enable cross-market strategies, enhance stablecoin utility, and transform exchanges into comprehensive financial supermarkets. Success will depend on delivering predictable, transparent, and trustworthy multi-asset trading experiences.

marsbit02/18 09:19

From Crypto to the Entire Market: Exchanges No Longer Just Sell Coins. Will TradFi Become the Next Growth Curve?