Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingAccording to Pantera Capital, perpetual futures are expected to become one of the leading trading tools in global financial markets, while decentralized exchange Hyperliquid demonstrates how blockchain-based infrastructure can challenge traditional markets. The blockchain-focused asset management company pointed out in a platform X post on Wednesday that perpetual futures have structural advantages over traditional derivatives, including all-weather trading, no expiration date, simpler position management, and continuous price discovery mechanisms, which make them increasingly attractive outside the cryptocurrency market.
As an investor in the Hyperliquid ecosystem, Pantera said Hyperliquid has become a leading example of this shift, expanding perpetual futures from cryptocurrencies to stocks, commodities and stock indices, as part of founder Jeff Yan\'s vision of \"Including All Finance\". Hyperliquid\'s growth has attracted attention from traditional financial circles, including the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, and its CEO Jeffrey Sprecher has urged regulators to create a \"level playing field\" for the launch of all-weather on-chain perpetual futures contracts.
Pantera Capital said that Hyperliquid has increased its market share of on-chain perpetual futures, and the trading volume of perpetual futures on the decentralized exchange (DEX) has increased to 14% of the trading volume of perpetual futures on the centralized exchange (CEX), which was less than 1% when Hyperliquid was first launched in early 2023. According to Pantera data, Hyperliquid accounts for approximately 40% of the total perpetual futures trading on the chain. According to DefiLlama, it has become the fourth largest fee-generating agreement in the cryptocurrency industry, generating $13.5 million in fees per week for the past seven days.
Top protocols by weekly fees generated. Source: DefiLlama
Traditional finance embraces all-weather markets
Cryptocurrency platforms and traditional financial institutions are incorporating more traditional investment products into the blockchain framework. On May 22, OKX announced plans to launch perpetual futures contracts based on ICE\'s West Texas Intermediate and Brent crude oil benchmarks through cooperation with exchange operators. In March, the New York Stock Exchange partnered with tokenization platform Securitize as part of a broader effort to develop a blockchain-based stock trading infrastructure to provide round-the-clock trading and settlement services to Wall Street. In January, the Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, shared plans for a tokenized securities platform designed for round-the-clock trading, instant settlement, stablecoin-based financing, and on-chain settlement.
