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Coinbase Institutional:永续合约交易规模上升,正向 DeFi 核心金融原语演进
吴说获悉,据 Coinbase Institutional《2026 Crypto Market Outlook》,2025 年加密衍生品交易规模明显扩大,去中心化平台成为主要驱动力,DEX 永续合约月交易量已超过 1.2 万亿美元,Hyperliquid 仍占据较大市场份额;在山寨币现货行情低迷的情况下,部分资金转向高杠杆永续合约,年中纯投机性敞口一度接近 10%,并在 10 月清算事件后回落。与此同时,永续合约正由单一交易工具转向 DeFi 中可组合的基础金融原语,并逐步与借贷等协议结合,同时向股票类永续合约延伸,成为连接加密市场与传统资产的重要衍生品形式。