Wu Shuo learned that according to Coinbase Institutional's "2026 Crypto Market Outlook," the trading volume of crypto derivatives in 2025 will significantly expand, with decentralized platforms becoming the main driving force. The monthly trading volume of DEX perpetual contracts has exceeded $1.2 trillion, and Hyperliquid still holds a substantial market share; amid the sluggish spot market for altcoins, some funds have shifted to high-leverage perpetual contracts, with pure speculative exposure reaching nearly 10% at mid-year, then retreating after the liquidation event in October. Meanwhile, perpetual contracts are transitioning from a single trading instrument to a foundational financial primitive that can be combined within DeFi, gradually integrating with lending protocols, and extending towards stock-like perpetual contracts, becoming an important derivative connecting the crypto market with traditional assets.

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