A perpetual contract is a test of execution. gratify, fundingand clearing.
The year begins with a very public sign that the center of gravity is shifting.
Early October, super liquid I turned on the unauthorized list (HIP-3). Builders can now list perp markets with staking. 500,000 HypeThere are guardrails such as validator slashing and open interest. This move fueled the “on-chain wins” narrative as decentralized criminals recorded new shares against CEX.
at the same time, Czechia Jumped into X to quash rumors about his relationship with Hyperliquid. It even weighed in on a widely discussed issue. “Hyper Liquid is $1 billion short” line. Whether you read it as concern or simple rumor control, the fact that Binance’s founder is speaking publicly about DEX says a lot about where attention has shifted.
Expand your market structure. By mid-2025, DEX fines would reach approximately 20-26% of global fines, up from the low single digits two years ago. The DEX-CEX futures ratio hit a record of ~0.23 in Q2 2025. This is a clear directional signal that liquidity and users are moving on-chain.