Stock sustainability contract: Perp DEX's new battleground and competition patterns

CoinW Institute

Summary

Equities sustainability contracts are gradually becoming one of the most important directions of growth potential in chain derivatives markets. The product combines price fluctuations of traditional stocks (represented in United States shares) with long-term contractual maturity rates, bonds and clearing mechanisms, so that users do not have to hold shares in real terms, nor are they subject to traditional trading time limits, i.e., access to composite risk exposures close to stock prices. As prognosis design, index pricing methods and chain liquidity infrastructure continue to improve, equities move from the conceptual stage to actual landings and take the lead in shaping a scalable trade on the head Perp DEX。

It is not an accident but rather a clear structural context in which stocks thrive. On the one hand, the global stock market itself has an extremely large asset base, and by the beginning of 2026 the global total market value of listed equities was close to $1.6 trillion, more than half of which came from non-United States markets; on the other hand, the structure of the transaction, which was fully validated in the encrypted market, reached 61.7 trillion dollars per year in 2025, significantly higher than the volume of spot transactions. This provides a mature business paradigm and realistic reference for traditional assets to be “sustainable”。

On the concrete landing path, the stock is continuing along both the DEX and CEX routes. The head, represented by Hyperliquid, Aster and Lighter, Perp DEX, has taken the lead in entering into permanent contracts for shares in the chain of origin, with 7 x 24-hour transactions and chain liquidations through prophecies or internal pricing mechanisms, with clear advantages in terms of transparency and groupability. At the same time, some centralized exchanges (e.g. Bitget) have also begun to introduce Stock Futures products based on the DFI, introducing a permanent structure, a financial rate and a guarantee mechanism within the centralization system, whose trading experience is very close to the sustainability of the stock at a functional level, but is still limited to a 5x24-hour trading system and a centralized clearing structure。

From a more macro point of view, the persistence of equities reflects the accelerated integration of real-world assets (RWAs) with chain derivatives systems, and the move of the encrypted trading market from a coded primary asset to an “assets-for-all” trading paradigm. In this process, Perp DEX is expected to evolve into a comprehensive entry point covering a broader asset type with stronger global attributes; while the dominant CEX, which is subject to licensing requirements and increasingly stringent securities regulatory frameworks, still has difficulty accessing such products on a large scale for the foreseeable future, objectively reinforces Perp DEX ' s pre-eminence in stock-renewing lanes。

CURRENTLY, THE GREATEST UNCERTAINTY ABOUT THE SUSTAINABILITY OF EQUITIES REMAINS AT THE REGULATORY LEVEL. WHILE THERE ARE NO CLEAR GLOBAL REGULATORY RULES FOR STOCK SUSTAINABILITY CONTRACTS, REGULATORS ARE GENERALLY CAUTIOUS ABOUT CHAIN-BASED PRODUCTS THAT ARE HIGHLY ASSOCIATED WITH STOCK PRICES, OFTEN TENDING TO BE INCLUDED IN SUCH REGULATIONS AS SECURITIES DERIVATIVES OR DIFFERENTIAL CONTRACTS (CFDS). EVEN IF THE PERPETUATION OF SHARES DOES NOT INVOLVE STOCK TRUST OR REAL STOCK EXCHANGE, THE POTENTIAL COMPLIANCE RISK SHOULD NOT BE OVERLOOKED BECAUSE THE ANCHOR IS A TRADITIONAL SECURITIES ASSET. FUTURE REGULATORY PRIORITIES MAY FOCUS MORE ON FRONT-END OPERATORS, PRICE INDICES AND PREDICTOR DATA SOURCES, AS WELL AS CENTRAL LINKS RELATED TO PAYMENTS OR TECHNICAL SERVICES, AND SIMULTANEOUSLY REINFORCE REQUIREMENTS FOR KYC, LEVERAGE CEILINGS, GEOGRAPHICAL LIMITS AND RISK DISCLOSURE。

Stock sustainability is at a critical stage of rapid expansion and regulatory uncertainty. On the one hand, it has opened up a potential growth space for the chain derivatives market, built on billions of dollars of stock asset pools; on the other hand, its long-term development continues to depend on balancing product innovation efficiency, risk control and compliance pathways. Those agreements and platforms that spearhead this balance are more likely to be at the centre of trading systems in the chain and in the chain of future globalization。

This paper will provide a systematic analysis of the bottom-up operating mechanisms and product structure of a permanent stock contract, focusing on price formation mechanisms (predictator design), synthetic asset construction modalities, clearing and wind control systems, financial rates and leverage models, as well as an in-depth analysis and outlook of current market patterns, potential risks and future trends, in conjunction with representative head projects。

Contents

Summary

1. What is a permanent stock contract

Growth drivers and research values

3. Bottom-up mechanisms for stock renewal contracts

3.1 Price sources (Oracle)

3.2 Synthetic asset casting

3.3 Liquidation mechanisms

3.4 Leverage mechanisms

Market patterns

4.1 The stock of Hyperliquid continues

4.2 Aster: Simple vs. Pro Mode

4.3 Lighter stock lasts forever

4.4 ApeX stock lasts forever

4.5 Multi-entry integration is expanding the flow boundaries of stocks for all time

4.6 HEAD CEX STOCK LASTS FOREVER

4.7 Comparative analysis of market patterns

4.8 Long-term logic that traditional financial infrastructure is chained up or will regenerate stocks

5. Risk and regulation

5.1 Regulatory status and potential compliance risks

5.2 Other potential risks

Trends and outlook

6.1 Stock sustainability market size and potential space

6.2 Trends and outlook

References

 

1. What is a permanent stock contract

THE EMERGENCE OF A “STOCK-FOR-LIFE CONTRACT” IN THE CHAIN IS ESSENTIALLY A SYNTHETIC DERIVATIVE THAT FOLLOWS THE FLUCTUATIONS IN UNITED STATES STOCK PRICES. IT ALLOWS USERS TO TRADE IN APPLES, TESLA, INVERDA AND OTHER SHARES FOR 7X24 HOURS, BUT YOU DO NOT REALLY OWN SHARES IN THESE COMPANIES, HAVE NO SHARES, HAVE NO VOTING RIGHTS, AND DO NOT APPEAR ON THE SHAREHOLDERS' LISTS. IT'S MORE LIKE “THE DOWNSIDE OF THE UNITED STATES SHARE PRICE INDEX” THAN THE EQUITY ITSELF. IT'S PRICED IN PARALLEL WITH AMERICAN STOCK EXCHANGE, YOU CAN BUY UP, YOU CAN BUY DOWN, YOU CAN LEVERAGE. BUT THE BIGGEST DIFFERENCE BETWEEN YOU AND TRADITIONAL EQUITY INVESTORS IS THAT YOU DON'T OWN ANY STOCKS, YOU JUST HAVE TO DEAL WITH PRICE FLUCTUATIONS。

TO BETTER UNDERSTAND THE SUSTAINABILITY OF THE STOCK CONTRACT, WE NEED TO DISTINGUISH IT FROM RWA STOCK COINS. RWA STOCK TOKENS REPRESENT REAL EQUITY RELATIONSHIPS, INCLUDING DIVIDENDS, VOTING RIGHTS AND EVEN REGULATORY SECURITIES ATTRIBUTES, IN THE REAL WORLD, WHEN THE EQUIVALENT SHARES ARE ACTUALLY HELD BY THE CUSTODIANS AND THE CHAIN IS USED TO ISSUE MONETIZED PRODUCTS THAT ANCHOR ASSETS. BY CONTRAST, A PERMANENT STOCK CONTRACT DOES NOT CORRESPOND TO REAL HOLD, NOR DOES IT PROVIDE ANY BENEFIT, BUT IS INTENDED TO ALLOW USERS TO PARTICIPATE MORE EASILY AND DIRECTLY IN THE UNITED STATES STOCK PRICE FLUCTUATIONS ON THE CHAIN. AS A RESULT, THE USE, COMPLIANCE FRAMEWORK AND RISK ATTRIBUTES ARE COMPLETELY DIFFERENT。

The long-term contract for stocks is well positioned: it is not “the United States stock on the chain”, but “the US stock exchange tool on the chain”. For users wishing to participate globally in the United States stock market at lower thresholds and more efficiently, such products provide a completely new way of entry; for DeFi, it also represents a potential trend towards further upgrading of traditional financial derivatives。

 

Growth drivers and research values

Equities continue to be one of the most interesting new tracks in 2025 because they are on the upswing of narratives, demand and technology. Over the past two years, competition between Perp DEX has brought BTC, ETH, mainstream currency, and even MEME to a high level of homogeneity, and markets are in dire need of a new class of assets that can really widen the gap. At this point in time, “shares pervance” have emerged as a few new and clearly increasing categories of demand。

ITS RISE COMES FIRST FROM THE REAL NEEDS OF THE USER SIDE. GLOBAL USERS HAVE LONG WANTED TO TRADE US SHARES EASILY, BUT TRADITIONAL FINANCIAL CHANNELS ARE TOO HIGH-THRESHOLD: CUMBERSOME OPENING OF ACCOUNTS, DIFFICULT CROSS-BORDER FINANCIAL FLOWS, LENGTHY REGULATORY PROCESSES, AND UNITED STATES STOCK TRANSACTIONS THEMSELVES HAVE LONG BEEN LIMITED TO FIXED TRADING TIMES. THESE EXPERIENCES ARE AT ODDS WITH THE CUSTOM OF ENCRYPTED USERS TO “DO MORE TIME AND SETTLE IN STABLE CURRENCY”. THE CHAIN-BASED TENURE CONTRACTS THUS PROVIDE A DIFFERENT RISK COURSE TO TRADITIONAL SECURITIES SYSTEMS. DURING THE UNITED STATES EQUITY SPOT-OFF PHASE, CONTRACT PRICES ARE NO LONGER ANCHORED IN REAL SPOT TRANSACTIONS, BUT MAY STILL BE BASED ON THE SUPPLY-DEMAND RELATIONSHIP OF GLOBAL TRADERS AND MARKET EXPECTATIONS, PROVIDED EXTERNAL PRICE REFERENCES (E.G., RELATED FUTURES, INDICES OR SYNTHETIC PRICES) AND BASIC LIQUIDITY ARE AVAILABLE; AT THE SAME TIME, MECHANISMS SUCH AS FINANCIAL RATES AND TAG PRICES REMAIN IN OPERATION, REDUCING PRICES OVER THE LONG TERM TO THE CONSENSUS PRICING OF MARKET EXPOSURE TO THE STOCK. IT IS NOT UP TO THE UNITED STATES SHARE TO BE ALLOWED TO OPEN A NEW WAREHOUSE DURING THE BREAK-OFF PHASE, BUT RATHER TO THE PLATFORM ' S OWN WIND-CONTROL DESIGN, WHICH IN REALITY TENDS TO BALANCE PRICING CONTINUITY WITH RISK CONTROL BY LIMITING LEVERAGE, SIZE OF THE WAREHOUSE OR OPENING ONLY PART OF THE TRANSACTION. AT THE TRANSACTION LEVEL, SUCH PRODUCTS BREAK THE TIME LIMIT FOR FIXED TRANSACTIONS, ENABLING USERS TO MANAGE AND HEDGE THE RISK EXPOSURE OF UNITED STATES EQUITY ASSETS IN A SIMILAR 7 X 24-HOUR MANNER. USERS NEED ONLY USE A STABLE CURRENCY, I.E. THEY CAN DO MORE OR LESS EMPTY SHARES SUCH AS TSLA, NVDA, WITHOUT KYC, NO COUPONS, AND THE THRESHOLD HAS BEEN SIGNIFICANTLY LOWERED. FOR THE FIRST TIME FOR A LARGE NUMBER OF ENCRYPTED USERS, THE LONG-DEPRESSED DEMAND WAS FREED FROM SUSTAINED PARTICIPATION IN AND PRICING OF US STOCK-RELATED RISKS WITHOUT RELYING ON TRADITIONAL FINANCIAL SYSTEMS。

Of course, demand does not exist enough to allow new products to erupt naturally, and the maturity of the supply side is equally critical. The industry environment in 2025 had precisely filled those conditions. Narratively, RWA policy space began to loosen and the chain of products linked to real world assets gradually moved from “sensitive” to “negotiable”. Technically, predicting a decrease in machine costs and an increase in precision, which will make it easier for agreements to track real-time prices for US shares such as AAPL and TSLA. Infrastructure end, high performance chain penetration (Solana, BNB Chain, Hyperliquid self-study chain), allowing chain trading experience from "capable" to "close near CEX". The simultaneous maturity of both the supply and demand sides has made the stock sustainable as a differential breakthrough for Perp DEX。

AND MORE IMPORTANTLY, THIS TRACK SIMULTANEOUSLY HITS THE TOP TWO MAIN LINES OF 2025: THE RWA X CHAIN DERIVATIVE. RWA ALLOWS MARKETS TO RETHINK HOW REAL ASSETS GO UP THE CHAIN; THE DERIVATIVES ON THE CHAIN ARE THE FASTEST GROWING TRADE VOLUME IN 2025. STOCK LASTS AT THE INTERSECTION OF TWO NARRATIVES: THE INTUITIVE ATTRACTION OF A “LINK-UP AMERICAN STOCK EXCHANGE” AND THE HIGH FREQUENCY, LEVERAGE, AND MULTIPLE ATTRIBUTES OF A LASTING CONTRACT, NATURALLY BECOMING THE FOCUS OF CORPORATE, DIASPORA AND AGREEMENT。

In terms of the actual maturity of landings, a permanent stock contract is not at the conceptual level. Represented by platforms such as Aster, Hyperliquid (Trade.xyz), Lighter, ApeX, the headhead Perp DEX has been the first to go online with mainstream American labels such as AAPL, TSLA, NVDA, and has validated the pull of the product on user activity and turnover in actual transactions. Case studies show that stock sustainability is not simply narrative innovation, but a derivative form that already has the capacity to trade on a scale and that can run through real markets。

FINALLY, ITS REGULATORY LOCATION ALSO MAKES THIS TRACK MORE RESEARCHABLE. EQUITIES WOULD NEVER CORRESPOND TO REAL EQUITY INTERESTS, BUT WOULD FOLLOW CLOSELY US EQUITY PRICES, THUS INEVITABLY TRIGGERING A DISCUSSION ON WHETHER THEY WERE DERIVATIVES OF UNREGISTERED SECURITIES. HOW THE PROTOCOL DESIGNS SUSTAINABLE SYNTHETIC ASSET MODELS UNDER A REGULATORY FRAMEWORK, HOW TO AVOID SECURITIES ATTRIBUTES AND HOW TO INTERPRET RISK EXPOSURES MAY BECOME A HOT TOPIC AT THE SAME LEVEL AS USDT AND RWA IN THE COMING YEAR。

In conclusion, the stock-for-life contract is at the crossroads of strong narratives, demand, technological maturity, and regulation, one of the most imaginative and valuable tracks in the financial chain in 2026。

 

3. Bottom-up mechanisms for stock renewal contracts

several core modules are needed to understand how stock sustainability contracts operate in the chain: price sources (oracle), casting and matching logic of synthetic assets, clearing mechanisms, leverage and risk control。

3.1 Price sources (Oracle)

Oracle, for a stock-for-life contract, is like its Eye, which is responsible for bringing the price of real-world equity into the chain. Since agreements themselves do not provide direct access to NASDAQ or New York Houses, the quality of Oracle determines the safety of the product as a whole: prices must be real, updated fast enough, not manipulated, and must be consistent with the real world ' s trading rules (e.g. stop cards, closed-market hours, etc.). As a result, the requirement for a permanent stock contract is more stringent for Oracle than for traditional encryption。

3.1.1 Common Oracle programme

Current industry programmes such as Pyth Network, Switchboard, Chainlink, etc., as well as very few self-study programmes on Oracle. They address the dilemma of “how to securely see US stock prices in the chain” in different directions. In Pyth, for example, it works directly with a large number of traders, exchanges and financial institutions, which publish their own first-hand relationships directly into the chain. Prices are not secondary data taken from public websites, but are based on professional offers from the real trading environment, which are subject to coding by multiple agencies, making it more difficult to be monopolized. More importantly, Pyth will synchronize the real world’s trading time, and the US stock market will not be closed to “fiction”, so that agreements can also introduce stricter night-risk rules, such as raising bonds or limiting new openings, so that chain processes can be as close as possible to real markets。

Switchboard offers another idea: to give the protocol a custom-made relationship system. The parties to the agreement have the flexibility to set price sources, aggregate methods, update frequencies, or even switch strategies based on different time periods, such as the introduction of high frequency updates during the day, the introduction of low frequency or TWAP at night to fit the market structure of the equity. This highly programmable Oracle provides more finer particle size control for platforms that wish to include "extreme line filters" in the model。

Chainlink is a more robust oracle path. The price sources are usually from a number of trusted data providers and trading infrastructures, which aggregate and weight through decentralised nodes networks, with greater emphasis on anti-manipulation, continuity and verifiability. Chainlink is often used to mark prices, settle prices or wind reference prices rather than high-frequency coupling per se. Even during the United States share market break, Chainlink does not simply generate false bargaining, but rather sends a more “risk anchor” price signal to the agreement based on verifiable reference sources and updated rules, helping the system to maintain the stable operation of the clearing and bond mechanisms. Chainlink has been applied at this stage to the oracle programme for the sustainability of stock contracts in parts of the chain, such as the BitMEX Equity Perps. Price Feeds and Datastreams of Chainlink provide important pricing inputs for chain derivatives but are also used in conjunction with other oracles (e.g. Pyth) in the industry。

The choice of self-study pricing and the Oracle system are not very numerous in the stock sustainability track, and Hyperliquid is the most representative case. Rather than simply calling on third parties Oracle, it is the practice to construct price index and wind control judgement systems under the chain by accessing multiple source externalities, combining self-conciliation and liquidity data, and to push multiple validation results onto the chain as the central basis for labelling prices, clearing triggers and financial rate calculations. This highly integrated design allows the platform to process price delays, extremes, cut-off or abnormal fluctuations more sophisticatedly and to maintain greater control over clearing logic and risk filtering models. In turn, self-study of Oracle implies higher system complexity and operating costs. Agreements need to assume responsibility for the quality, system stability and security of situational data, while at the same time facing higher compliance and liability boundary requirements when it comes to the anchoring of traditional stock prices. As a result, the path sets a higher threshold for technical capacity, financial strength and experience in wind control, and only very few head agreements, such as Hyperliquid, currently have the capacity to implement and continuously optimize the model over the long term。

3.1.2Core issues addressed by Oracle

Although Oracle sources differ, they end up working to address the same core types of risk. The first is “data manipulation”, especially in the case of United States share prices, which are highly liquid assets and could lead to large-scale liquidations once the prices in the chain are significantly different from the real market. Mechanisms such as multi-source aggregation, abnormal value filtering and signature authentication can make prices more robust and not be pulled by single-point manipulation. The second is “delayed and updated frequency”, where stock sustainability is often accompanied by high leverage and real-time liquidation, requiring a subsecond price push; an emphasis on high frequency upgrades, such as Pyth, basically addresses this pain, while Switchboard and Self-Research Oracle ensure that critical moments are updated through the event trigger mechanism。

Another unique challenge is the closure of the United States stock market, post-discount transactions and de-licensing. Real world stocks have only limited trading time per day, and the chain runs 24 hours. In order to avoid a false price “generated in a vacuum” following the closure of the United States stock market, mainstream prognosis opportunities limit data quality through market time recognition. For example, Pyth feeds each price with real-time market opening marks, allowing the agreement to automatically switch to more conservative and less volatile parameters during the closed period, while Switchboard allows the platform to set a self-defined time-frame logic by proactively reducing weights or limiting the frequency of price updates at very low post-trade volumes. Thus, when the real market lacks a real deal, the chain does not pose a liquidation risk because of occasional offers or malicious updates。

The situation is more sensitive when it comes to discontinued stocks. Since the suspension means that prices are completely frozen in the real market, price fluctuations in any chain of conduct can be distortions or even manipulation. To this end, most trading agreements suspend the addition of additional slots immediately after the prognosis of the “cut-off” or directly switch the price mechanism to a more robust TWAP (time-weighted average price) model to ensure that a single unusual data point does not trigger liquidation. More importantly, these mechanisms ensure that users can continue trading even during the period when the United States stock is closed, but the risk system automatically enters the “night protection model”: Price updates are more prudent, the liquidation threshold is slightly higher and the financial rates are more buffered. This design preserves the advantages of Web3 trading 24/7 and does not depart from the anchorage of the real market。

Extreme behaviors (e.g. CPI publication, financial collapse) also test Oracle stability. Mainstream programmes generally use cross-source validation, TWAP buffers, and price bias protection to avoid “flunk prices” being passed directly to chain prices. Thanks to these designs, Oracle, which sustains stocks, has been able to ensure that risks are manageable at high speed and with low delays, allowing the chain to track real world prices。

Oracle has become a key bottom-line force for the sustainability of equities in 2025, because the industry has finally built up a “coherent infrastructure that understands the rhythm of the chain while respecting the laws of real markets.” A series of practical challenges, such as price sources, trade time processing, anti-manipulation, and high-frequency upgrades, were resolved, enabling chain agreements to obtain US stock prices in a stable, accurate and low-delayed manner. It is precisely this that underpins the secure liquidation of long-term contracts for stocks, high leverage, low-glide points and round-the-clock trading experience, which form the basis for their scaling up。

3.2 Synthetic asset casting

AT THE HEART OF THE CHAIN-BASED SUSTAINABILITY CONTRACT IS NOT MOVING REAL STOCK ITSELF INTO THE CHAIN, BUT ABSTRACTING ITS PRICE RISK AS A COMPOSITE RISK EXPOSURE THAT CAN BE SETTLED IN SMART CONTRACTS. SINCE REAL EQUITY ASSETS CANNOT BE HOSTED OR LIQUIDATED DIRECTLY BY CHAIN CONTRACTS, AGREEMENTS USUALLY BUILD A VIRTUAL CONTRACT SYSTEM LINKED TO THE PRICE OF THE UNDERLYING ASSET ON THE CHAIN, BASED ON STOCK PRICE DATA PROVIDED BY PREDICTORS. UNDER THIS MECHANISM, CONTRACTS DO NOT REPRESENT ANY REAL STOCK HOLDING, BUT ARE A PURELY PRICE TRACKING TOOL: BY DEPOSITING A STABLE CURRENCY AS A BOND, THE USER OBTAINS A LARGE AMOUNT OF EXPOSURE TO FLUCTUATIONS IN THE PRICE OF A PARTICULAR STOCK OR INDEX, THE PROFITS AND LOSSES OF WHICH ARE DETERMINED SOLELY BY THE CONTRACTUAL PRICE AND SETTLEMENT RULES. WHETHER THE AGREEMENT USES A POOL, AN ORDER BOOK, OR A HYBRID STRUCTURE WHERE LIQUIDITY IS PROVIDED BY A PROFESSIONAL MARKETER, THE UNDERLYING LOGIC IS CONSISTENT: THE RISK OF A TRADABLE STOCK IS “SYNTHESIZED” THROUGH A SMART CONTRACT, RATHER THAN CASTING OR HOSTING REAL ASSETS. THUS, A CHAIN-BASED PERMANENT STOCK CONTRACT ALLOWS USERS TO OBTAIN A HIGH-LEVEL PROFIT AND RISK EXPOSURE ASSOCIATED WITH ASSETS SUCH AS APPLES, TESLA OR NANO-ETFS WITHOUT THE NEED TO BUY OR HOLD UNITED STATES SHARES DIRECTLY OR TO ACCESS TRADITIONAL VOUCHER AND SETTLEMENT SYSTEMS。

In order to maintain stability in price and trading structures, the balance between multiple and empty has become crucial. If market sentiment at a given point in time leads to more than empty demand, the pool will have to assume a higher risk and the system will be more vulnerable to deviation. In order to address this imbalanced pressure, agreements usually introduce automatic adjustment mechanisms: When there is an excessive accumulation of warehouse space in one direction, the pool leads to a natural flow of incoming users to the other through a fund rate, risk parameters or discount factor. The ultimate goal is not to lock the balance, but to keep the multi-empty force volatile around manageable areas, so that the pool can provide liquidity in a relatively stable Delta neutral manner。

the funding rate (funding rate) is an important node of the chain that regulates both market sentiment and risk management. when multiple demands are strong, the financial rate increases, prompting multiple users to pay for the empty head or pool; and vice versa. unlike in the case of encoded lifetimes, the permanent capital rates for equities tend to be more cyclical, taking into account the overnight cost of the equity itself, the pace of transactions in the real market and the structure of the chain. for example, during the closing of the united states stock market, if machine price fluctuations were predicted and chain positions continued to be biased towards one side, the agreement could slow up the updating of financial rates and avoid unnecessary cost deviations due to “false fluctuations”。

 

3.3 Liquidation mechanisms

In the sustainability of shares, the mechanism of settlement is more complex than the traditional encryption, as it overlaps with two completely different sources of volatility: On the one hand, the price volatility of the US stock itself, on the other hand, the sharp volatility of the encrypted market by 7 x 24 hours. When shares like TSLA, NVDA are closed in the real world and prices remain static, the BTC, SOL on the chain may rise or collapse in the middle of the night, causing the value of collateral to shrink in an instant, making the stock to remain “higher risk”. It is also because of these inter-market fluctuations that the permanent clearing engine of stocks must be more sensitive and intelligent than the normal perp。

The practice of a stock sustainability agreement in the mainstream chain is to introduce a cross-asset risk engine that provides a uniform assessment of the overall position risk of users, rather than an isolated monitoring of the sustainability of a particular stock. The system adjusts risk tolerance to the dynamics of external market conditions in order to avoid lags in chain contracts as real markets change. For example, at a time when United States stock is closed and spot prices are no longer sustainable, agreements do not normally directly freeze user-established multi-space slots, but automatically switch to a more conservative set of risk parameters: maintaining bond rates upwards, allowing maximum leverage to decline, and corresponding liquidation thresholds to be triggered earlier. The original user position remains valid, but the system's risk-based buffer space is significantly compressed and the high leverage position will be closer to the clearing line。

For users, this change in rules does not necessarily lead to an immediate levelling of the position, but may entail additional collateral requirements. No operation would be required if the position had been sufficiently secured and the risk parameters adjusted to remain acceptable; however, if the position had been close to the risk boundary before closing the market, additional deposits might be required, even to trigger liquidation in advance of the apparent price fluctuations。

The purpose of this design is not to magnify volatility, but to prevent excessive tail risk to the chain system during periods when the external market is unable to hedge instantaneously. Once the United States shares are re-opened and the real price discovery mechanism is restored, the risk engine will be relaxed accordingly and the bond requirements, leverage ceilings and liquidation parameters will gradually return to normal levels. Through this dynamic swap mechanism, the chain-based stock durability agreement, without forcibly interfering with user silos, attempts to align the chain ' s risk management logic with real financial markets and to reduce systemic risks arising from misalignment of transactions。

AT THE CORE OF CROSS-ASSET LIQUIDATION IS A FRAMEWORK FOR RISK ASSESSMENT BASED ON A “UNITARY BOND + MULTI-ASSET RISK WEIGHT”. AT THE THEORETICAL LEVEL, THE FRAMEWORK ALLOWS AGREEMENTS TO ASSESS AT THE SAME TIME RISK EXPOSURES FROM DIFFERENT ASSET CLASSES, SUCH AS THE COMBINATION OF STOCK AND ENCRYPTION, AND TO SET DIFFERENT RISK WEIGHTS DEPENDING ON THE VOLATILITY, RELEVANCE AND LIQUIDITY OF EACH ASSET. BUT IN MOST OF THE CURRENT CHAIN AGREEMENTS FOR THE SUSTAINABILITY OF STOCKS, THE COLLATERAL ASSETS AVAILABLE TO USERS ARE STILL DOMINATED BY STABLE CURRENCIES SUCH AS USDC, OR EVEN THE ONLY OPTION, FOR REASONS OF WIND SAFETY AND COMPLEXITY。

The so-called “multi-assets bond” is more the design capability of the risk engine at the warehouse assessment level than the fully open user function. On this basis, the system assesses the user ' s multi-spaced position on stock and encryption: When the encryption market is the first to experience sharp fluctuations, and the United States share is temporarily off-market and price frozen, the risk engine will give priority to the security of the bond and the exposure of the whole warehouse, triggering partial or full liquidation, if necessary, in order to avoid extreme volatility in the single market that penetrates the entire account through a single bond mechanism。

The permanent clearing mechanism for equities is more like a “dual-time zone, inter-market risk translator”. It needs to understand both the pace of American equity and the 24-hour volatility of the encrypted market; it needs to ensure that there are no delays in liquidation due to closed-marketing and that users are prevented from being frequently cleaned out because of excessive sensitivity。

 

3.4 Leverage mechanisms

On the leverage mechanism, the stock-for-life contract is characterized by a very strong product: the user wants a very high leverage, but the agreement must be very restrained to open the head perp DEX dozens or even hundreds of times more to encrypted assets, such as bitcoin, the Ether House, and so forth, but when stocks are involved, the ceiling is generally kept between 5 and 25 times. Equity prices anchor real-world assets, which are more affected by trading times, cross-market fluctuations, and anticipated post-frontier changes, and the agreement must leave a fuller risk buffer。

The Asterne Simple model supports a maximum of 1001x leverage, which triggers debate in the market, but it is also aimed at continuing contracts for encrypted assets only, with shares under the model being subject to a maximum of 25x leverage, far below the endurance of encrypted assets. In the sustainability of stocks, even if the interface contains a maximum of 20 or 25, this does not mean that users can use such a multiple at any given time. The risk engine will tighten the leverage in real time, depending on market conditions, and when the United States stock is closed, the agreement will automatically raise the bond because of the greater risk of jumping because of the discontinuity of information; pre- and post-incident fluctuations will increase and the leverage ceiling will be further reduced. This means that the leverage of stock sustainability is essentially a set of “dynamic leverages under strict wind control” designed to maximize systemic risk while maintaining trading experience。

While the regulatory dimension has been cautious about high leverage, the persistence of stocks is highly correlated with United States equity prices and is more likely to be seen as close to the product pattern of securities derivatives. Therefore, the industry as a whole tends to exercise restraint in leveraging. This is not only to avoid the grey areas of “excessive speculation” but also to proactively reduce the regulatory pressures that may be faced in the future. Thus, the leverage for the sustainability of stocks is designed to follow a robust path: on the surface, a certain degree of flexibility is maintained to enable users to open the warehouse, but at the bottom, the actual risk exposure is strictly constrained by the risk module. It seeks both to perpetuate the “light, smooth” trading experience of the encrypted market and to address the underlying structural risks of the equity class。

 

Market patterns

4.1 The stock of Hyperliquid continues

Hyperliquid is one of the fastest-growing and most ecological infrastructure of the time. It should be emphasized that Hyperliquid is not a direct stand-alone roll-out of stocks in the form of an official contract, but rather the introduction of third-party Builder deployment of stock sustainability products over its bottom trading system through a framework of HIP-3 (Hyperliquid Integrated Production-3)。

At present, the sustainability of stocks in the Hyperliquid ecology is provided mainly by items such as Trade.x, Flx (Felix-deployed Perps) and Vntl (Ventuals, Builder-deployed Perps), of which Trade.xyz is currently the most core, traded and mature source of stocks. Trade.xyz is based on Hyperliquid ' s HIP-3 protocol, which runs directly on Hyperliquid ' s self-study chain, blending engine and order book system, allowing Hyperliquid to further extend to non-encrypted asset classes such as stocks, stock fingers, etc., on the basis of original support for the sustainability of encrypted assets. At the product level, the main station of Hyperliquid has set up a permanent access to stocks and directed users to markets such as Trade.xyz Builder, which also suggests that stock sustainability has become a strategic-level extension in Hyperliquid ecology rather than a marginal experimental product。

Full 1. Hyperliquid stops perp pagehttps://app.hyperliquid.xyz/trade

 

4.1.1HyperliquidCore sustainability of equities: Trade.xyz

In terms of pricing mechanisms, Trade.xyz, for the non-24/7 characteristics of equity assets, introduces its own external professional stock profile and supports the all-weather trading experience of stock sustainability in conjunction with an internal continuous pricing mechanism. During the normal opening of shares in the United States, Trade.xyz will refer to stock lines provided by professional prophecies such as Pyth Network to keep the chain price as close as possible to the trade prices of the real stock market; while external lines are no longer updated at night, weekends and holidays, the system is based on valid reference prices for the previous period, combining supply and demand in the chain order book and generating internal reference prices through smooth algorithms such as EMA (weighted moving average) to ensure price continuity and market tradability, while avoiding fracturing from the real market。

At the risk control level, the stock of Trade.xyz continues to use a robust mark price (Mark Price) mechanism. Marked prices are not a single source of prices, but a combination of external reference prices, their EMA smooth values and market prices reflected in the order book, with relatively robust medians to be used as a basis for liquidation and bond calculations within a limited range. This multi-source tag price design helps to filter unusual short-term fluctuations and mitigates the risk of miscalculation due to insufficient liquidity or instantaneous price deviations, especially for the highly leveraged sustainable contractual landscape。

In terms of financial rates, Trade.xyz ' s shares continue to follow the standard model of a sustainable contractual fund rate, which leads contract prices to fluctuate in the reference value of the targeted asset in a continuous trading environment and avoids long-term deviations through a cyclical exchange of funds between multiple parties. The liquidation system is triggered around tag prices and the position is automatically liquidated when the bond is below the level of maintenance of the bond, and the ADL mechanism is further activated to ensure that the system as a whole does not run bad debts when extreme circumstances prevent liquidation from fully covering losses。

Users are using all United States dollars as a price criterion when trading through the Hyperliquid platform for the permanent assets of Trade.xyz and USDC as a bond and profit/loss settlement asset. This design is highly consistent with the ongoing experience of the U.S. share of the Centralized Exchange and lowers the threshold for traditional users to enter the permanent market on the chain. By relying on the high performance of the self-study chain, the high mobility of order series, the stability of multi-source pricing and a complete risk control system, Hyperliquid has become one of the most systematic projects in the current chain of stock sustainability, and is rapidly opening the gap with similar products。

-Figure 2. Trasw [xyz] stock perpshttps://app.trade.xyz/trade?market=XYZ100

 

4.1.2Market performance

By the end of 2025, the Hyperliquid platform had supported the renewal of more than 20 shares, with overall leverage levels concentrated around 10 times, with only a few assets supporting a maximum of 20 times. With Trade.xyz officially on line in November 2025, the stock-resilient trading board began to show more visible growth dynamics. Based onDunneData, as of 24 December 2025, the single-day trading peak of stocks on Hyperliquid was approximately $526 million (in November 25, 2025). The overall trade volume of the platform at that date was approximately $9,867 million, and the share of permanent trading in equities was about 5.33 per cent. In a period of relatively low transactions, the single-day trading of stocks remained at tens of millions of dollars, andHyperliquidThe overall trade volume of the platform has stabilized over the long term at over $1.3 billion。

Taken together, the stock sustainability block has become one of the new sources of marginal growth for Hyperliquid and has attracted, to some extent, additional flows from users of a non-purified encrypted background. In terms of overall structure, however, the stock share in the Hyperliquid-wide contract is still at an early stage. Currently, the contract for the sustainability of encrypted assets remains the absolute backbone of the Platform ' s trade volume; and the sustainability of stocks plays an important complementary role. Its core value lies in widening the boundaries of the Platform ' s tradable assets and gradually increasing the attractiveness of Hyperliquid to the wider user community。

In Hyperliquid ecology, Trade.xyz has introduced several index-based, lasting contracts, in which the composite index product, represented by XYZ100, is particularly active. The XYZ100 design, designed to track the overall trend of the NASDAQ-100 Index, covers the 100 non-financial listed companies with the highest market value in the United States, and does not directly anchor the United States stock spot, but uses the Chicago Commodity Exchange (CME) NASDA 100 Futures (NQ) as a core price reference, using the algorithm model to map futures prices as reference prices close to the NDI, thus still providing continuous index trading capacity during the US stock break. The product combines trading behaviour with market weights, reflecting the overall movement of multiple assets in a single contract. According to publicly traded data, the peak of XYZ100 ' s 24-hour barter can reach approximately $300 million during the market-active phase and has become one of the important liquidity delivery points of the Hyperliquid Equities and Index-type durability contracts。

In the case of single-equity assets, according to data from the official network of 19 January 2026, major commodity categories such as SILVER and GOLD constitute the second layer of the platform ' s mobility centre. Of this amount, SILVER had a 24-hour trade of approximately $65 million and an unsalary balance of $67 million, indicating a significant depth of financial participation; GOLD had a 24-hour trade of about $16 million and an unsalary balance of about $31 million, with a similar strong warehouse capacity. These two assets, which also maintain tens of millions of United States dollars of transactional scale in Hyperliquid, indicate that the products have attracted a large number of day traders, quantitative strategies and some institutional funding to contribute to a more robust medium- and high-activity cycle of the Platform。

THE DAY-TO-DAY TURNOVER OF ASSETS IN THE CENTRE IS MAINLY BETWEEN $4 MILLION AND $10 MILLION, PROVIDING A RELATIVELY BALANCED LIQUIDITY AND IMPLEMENTATION ENVIRONMENT FOR THE MARKET. FOR EXAMPLE, ON JANUARY 19, 2026, THE OFFICIAL NETWORK SHOWED DATA THAT THE 24-HOUR TURNOVER OF COPPER WAS ABOUT $8.2 MILLION, THE NVDA ABOUT $4.5 MILLION AND THE TSLA ABOUT $4.4 MILLION. IN CONTRAST, THERE IS A MARKED LACK OF ACTIVITY IN THE TRADING OF TAIL ASSETS, SUCH AS THE 24-HOUR TRADE OF RIVN OF ONLY ABOUT US$ 50,000 AND THE BALANCE OF ABOUT US$ 100,000. THIS DISTRIBUTION FEATURE REFLECTS THE TYPICAL LONG-TERM STRUCTURE OF DECENTRIZED STOCKS AND COMMODITY MARKETS FOR SUSTAINABILITY, WITH TRADERS AS A WHOLE PREFERRING TO TRADE IN MORE VOLATILE AND DEEP CORE ASSETS。

It should be noted that the trade-off of the Hyperliquid Equability Contract with the unwinded (OI) data is highly volatile, vulnerable to market moods, standard fluctuations and phased capital concentration transactions, and that data may change markedly between trading days, and short-term high-activity is not equivalent to a long-term liquidity advantage. At the same time, there is currently no long-term, uniform-calibre statistics on third-party data platforms specifically dedicated to the decentrization of stock sustainability, which are mainly derived from the live displays at the front of the platform. Thus, the data cited in this paper are more used to describe the platform ' s mobility structure and trade preferences in a given time window than an absolute judgement of long-term ranking。

Overall, Hyperliquid's stock market for sustainability presents a typical feature of “head concentration, structurally distinct and visible”. Although stock sustainability is not yet the backbone of the platform, it has maintained high growth, driven by Trade.xyz, as an important ecological component, and is expected to continue to grow in the overall trading structure in the future as the number of targets increases, leverage product abundance and pricing mechanisms improve, further consolidating Hyperliquid ' s leading position in the chain of American derivatives。

It's a good ideahttps://dune.com/queries/640668/10176988

 

4.2 Aster: Simple vs. Pro Mode

Aster’s greatest advantage in the competitive environment of the current centralised contract (perp DEX) is that it does not place all users in a single product model, but parallels Pro Mode with both tracks through Simple Mode, while serving users who “wanted to trade quickly, seek convenience” and take care of “deeply mobile, flexible” institutions and quantitative traders. So, Aster actually created himself as a common platform for "screw-to-house" coverage。

 

4.2 1Aster's Simple Mode

Under Simple Mode, the objective of Aster is to make the transaction as simple as a point button, with one key open, one key flat, completely chained, without a bill. The source of liquidity here is its own mobility pool (ALP, Aster Liquidity Pool), which means that users do not deal with another stand-alone opponent, but interact directly with the pool. Because there is no order book, there is no complex wall structure, the design is essentially similar to AMM + oracle pricing + pool is marketed, there are almost no slip points, and the trade is very fast. For many users who wish to move in and out quickly, to do short-lines, or simply to experience leverage transactions, this simplicity is very friendly. In order to meet this demand, Aster even the most common type of encrypted asset transaction (e.g. BTC/USDT) offers a “Degen model” of up to 1001x leverage. But the maximum leverage under this model is only 25 times more for the sustainability of equities。

At the same time, this pool + oracle + on-chain pricing mechanism also has a significant advantage: it allows users to use their previously inactive wallets as bonds, which may even be pledge-type, revenue-type assets, thus addressing the capital efficiency problems that have been plaguing many people: your money can be traded, and you will not be idle. "Property with an umbrella + a single warehouse" is considered by Aster as one of its core selling points。

But Simple Mode is not a universal solution for all users. It's more appropriate for the taste of a very simple, high-frequency, short-line deal, you want to get in and out, you want to experience a leverage shock, or just because you like that second-time flat. This experience may result in high volume and frequency of transactions, but it is accompanied by high volatility and high risks, especially in the case of tight liquidity pools, market volatility, false prognosis or the withdrawal of the market。

Full 4https://www.asterdex.com/en/trade/1001x/futures/NVDAUSD

 

4.2.2Aster's Pro Mode

In contrast, Pro Mode followed another more professional and robust route. It is based on a chain-based order book (CLOB, Central Limited Order Book), a blending and depth mechanism for traditional centralization exchanges. Users can lower-bound price lists, hide lists, grid lists, and more easily implement large-value transactions, batch warehouses, complex strategies, suitable for quantitative transactions, agency lists, and scenes sensitive to liquidity and slide points. Under Pro Mode, there is also a clearer structure of transaction costs, with the marker / taker rate as low as 0.01% / 0.035% (or similar level) and support for multi-asset bonds, pledged assets (e.g. asBNB, USDF, ASTER itself) as collateral to improve capital efficiency。

More importantly, it was also introduced through Pro Mode when Aster brought stock into the range of transactions forever (e.g. US stock blue. This, on the one hand, ensures that the depth of the order book originates from the marketer + the true billing, suitable for the agency and the medium- and long-term holder; on the other hand, it avoids short-term risks and liquidity pressures associated with the Simple Mode type of highly leveraged pool + oracle pricing + high-frequency clearance mechanisms. Eight different equities are currently supported under this model, with a maximum leverage of 10 times。

Simple Mode is the “flow point” used by Aster to capture bulk and short-line trade volumes, and Pro Mode is the root of its “professional, stable, sustainable” trading infrastructure. The former attract short-line users by “extreme + light + high frequency + low threshold”, while the latter earn the trust of professional traders or institutions by “deep + flexible strategy + capital efficiency + wind control mechanisms”. Together, the two paths form Aster's product matrix, allowing it to meet both the needs of ordinary users for simple, fast transactions and professional players with higher requirements for mobility, depth and tactical flexibility。

Full 5https://www.asterdex.com/en/trade/pro/futures/AMZNUSDT

 

4.2.3Equities continue in both modes

In Aster's product system, stocks continue to exhibit different positioning and liquidity structures under both Simple and Pro models. The Simple mode currently supports 6 equities with a leverage ceiling of 25 x, which is significantly lower than the 1001x extreme leverage that could be achieved by encrypted assets under the same mode. The agreement has clearly adopted a more restrictive wind-control strategy in equity-type assets, mainly because of structural risks such as the absence of stock markers, post-roll fluctuations and the cost of pricing by the counterparty. Under the Simple model, which is a system whereby the liquidity pool (AMM) takes over the counterboard, the risk engine must remain at a higher security margin, so that the stock continues to be a “high-speed, very simple, zero-glie” entry point. There is currently no official display of exchange data for stocks under the Simple model, but, combined with design logic, it can be inferred that the model is more oriented towards high frequency, small sheets, short-line transactions, with user-driven and repeated “second-opener/second flat” scenarios, rather than a platform for large-scale fund implementation。

By contrast, the Pro model supports 8 equities, leverage ceilings of 10x, using the CLOB system, which is built in depth by marketers, price limit sheets and strategy, with an overall trading environment closer to traditional financial markets. From real-time data, the Pro model has developed a clear distribution structure of goods, with the technology unit accounting for relatively active transactions. The most active contract today is NVDAUSDT, which has a 24-hour turnover of approximately 7.78 million USDT and an unsettled stock of 2.83 million USDT, indicating sufficient depth and ongoing trading interest. The end mark is AMZNUSDT, 24h bartering approximately 890,000 USDT, unstabilized 400,000 USDT, with significantly lower activity. This structure of “head concentration and tail thinness” is highly compatible with the United States stock market itself, indicating that the user structure of the Aster Pro model has evolved into a natural trading tendency: the highly narrated, volatile and institutionally focused technology units of NVDA, QQQQQ, TSLA, etc. have become natural centres of commerce。

Overall, Aster has developed a two-track system of “Simple for flow, Pro for depth” on stock: Simple Mode provides a very simple experience, zero slide implementation, and high-frequency flows, while Pro Mode carries real volume of transactions, strategic demand, and institutionalized liquidity. The difference in leverage between the two (25 x 10 x for the Simple) and the apparently more stringent constraints compared to encrypted assets reflect the caution of the agreement over risk spillovers in traditional assets such as equities. With the quantitative expansion of the target, the ecological growth of the marketer and the further fragmentation of the user structure, financial migration between the Simple and Pro models, price stability, and risk pool elasticity will be key observations of the sustainability of Aster stock in the long term。

 

4.3 Lighter stock lasts forever

4.3.1The mechanism for the sustainability of Lighter stocks

Ever since its launch, Lighter has positioned itself as a technology-intensive, verifiable, fair and transparent platform for long-term contract trading, with a self-research zk-rollup proof-of-condulgence system: all blending and liquidation processes can be tested on the chain through zero-knowledge proof technology. Such a design, which increases efficiency and data transparency, is particularly important for products that are highly priced and timely, such as sustainable contracts. For derivatives such as stock perpetuity, verifiable blending and liquidation not only enhances user confidence, but also reduces the risk of delay or data inconsistencies in the blending。

In the specific transaction structure, Lighter uses the order book setup mechanism. The purchase and sale instructions of the users are integrated into the order book of the chain and are aligned according to the rules of price preference and time priority, and the price is formed mainly by genuine billing and transactional behaviour. This model makes market depth, trade price differentials and slip points more transparent, predictable and closer to the trading experience of traditional exchanges. For products such as the sustainability of stocks that require price continuity and high-quality implementation, the order book mechanism helps to reduce abnormal pricing problems caused by automatic marketing or insufficient liquidity。

In terms of stock sustainability, Lighter continues the industry ' s more conservative approach to traditional assets. The current official leverage set on stock sustainability is usually much lower than encryption, a strategy designed to avoid the common risk of evaporation of United States stock labels, insufficient liquidity in front of the wheel, and the risk of incoherence across market prices. Unlike some encrypted assets that can provide hundreds or even thousands of times leverage, Lighter usually sets the level of relative robustness in stock sustainability at about 10 x。

At present, Lighter has included 10 United States-owned hotspots, including NVDA, TSLA, and PLTR (Palantir), in its product line for renewal. Because the targets themselves are dynamic and volatile, it is easier for marketers to construct deep liquidity and therefore to attract traders. In addition, these stocks have relatively mature price discovery mechanisms in real markets, and therefore reliance on chain oracle is more easily supported by stable data。

In the area of wind design and price anchoring mechanisms, Lighter introduced a multi-source predictor mechanism in the risk engine to reduce the risk of a single data source distortion by combining multiple chain external offers (such as price data from the mainstream oracle network). At the same time, it sets automatic cut-off and smelting thresholds for sharp price deviations in order to avoid a systemic liquidation chain reaction during extreme market fluctuations. While the details of the specific parameters are not all publicly available, the design approach is broadly consistent with the mainstream risk management framework for the industry. This mechanism is more like a chain-up response to “jump risk” in traditional markets for stock sustainability。

The Lighter technical architecture, while retaining a real order book setup mechanism, abstracted the user interface and lowered the threshold for use by bulk users. For ordinary traders, the transaction process does not require understanding or manual handling of traditional order book details, and the system automatically converts instructions into optimal orders and puts them into a bottom order book by selecting direction, size of space and leverage; a high-speed blending and chain under the zk-rollup structure validates the liquidation, bringing transactional and wind feedback closer to the centralized exchange, thus allowing new hands to move quickly。

At the same time, Lighter has not reduced its appeal to professional traders by simplifying the front-end experience. At the bottom, price- and time-priority order book rules are still followed, and the combination results can be validated through a chain of zero-knowledge proof, matched by configurable leverage ceilings, risk parameters and multi-criteria support, providing a clear and predictable trading environment for institutions and quantitative traders. As a result, Lighter has both a friendly entry character that attracts high-frequency, small transactional users and a robust market base suitable for stable access for large and medium-sized funds。

Full 6. Lighter stop perpshttps://app.lighter.xyz/trade/AAPL/

 

4.3.2Performance of the Lighter Evolving Contract

Lighter currently supports the sustainability of 10 stocks, covering major US share labels ranging from the technological blue to narrative growth units, such as NVDA, TSLA, PLTR, COIN, HOD, AMZN, AAPL, MSFT, META, GOOGL, etc. The selection of these targets focuses on high-liquid and high-profile assets and contributes to a sustainable trading environment. The platform sets a 10x leverage ceiling for the sustainability of all stocks and is in line with industry ' s risk consensus on traditional assets: low leverage can help to control liquidation risks and maintain overall system stability in the case of jump-off, black swans and back-to-back fluctuations。

According to 24-hour trading data at the end of 2025, Lighter's stocks continued to show a clear market segment. The most prominent target is COIN, which has a turnover of about US$ 10.8 million and an uneven amount of about US$ 2.71 million, which is the platform's most active stock. This reflects the predisposition of encrypted primary users towards exchange-type assets, as well as COIN's own high volatility and high profile characteristics, making it the main battlefield for short-line and high-frequency strategies. Similarly, mood-driven targets such as HOOD, PLTR and others also maintain a high level of activity and attract frequent movements of day traders。

AAPL, AMZN, TSLA, MSFT, ETC. HAVE MORE BALANCED TRADING PERFORMANCE. MOST OF THEIR DAILY TURNOVER IS IN THE RANGE OF $2.5-$5 MILLION, AND THE UNEVEN AMOUNT IS MAINTAINED AT A MILLION-DEGREE LEVEL, WITH A TYPICAL “STABLE DEPTH + MEDIUM-ACTIVITY” STRUCTURE. SUCH TARGETS ARE MORE SUITABLE FOR BAND TRADING AND QUANTIFICATION STRATEGIES, AND ALTHOUGH SHORT-LINE EMOTIONS ARE LESS INTENSE THAN COIN, MARKET DEPTH IS MORE STABLE AND IMPLEMENTATION EXPERIENCE MORE MANAGEABLE。

The most important feature is NVDA. Although its 24h turnover is the lowest in the platform, it is the highest of all targets (over $3.3 million). Such “low-transaction but long-term” structures usually represent more oriented and longer-term transactions, indicating that some users are building large-scale medium- and long-term warehousing positions on NVDA rather than conducting high-frequency (HF) daytime operations. As the core asset of AI track, this funding behaviour is consistent with its market role。

The permanent stock market of Lighter has developed a more mature stratification: the head mark (e.g. COIN) bears the major trade volume; the central blue chip (e.g. TSLA, AAPL) provides a steady depth; and a few (e.g. NVDA) presents structural positional characteristics. This distribution not only reflects user behaviour, but also indicates that Lighter ' s marketing and risk model is evolving. In the future, if the platform further enhances the size of the pool, optimizes wind control parameters and continuously expands its market base, it is expected that its permanent liquidity structure will be more robust, while attracting more institutional and strategic users。

 

4.4 ApeX stock lasts forever

4.4.1Core mechanisms

ApeX Omni introduced an innovative stock-renewal contract product that provides a seamless link between traditional stocks and decentrized finance. Users can directly trade in high-growth units such as Tesla (TSLA), Meta (META), Yvda (NVDA) and mainstream ETF such as the NASDAQ 100 Index (QQQ) and the Standard 500 Index ETF (SSY), covering the core assets of STI and the United States market as a whole. To date, ApeX stocks have supported 18 different targets, with a maximum leverage of 50 times, meeting the needs of different risk-oriented traders。

In order to ensure the security and flexibility of transactions, ApeX has established an independent equity account for the sustainability of stocks, supporting free transfers with the funds account and the encrypted sustainability account. The accounts follow a cross-asset bond management model, but the risks and liquidations of the continuing contracts for encrypted assets and equities are treated separately, avoiding cross-fertilization of fluctuations in different markets. During the stock market break in the United States, the stock renewal contract will be settled on the basis of the final closing price to secure the warehouse and prevent unusual risks。

The time of the transaction is strictly in accordance with the time of the United States stock market, and transactions are suspended and prices frozen on weekends and official holidays. ApeX uses Chainlink to centralize prophecies, consolidates multiple authoritative data sources, ensures price fairness, control and high accuracy, and enables users to rely on stock prices in the chain。

On the cost side, the transaction charges for the permanent stock contract are in line with the existing permanent contract of ApeX, with a rate of 0.02 per cent for Maker, a rate of 0.05 per cent for Tucker, an hourly settlement rate for funds and no charge for funds during the stock market break. While some high-level functions, such as automated transactions and the API interface, are not yet open, ApeX is actively developing and will be rolled out in the future to further enhance user experience。

ApeX stock renewal contracts provide users with a safe, efficient and transparent path to a perfect combination of traditional stock investments and decentrized transactions. As more targets and functions are introduced, ApeX is expected to take a prominent place in the stock-resilient market, attracting more institutional and individual traders。

Full 7https://omni.apex.exchange/trade/AAPLUSDT

 

4.4.2ApeX stock sustainability contract data performance

The stock renewal contracts on the ApeX platform are all leveraged up to 50 times, covering several mainstream technology units, blue chips and well-known ETFs。

It is important to note, in particular, that the turnover of the ApeX Equator Contract and the time dimension of the unwinded data are highly volatile and present clearly inconsistent structural characteristics between different dates. According to data displayed at the front end of the Platform at the end of 2025, the 24-hour turnover of most stock renewals is concentrated in tens of thousands to hundreds of thousands of dollars, but the turnover of individual assets (e.g., BMNR, ORCL) at specific points of time has been significantly amplified, reaching approximately $9.5 million and $1 million, respectively, with a clear break in formation with other targets. This difference is not a simple linear distribution, but more a phenomenon of phased mobility。

However, from the front end of the ApeX network on 19 January 2026, there has been a marked change in the market structure: head traded assets have been converted to AAPL (about $8.4 million in 24h trade volume), while the 24-hour turnover of the remaining stock, which was renewed permanently, has fallen to less than $250,000; the BMNR and ORCL, which had previously performed well at the end of the year, declined to about $30,000 and $100,000, respectively. Rapid head-to-head asset switching and a sharp contraction in the turnover of non-core targets suggest that the liquidity of the permanent market for ApeX equities is not stable in the long term, but is more likely to be significantly affected by short-term events, user preferences, market strategy adjustments or platform-stage incentives。

At this stage, as the authoritative third-party data platform, which does not yet exist, continues to provide statistics and validation of historical turnover and unevenness of ApeX stocks, the analysis in this paper is based mainly on data disclosed at the official front end, and it is not possible to further confirm whether these trades include such factors as market impulses, internal alignment or phased liquidity incentives. Therefore, the high turnover at a given point should not be seen as proof of long-term liquidity, but rather as a true picture of decentrized stocks that are still at an early stage, highly dependent on a few targets and short-term drivers。

Instead of being a relatively stable mature structure, the ApeX stock market is now emerging as an early market pattern of high liquidity, constant rotation of core assets and rapid cooling of non-core targets. Against this background, we have maintained the necessary caution with regard to the front-end data of the Platform and, in the absence of external validation, have avoided excessive extrapolation of its long-term market depth and user adhesion。

 

4.5 Multi-entry integration is expanding the flow boundaries of stocks for all time

The head, Perp DEX, is moving from a model that used to rely mainly on official network access to a broader application-level flow layout. Through mobile-end applications, wallet portals and super-app ecology, multiple layers of entrances are significantly lowering the threshold for users to engage in permanent stock contracts。

For example, Based.one built UI closer to consumer-level applications based on the integration of Hyperliquid contractual engines and liquidity, allowing users to complete stock openings directly at the front end without opening the Hyperliquid or Trade.xyz network. As an application-level assembly platform supported by Ethena Labs, which integrates trading, forecasting and payment functions, it effectively embeds Hyperliquid stocks into a more friendly portal, making the experience of new users more natural and smoother。

Full 8https://app.based.one/xyz: GOLD

A similar path appears in the wallet and sub-app ecology. Base.app has now supported searching and opening Lighter directly in an app, and users can access the full Lighter interface in their application by clicking and perform a variety of contractual transactions, including stock perpetuity, with almost no difference from the official network in their wallets. By using Lighter as a built-in entry point, Base.app helps to achieve an integrated experience of "trading is a wallet": users can easily enter Lighter to complete the transaction without jumping out of the application ecology when handling day-to-day asset management, cross-chain, access to money or NFT operations. This model has significantly reduced the cost of user flows, allowing derivatives such as stock sustainability to reach a wider and even unprofessional group of users。

UXuY represents another more radical idea of integration. As a platform centred on mobile and super-app experiences, UXUY brought together multiple trading capabilities at the front end, covering leverage scenarios for traditional assets such as encrypted assets, some stock type contracts and foreign exchange. Users do not need to understand which chain or agreement the underlying contract originated, but do so in a uniform way. Rather than emphasizing bottom-up technological innovation, the model packages formerly complex chain derivatives trading closer to the experience of Web2 financial applications through highly simplified interactive paths and mobile-end priority designs。

The core difference in multi-entry integration is not just UI friendly, but the importance attached to the moving end. A primary chain-based trading system such as Hyperliquid, while having obvious advantages in performance, mobility and wind control, interacts more favorably with the desktop and professional users, while upper-level applications and wallets are naturally mobile-centric, significantly reducing the cognitive and operational complexity of transactions in the chain through more intuitive operating logic, abstract account and transaction process encapsulation. The continuous advance of the mobile end is emerging as a key bridge between professional-level permanence systems and mass-level transaction needs。

Perp DEX changes through multi-entry integration are far-reaching: more decentralized sources of traffic, professional-level operations that used to be done only through a network of officials, can now be easily reached in wallets, polymers and even social applications; lower cost to users, with agreements no longer having to bear all the new pressure alone; competition for more entry is ultimately driving a new “appliance-level ecology” to take shape, and stock sustainability provides a realistic path from a professional trade product to a mass trading tool。

 

4.6 HEAD CEX STOCK LASTS FOREVER

4.6.1Bitget's stock sustainability product

BitgetEquities will continue(referred to in the Platform as the “Stock Futures” or the RWA-Indicator contract for sustainability) is a permanent derivative based on a realistic world stock monetization index that allows users to trade in price fluctuations in traditional assets, such as United States shares, in a encrypted trading environment. Bitget constructs a composite index of trade prices in multiple markets based on xStock, Ondo and other monetized shares, and uses this index as a label price to complete the calculation of financial rates, liquidation and risk control. For example, contract prices such as TSLA/USDT, NVDA/USDT, AAPL/USDT are derived from the composite index of the corresponding stock currency. The weight of the index is adjusted dynamically by Bitget for liquidity, volume of transactions, etc。

The transaction settlement is valued at USDT and supports leverage up to 25 times. Bitget ' s stock renewal contracts usually provide for 5x24 hours (UTC-0 time zone, from 1:00 a week to 6:00 a week) during the United States stock exchange week and suspend updates and settlement of fund rates on weekends or traditional market holidays, but do not make it compulsory to clear during the break. The contractual transactional mechanism is similar to the continuing contract of encryption, which includes such functions as sequestering bonds, a silo model, settlement of hourly fund rates, and clearing and risk control based on index prices. In this way, Bitget introduced price exposures in traditional stock markets into encrypted contract transactions, allowing users to engage in contract transactions similar to those that last forever on a secure platform without opening traditional voucher accounts。

 

4.6.2BitgetThe difference between Stock Futures and the chain of stock renewal contracts

Bitget ' s stock-renewal contract is similar to the current mainstream chain-renewal contract objectives, but there are differences in structure and delivery modalities. The Stock Futures in Bitget operate within the Centralized Exchange and do not directly anchor real stock or chain prognosis prices, but rather price them on the basis of a weighted index consisting of monetized shares, all transactions, blending, clearing and wind control are performed by Bitget's centralized system. The time of the transaction was 5x24h instead of 7x24h. In contrast, chain-based stock-for-life contracts (e.g. Trade.xyz, Aster and Lighter) are derivatives operating in a block-chain environment. They obtain stock prices through prophecies or internal pricing mechanisms, and transactions are executed by smart contracts or verifiable blending systems, emphasizing decentrization, transparency and portfolioability. The transaction and liquidation processes of these agreements can be verified on the chain, and even during the United States share market break, part of the agreements remain in 24/7 trading status through internal pricing or adjustment of risk parameters。

 

4.6.3OTHER MAINSTREAM CEX STOCK SUSTAINABILITY CONTRACT PRODUCTS

In other centralized exchanges, current products related to equity-type assets are still dominated by currencyized stocks (Tokenized Stocks) or differential contracts (CFDs) and have not yet entered the stock perpetuity phase. Binance does not currently operate freely traded token shares on the Centralized Exchange, offering only a small amount of mainstream stock transactions at the end of the wallet. OKX introduced a group of monetized shares and xStocks through the purse ecology, but also failed to introduce a stock type perp contract。

By contrast, Bybit is "traditional finance."TradFiThe ) plate “enacts a tradable US Stock CFDs covering nearly 80 targets, supporting multi-empty and up to 5X leverage, and providing 24 hours x 5 days of trading experience. However, the CFD is still essentially a “price differential settlement” trading tool: there is no capital rate, no sustainability index pricing model, and no 24/7 chain logic, so it is not strictly a “stock-renewal contract”, much closer to the leverage-equity product of traditional issuers。

 

4.6.4 CURRENT MAINSTREAM CEX STOCK PERMUTATION

Overall, CEX is transitioning from monetized stocks and CFC products to stock sustainability structures in the area of stock derivatives. The exchange, represented by Bitget, has built stock Futures products with capital rates, sustainability structures, index pricing, bonds and clearing mechanisms within a centralized system, with trading experience and risk frameworks that are highly close to stock renewal contracts at the functional level, but implementation, blending and wind control remain entirely centralized and are usually limited to 5 x 24 hours。

In relative terms, the head of Hyperliquid, Aster and Lighter, Perp DEX, still dominates the real stock-resilient market, with 24/7 day-to-day transactions through chains of liquidation, decentrization systems, and prophecies. DEX has a natural advantage in the construction of core infrastructure such as neutral indices, calculation of financial rates and sustainable liquidation, as well as greater flexibility in dealing with 24/7 transactions and chain transparency, which has enabled them to develop rapidly in this track. Nevertheless, CEX is gradually catching up, and it is likely that in the future more chain-based technologies will be combined with traditional centralized advantages to further increase market share。

 

4.7 Comparative analysis of market patterns

In terms of the current overall pattern of stock sustainability in the chain, Hyperliquid, Aster, Apex and Lighter constitute the “four paradigms” of this track, representing the order book depth platform, the two-modular hybrid exchange, the high-performance CEX experience of clustering, and the original Perp DEX, characterized by a very simple trading experience and a direct link to the EVM wallet. While they all provide for permanent stock trading, there are clear layers of pricing mechanisms, trading experiences, liquidity structures and overall positioning, creating complementary and differentiated patterns of competition。

In terms of data performance, Hyperliquid, with its deep order book and hard-to-market system, is an absolute leader: its index contract, XYZ100, is at $300 million a day, and the single-day transaction of multiple mainstream technology units is stable at tens of millions of dollars, with partial silos (OI) such as SILVER even reaching $67 million, indicating that a large number of medium- and long-term warehousings and institutional strategies continue to be active. This “wide coverage + high depth” structure makes Hyperliquid the core hub for the ongoing liquidity of equities。

Although smaller than Hyperliquid, Aster has a combination of "high-frequency light traffic plus professional depth mobility" with double-model design (Simple/Pro). The typical NVDA Pro model 24h is about $7.7 million, the OI is over $2.8 million, and the end mark is between hundreds of thousands and millions. Aster has the advantage of structured user portraits: to take on both new hands and professional space。

By contrast, Lighter's mobility is characterized by “a prominent head mark”. COIN has a single-day deal of more than $10 million, while the NVDA equivalent is medium, but OI is even higher, indicating the existence of stronger long-term strategic funds. Overall, its stock is kept together below Hyperliquid and close to Aster。

While most of the ApeX (Apex) target 24-hour turnover is concentrated between tens of thousands and hundreds of thousands of United States dollars, at a given point in time, there is a marked release of individual assets, such as BMNR, which recorded a single-day turnover of over $9.5 million, which is a clear fault with other targets. However, the top of ApeX assets are traded more quickly between stages, and the turnover of non-core targets may also contract rapidly in a short period of time. This suggests that the liquidity of the permanent market for ApeX stocks has not yet developed long-term, stable sedimentation structures and is more likely to be affected by short-term events, changes in user trade preferences or adjustments to platform strategies。

Overall, the four platforms form a clear gradient at the mobility level: Hyperliquid is a significant leader, Aster has a robust growth, Lighter has a concentrated head, and Apex has a relatively low level of activity。

Source: CoinW Research. Office of Hyperlib, Aster, Lighter, and Apex.

 

4.8 Long-term logic that traditional financial infrastructure is chained up or will regenerate stocks

OVER THE PAST TIME, A VERY CRITICAL CHANGE IS TAKING PLACE IN THE DISCUSSIONS AROUND “CHAIN-BASED STOCKS”: IT IS NO LONGER JUST AN INSIDER-DRIVEN RWA EXPERIMENT IN THE ENCRYPTION INDUSTRY, BUT IT IS BEGINNING TO BE DOMINATED BY THE CORE INFRASTRUCTURE OF TRADITIONAL FINANCE。

Recently, NYSE and Nasdaq have disclosed their plans to explore the direction of chain securities. Among them, the New Haven parent company, ICE, is promoting a trade platform based on block chains with the goal of supporting 7x24 hours of trading, chain recording and settlement based on stable currency. NASDAQ, for its part, submitted to SEC in the United States a proposal to amend the rules in the hope of introducing a mechanism for trading and liquidating monetized securities without changing the legal attributes of securities. Chain-based stocks are no longer merely “mapping a price”, but are beginning to be discussed within the institutional framework of traditional exchanges. The essence of this shift is that equities are not merely monetized, but are taken seriously as a compliance financial asset that can be issued, traded and settled on the chain。

If the actions of the exchange remain at the level of the transaction, then the advance of the DTCC (United States Deposit and Settlements Corporation) directly touches the heart of the traditional financial system. DTCC is the central hosting and clearing agency of the United States securities market, on which almost the vast majority of United States shares and ETFs depend for their final settlement. After obtaining approval from the SEC, DTCC has initiated several pilot projects based on block chains, such as Project Ion, Digital Assembly Platform, which explores the viable path of chain-based accounting of securities, chain-based clearing and the flow of funds over the chain。

A VERY IMPORTANT DETAIL IS THAT THE LEGAL ATTRIBUTES OF SECURITIES HAVE NOT CHANGED UNDER THE DTCC PILOT FRAMEWORK, BUT SETTLEMENTS AND LAYERS OF FUNDS ARE BEING TRIED TO MIGRATE TO THE CHAIN. IN THE FUTURE, EQUITIES MAY STILL BE REGULATED BY EXISTING SECURITIES LAWS, BUT THEIR POST-TRADING PROCESSES, SUCH AS LIQUIDATION, RECONCILIATION, TRANSFER OF FUNDS, ETC., OR THEY WILL NO LONGER RELY EXCLUSIVELY ON THE TRADITIONAL T+1/T+2 CENTRALIZED SYSTEM, BUT RATHER ON MORE HIGH-FREQUENCY AND TRANSPARENT SETTLEMENTS THROUGH BLOCK CHAINS。

In the long term, this “institutionalization” of the chain, led by the exchange and clearing house, may profoundly change the logical position of the chain for the sustainability of the stock. On the one hand, the chain market will, for the first time, have a continuous, compliant, verifiable source of stock prices and liquidity when the issuance, hosting and settlement of shares gradually take a chain form. This will significantly improve the pricing and depth constraints associated with the ongoing reliance on index synthesis and prognosis, bringing them closer to the derivative structure of mature financial markets。

Equity, on the other hand, has a natural advantage in the system as a synthetic derivative that does not involve equity ownership and provides only price exposure. Long-term contracts provide for more high-frequency transactions, more flexible leverage and lower access thresholds than direct participation in chain-based stock transactions, and are therefore more likely to be a liquidity amplifier and risk management tool for the chain-based stock markets than an alternative。

If the chain of stocks continues along the traditional financial-led path, the result is not necessarily “silent marginalization”, but more likely, the stock continues to evolve from the current “grey innovation class” to the base derivative of the chain of securities markets. Under this structure, the long-term value of stocks is no longer solely dependent on regulatory arbitrage or deFi innovation, but is based on a more mature premise: As real financial assets begin to enter the chain systematically, derivatives will have more sustainable extended soil。

 

5. Risk and regulation

5.1 Regulatory status and potential compliance risks

While the stock-for-life contract has gained momentum in the header perp dex, there is currently no clear global regulatory policy for stock-specific sustainability. Regulators are genuinely concerned and have a clear attitude, mainly in the form of tokenized stocks, which are generally regarded as a financial instrument with a high level of parity with traditional securities and are subject to the existing securities law framework. Thus, in the regulatory context, “the risk spillover is clear, but the regulatory label does not clearly point to the sustainability of the stock”。

At the policy level, the United States SEC, EU ESMA, and Hong Kong SFC have been named on several occasions mainly to “tokenize stock” (tokenize stock), e.g. to map real shares such as AAPL, TSLA, by chaining and trading. Such assets are generally regarded as securities per se or securitized products by virtue of their direct representation of traditional stocks or equity claims, and their issuance and trading triggers registration, disclosure, compliance broker licences, etc。

In contrast, stock perpetuity is essentially a derivative structure whose price tracks the stock index or single-equity price, but does not confer rights or red power on any shareholder, nor does it involve a chain map of real stock. As a result, they are now often in a grey area in the global regulatory framework: regulators have yet to give a clear classification, but their derivative characteristics based on securities mean that they may be dealt with in the future as unregistered derivatives, unregistered securitization instruments or non-compliant investment products。

In the United States, the SEC has long adopted the principle of material judgement over derivatives based on the price of securities: whatever the form of the product, as long as its core economic substance is based on regulated securities or securities prices, the derivative may be covered by the Federal Securities Act. This regulatory approach stems from the definitional framework of securities and their derivatives in the United States Securities Act (e.g. the Securities Act of 1933 and the Securities Exchange Act of 1934), which emphasizes economic substance rather than technical packaging as the subject of securities regulation. The Commission ' s current regulatory position on tokenized securities also makes it clear that tokenized securities (tokenized securityes) on block chains remain securities themselves and do not change their legal attributes because of different technical forms, meaning that the derivatives may also be considered financial instruments related to the underlying securities, subject to existing securities laws。

IN TRADITIONAL FINANCIAL MARKETS, THERE IS ALREADY A CLEAR DIVISION AND COLLABORATION BETWEEN THE SEC AND THE COMMODITY FUTURES TRADING COMMISSION (CFTC) ON DERIVATIVE REGULATION. FOR SECURITIES-BASED DERIVATIVES, SUCH AS OPTIONS BASED ON STOCK PRICES, STOCK-BASED DERIVATIVE CONTRACTS, ETC., THE SEC USUALLY CONSIDERS SUCH PRODUCTS TO BE SECURITIES-BASED DERIVATIVES THAT MAY REQUIRE TRADING, CLEARING AND REPORTING UNDER ITS SUPERVISION (PARTS OF SECURITIES DERIVATIVES ARE ALSO REGULATED BY THE CTC BUT NEED TO BE COORDINATED IN TERMS OF FORM AND INSTITUTIONAL REGULATORY POWERS)。

IN THE AREA OF ENCRYPTION, THIS REGULATORY JUDGEMENT APPLIES EQUALLY: IF THE UNDERLYING ASSET OF A DERIVATIVE IS RECOGNIZED AS SECURITIES BY THE SEC, THE DERIVATIVE IS LIKELY TO BE CONSIDERED A DERIVATIVE OF SECURITIES OR A SIMILAR REGULATED INSTRUMENT, TRIGGERING A SERIES OF REGISTRATION, EXCHANGE QUALIFICATIONS, LIQUIDATION COMPLIANCE AND INFORMATION DISCLOSURE OBLIGATIONS. IN ITS REGULATORY LANGUAGE, THE SEC HAS ALSO EMPHASIZED THAT ASSETS SUCH AS MONETIZED SHARES REMAIN LEGALLY SECURITIES, WHICH PROVIDE THE LEGAL BASIS FOR THE REGULATION OF THEIR DERIVATIVES. THIS REGULATORY LOGIC IS CONSISTENT WITH SEC ' S RECENT ENFORCEMENT PRACTICE IN THE ENCRYPTION INDUSTRY, WHICH FOCUSES ON THE ECONOMIC SUBSTANCE OF PRODUCTS AND SERVICES AND THE RESPONSIBILITY OF INVESTORS TO PROTECT, RATHER THAN RELYING SOLELY ON TECHNICAL PACKAGING TO JUDGE REGULATORY ATTRIBUTION. THUS, IF A PERMANENT STOCK CONTRACT PROVIDED BY A PLATFORM IS TRULY RECOGNIZED BY THE SEC AS A DERIVATIVE BASED ON REGULATED SECURITIES, THE PLATFORM MAY BE EXPOSED TO THE REGULATORY RISKS OF AN “UNREGISTERED DERIVATIVES TRADING PLATFORM”。

Europe, for its part, has temporarily excluded “encrypted asset derivatives” from explicit regulation under the MiCA framework, but ESMA has repeatedly emphasized that any chain derivatives that anchor real world financial assets (including stock-to-stock indices) still need to be regulated by traditional financial derivatives. In other words, the sustainability of stocks, even if they appear on the chain, may still be seen as traditional OTC Equity Dévitive, triggering licensing, reporting and investor protection requirements。

While there is currently no independent policy specific to the sustainability of stocks, the logic of regulators in the attribution of securities is highly consistent: “The chain pattern does not change the legal nature as long as it is strongly associated with securities”. Thus, while stock sustainability has not yet been explicitly included in regulation, its potential compliance risk is mainly focused on whether it constitutes a derivative of unregistered securities. As the regulation of monetized stocks becomes more stringent and traditional institutions become more involved, the sustainability of stocks in the future will also become a regulatory priority, especially in the United States and European markets。

 

5.2 Other potential risks

In terms of market integrity, the openness, cross-borderity and social media amplification of chain transactions increase the risk of manipulation, interior-driven anomalies. EU regulators have recently begun to issue specific market abuse and monitoring guidelines for encrypted markets, emphasizing the need for trading platforms to have the capacity to monitor unusual transactions, price manipulation and unusual financial flows. This is particularly important for the sustainability of equities, whose prices are dependent on offline market data, which themselves have structural characteristics such as jump-off, surprises and market breaks。

Pricing and predictive machine risks are among the most unique components of stock sustainability. Since the United States share does not trade with most traditional markets, synthetic prices or cross-market derivatives are commonly used during the break-off period. The risk of extreme tagging, miscalculation or siloing may arise once the prognosis data sources are too small or not sufficiently secure. A number of industry platforms (e.g. Hyperliquid) enhance the resilience of the system to unusual data, price manipulation, extreme behavior and prognostic attacks through multi-source median pricing, real prices and synthetic price twin-track mechanisms, enabling the platform to maintain stability in price and clearing logic in all settings, but overall this remains an important link in the continuing evolution of the industry。

Leverage is no less than liquidity risk. While the sustainability of equities appears to be similar to that of encrypted permutations, their volatility, evaporation and industry-driven characteristics are very different. Some platforms provide leverage up to 50x, which, while increasing capital efficiency, also magnifies liquidity risks, insurance fund pressures and systemic fluctuations. From a regulatory point of view, such products are likely to be included in the future in stricter bond requirements, leverage caps and wind-controlled disclosure norms。

Stock sustainability is at a rapid but high-risk stage: legal attributes have not yet been finalized, cross-border regulatory presence is fragmented, technology and pricing systems continue to evolve, and investor protection frameworks have not yet been fully established. Future trends are likely to be more transparent, better surveillance capacity, more disaggregated compliance paths and stricter investor protection mechanisms。

 

Trends and outlook

6.1 Stock sustainability market size and potential space

From a long-term perspective, it is important to focus attention on the sustainability of equity contracts, the core reason being the very large financial base of their equity assets. According to MarketCapwatch, as of January 2026, the total market value of all listed companies worldwide was approximately 159.08 trillion dollars. In terms of regional distribution, the United States market continues to have the largest share, with equity market value around 46 per cent of the global market value (over $6.7 trillion); the remaining more than half of the market value comes from Asia, Europe and other emerging markets. In other words, even apart from the United States stock market itself, a potential pool of nearly $80 trillion has been created. On the basis of such a large stock of assets, even if only a small fraction of the funds are traded through sustainable contracts, there is a significant potential for magnification of the market space to which they correspond。

-Surrence:https://www.marketcapwatch.com/overview 

 

In this context, the ELD contract is not creating a new asset, but is providing a new way of dealing and risk management for existing equity assets. If the global stock market is seen as a pool that can be activated by financial instruments, the key question for stock sustainability is not whether it is large enough, but how much money it is willing to participate in the form of a sustainable contract。

This can be drawn from the experience of the encryption market. Over the past few years, a lasting contract has become one of the core trading structures of the encrypted derivatives market. According to CryptoQuant, the global encryption market in 2025 was close to $79 trillion in total. Of this amount, long-term contract transactions amounted to approximately US$ 61.7 trillion, while spot transactions amounted to about US$ 18.6 trillion. Structurally, the contract of durability has become the dominant form of transactions in the encrypted market, which is about 3.3 times the size of the spot market. Further, in 2025, the volume of long-term contract transactions reached approximately US$ 61.7 trillion, an all-time high of about 28.7 per cent, up from US$ 47.9 trillion in 2024. At the same time, since 2019, there has been a steady upward trend in the volume of long-term contractual transactions, reflecting the long-term preference and increasing participation of the market in the structure of this derivative trade. This also suggests that the market itself is highly acceptable for “sustainable” forms of transactions as long as assets are sufficiently liquid and price volatility。

Figure 10. Total Cripto Exchange Personal Trades Trading Volume ($ and %rowth)https://cryptoquant.com/compunity/dashboard69c6e246f89e81772a357eb?e=69603f6a4c7a21121994f822 

 

To map this logic to the stock market, a relatively intuitive evolution can be achieved: Even though only a very small portion of global equity capital has shifted to sustainable contracts, its absolute size remains significant. Assuming that only 1% of the non-United States stock market is funded, and without strict capital-flow restrictions, the potential size of the option of trading or hedge through sustainable contracts is close to hundreds of billions of dollars. If participation increases further to about 5 per cent, the market size of a permanent equity contract is likely to reach trillions of dollars。

Such estimates do not mean that all equity funds will move to the chain, but rather emphasize the fact that stock stocks in the stock market are large enough, and that as long as the instrument of renewal contracts is accepted in small quantities, the size of the market will shift exponentially. Particularly in non-United States markets, high cross-border transaction costs, time constraints on transactions and inadequate derivative coverage persist, making “7 x 24 hours, no need to hold a target, trade-only price opening” stock contracts theoretically attractive。

Thus, in terms of market size, a stock-for-life contract is not a small innovation, but rather a potential derivative track built on a multi-billion-dollar, multi-billion-dollar or multi-billion-dollar asset pool. Its real growth cap will depend on three factors: the liquidity and volatility of equity assets themselves, the maturity of the permanent contractual infrastructure and user experience, and whether regulatory borders are progressively clear and allow for limited and orderly participation. With these conditions gradually being met, a permanent stock contract is expected to be one of the most promising directions in the chain derivatives market, followed by encrypted assets。

 

6.2 Trends and outlook

At present, the main market for stock renewal contracts remains in the head of Perp DEX (e.g. Hyperliquid, Aster, Lighter). Although some centralized exchanges (e.g. Bitget) have begun to try to introduce products such as Stock Futures, they are essentially based on indexed derivatives built on monetized stocks, and there are still differences in asset structure, pricing mechanisms and decentrization stock sustainability. However, in terms of user functionality and trading experience, such products are already, to some extent, close to the risk exposure pattern of stock pervade。

As one of the most closely regulated financial assets, equities often touch on securities law obligations as long as they involve price, trust or derivative transactions. For most of the centralized exchanges that already hold a financial licence or are actively pursuing the compliance process, direct access may be considered “unlicensed securities derivatives” with higher overall risk. This explains why CEX as a whole remains focused on exploratory layouts in the area of stock sustainability. By contrast, Perp DEX is more flexible in product form due to its decentralized, non-uniform nature. Thus, in the foreseeable short term, stocks remain more likely to be chain-led by Perp DEX, but as the compliance path becomes clearer it does not preclude some CEX from joining the track in a more cautious manner in the future。

From the point of view of product evolution, the permanent emergence of stocks is the product of a combination of RWA (real world asset) and chain derivatives. Against the backdrop of continued growth in the depth of encrypted derivatives and improved trading experience, “RWA x Perp” is promising as a new direction for Perp DEX growth in the next round. From the very beginning of stocks, future commodities (gold, crude oil), indices (nil, platitudes), foreign exchange (euro, yen) and even more complex macro assets are likely to be “continuated” along this logic. The chain-based derivatives market may expand in the direction of “full-assets perpization”, which would extend the Perp DEX border from the encryption industry to a broader global trading market。

IT IS NOTEWORTHY THAT THE RECENT ADVANCE OF TRADITIONAL FINANCIAL INFRASTRUCTURE IN THE DIRECTION OF “CHAIN-BASED EQUITIES” ALSO PROVIDES A NEW AND REALISTIC CONTEXT FOR THE LONG-TERM SUSTAINABILITY OF EQUITIES. WITH NUKE, NASDAQ EXPLORING CHAIN-BASED SECURITIES TRADING, AND DTCC MOVING FORWARD WITH SEC APPROVAL TO PILOT THE MONETIZATION AND CHAIN-BASED SETTLEMENT OF SECURITIES, EQUITIES ARE MOVING FROM A “PASSIVE MAP TO RWA” TO AN INSTITUTIONALIZED CHAIN AT THE DISTRIBUTION, SETTLEMENT AND FINANCIAL FLOW LEVELS. IN THE PROCESS, THE CHAIN WILL EVOLVE INTO A MORE CONTINUOUS, COMPLIANT AND VERIFIABLE STOCK PRICE AND LIQUIDITY BASE, WHICH WILL INSTEAD CONTRIBUTE TO THE LONG-TERM DEVELOPMENT OF SYNTHETIC DERIVATIVES SUCH AS STOCK SUSTAINABILITY. STOCK SUSTAINABILITY DOES NOT REQUIRE HOSTING OR EQUITY OWNERSHIP, AND IS MORE LIKELY TO ASSUME THE ROLES OF “LIQUIDITY AMPLIFIER” AND “RISK MANAGEMENT TOOL” IN FUTURE CHAIN EQUITY SYSTEMS。

At the same time, the sustainability of stocks is becoming a rationing function for the head Perp DEX. At present, Hyperliquid, Aster, Lighter, and Apex are all on-line permanent stock products, with Hyperliquid leading in terms of volume and depth, with significant liquidity advantages. In a context of multiple platforms investing in resources and increasing liquidity, stocks could move from the exploration of a single platform to an industry-wide diffusion phase. The emergence of a permanent stock is completing Perp DEX's “full asset matrix” and is gradually being seen as a core configuration for a broader user group。

Despite the wide range of prospects, the compliance risk to the sustainability of equities remains the most central and non-negligible variable of the entire track. Both SEC, CFTC and ESMA, and MiCA maintain a high degree of regulatory consistency: they may be considered securities or derivatives of securities, regardless of their expression, as long as they are highly correlated with real stocks. In other words, stocks may continue to be treated as synthetic swap or CFC-type products, although they do not involve equity custodians and do not represent equity ownership, and these are usually business that is operated by a licensed institution。

HOWEVER, SINCE STOCKS ARE CURRENTLY CONCENTRATED ON DEX, AND THE DECENTRIZATION AGREEMENT ITSELF IS NOT EASILY DIRECTLY PROHIBITED, THE FOCUS OF FUTURE REGULATION IS LIKELY TO SHIFT FROM A “CHAIN-BASED AGREEMENT” TO A MORE EASILY REGULATED CENTRAL LINK, SUCH AS FRONT-END OPERATORS, DATA SOURCE PROVIDERS, CUSTODIANS, ETC.; PRICE SOURCE TRANSPARENCY, TRADE RESTRICTIONS, LEVERAGE CEILINGS, AND KYC/GEOGRAPHICAL RESTRICTIONS MAY ALL BE THE DIRECTION OF REGULATORY TIGHTENING. FOR A GLOBAL USER-ORIENTED PLATFORM, THE COMBINATION OF “NO KYC + STOCK EXPOSURE” IS LIKELY TO BE LIMITED IN THE FUTURE。

However, as a result, stocks remain in the grey area at this stage in the regulatory context. As it targets “price openings” rather than real stock ownership, regulation is difficult to establish rules as directly as it does for monetized stocks. In the short term, innovation will continue in the chain, but the platform will have to make a clearer distinction between the “chain-long index” and “real stock trading”, enhance transparency in predictors, optimize risk parameters and emphasize the synthetic nature of products, thereby reducing the risk of compliance mischaracterized as “unlicensed American stockbrokering”。

OVERALL, THE SUSTAINABILITY OF STOCKS WILL BE SHAPED BY BOTH MARKET DEMAND AND REGULATORY RED LINE. AT THE MARKET LEVEL, IT HAS THE POTENTIAL TO BE ONE OF THE MOST DEEPLY TRADED AND USER-GROWING TRACKS IN THE CHAIN; AT THE REGULATORY LEVEL, PRODUCT BOUNDARIES WILL BECOME CLEARER, AND THE INDUSTRY WILL MOVE FROM A “WILD GROWTH” TO A “COMPLIANCE EVOLUTION”. ULTIMATELY, THOSE PLATFORMS THAT CAN FIND A BALANCE BETWEEN THE SPEED OF INNOVATION AND THE PATH OF COMPLIANCE WILL MOST LIKELY BE THE DOMINANT MARKET FOR DERIVATIVES IN THE NEXT STAGE OF THE CHAIN。

 

References

1. Hyperliquid docs:https://hyperliquid.gitbook.io/hyperliquid-docs

2. Asterdocs:https://docs.asterdex.com

Lighter docs:https://docs.lighter.xyz

ApeXdocs:https://apex-pro.gitbook.io/apex-pro/apex-omni-live-now/stock-perpetuals

5. Pyth Devloper Hub docs:https://docs.pyth.network/price-feeds/core/market-hours

6. Switchboard Documentation:https://docs.switchboard.xyz

How to use the Sitchboard Oracle Aggregator:https://docs.switchboard.xyz/product-documentation/aggressor/how-to-use-the-switchboard-oracle-aggregator

Hyperliquid Oracle:https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/oracle

7. Markets in Cripto-Assets Regulation (MiCA):https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica

SEC's 'crypto mom' says tokenize security is still security:https://www.reuters.com/sustainability/boards-policy-regulation/secs-crypto-mum-says-tokenizes-are-stille-security-2025-07-09

"Stock excities build returns to crack down on 'tokenist stops':https://www.reuters.com/sustainability/boards-policy-regulation/stock-exchanges-urge-regulators-crack-down-tokenised-stocks-2025-08-25

10. ESMA issues supervisory guidelines to prevent market under MiCA:https://www.esma.europa.eu/press-news/esma-news/esma-issues-subvisory-guidelines-prevent-mark-abuse-under-mica

11. The Perp-emission Question: Can Onchain Markets Capture Retailhttps://ambergroom.mediam.com/the-perp-education-qastion-can-onchain-markets-capture-retal-equity-traders-a9799378ebd6

The missing Link in Tokenizes:https://www.tdsecurities.com/ca/en/tokenize-equities-missing-link-perps

13. Chainlink dastards:https://docs.chain.link/data-streams 

14. BitMEX Industries Chainlink Oracles for New Equity Personals:https://statabledash.com/news/2026-01-06-bitmex-integrates-chainlink-oracles-for-new-equity-perpetuals 

15. A Quick Guide to Understanding Stock Futures:https://www.bitget.com/support/articles/125603835927 

16. Enchanting, but not Magical: A State on the Tokenization of Securitys:https://www.sec.gov/newsroom/speeches-statements/chief-statement-tokenizes-security-070925 

17. NYSE-parent Intercontinent Economic Developments program for 24/7 tokenize security calls:https://www.reuters.com/business/nyse-parent-intercontental-exchange-development-platform-247-tokenizes-2026-01-19/ 

18. NYSE Builds Venue for 24/7 Trading of Tokenized Stocks, ETFs:https://www.bloomberg.com/news/articles/2026-01-19/nyse-builds-venue-for-24-7-training-of-tokenize-stocks-etfs 

19. Cripto Market Update: Industry Movers Toward Tokenization, On-chain Equities:https://www.nasdaq.com/articles/crypto-mark-update-industry-moves-toward-tokenization-chain-equities 

Understanding Assembly Tokenization: A Practical Shift in Finance:https://www.dtcc.com/dtcc-convention/articles/225/october/08/understanding-asset-tokenization-a-pracial-ship-in-finance-b8p41i5aw 

21. Stocks - Worldwide:https://www.statista.com/outlook/fmo/stocks/worldwide 

22. Global Stock Exchange Market Capitalization Reaches Review $148 Trillion in October 2025:https://www.voronoiapp.com/markets/-Global-Stock-Market-Capitalization-Hits-Record-134-Trillom-in-June-2025-5178 

23. Exchange-traded diseases:https://data.bis.org/topics/XTD_DER 

24. FY 2025 Review of Crystal Exchange Activity:https://cryptoquant.com/insights/quicktake/6950eb3cbe16136f138693-FY-2025-Review-of-Crypto-Exchange-Activity 

25. Global Listed Companies Market Capitalization Overview:https://www.marketcapwatch.com/overview 

DTCC Authorized to Offer New Tokenization Service, Paving the Way to Tokenized DTC-Custodied Assets:https://www.businesswire.com/news/home/20251211706270/en/DTCC-Authorized-to-Officer-New-Tokenization-Service-Paving-the-Way-to-Tokenize-DTC-Custodied-Assets 

27. SEC Releasing Cripto Custody Guidation as Regullators Greenlight Tokenization and Bank Charters:https://bravenewcoin.com/insights/sec-releases-crypto-custody-guidance-as-regulators-greenlight-tokenization-and-bank-charters 

DTCC's Project Ion Platform now Live in Parallel Production Environment, Processing Over 100,000 Transactions per Day on DLT:https://www.dtcc.com/news/2022/july/27/project-ion 

Innovation Insight: DTCC's Project Ion:https://www.dtcc.com/dtcc-convention/articles/2022/october/13/innovation-insight-dtccs-project-ion