CoinW Research Institute

Abstract

Stock perpetual contracts are gradually becoming one of the most promising directions for growth in the on-chain derivatives market. These products combine the price volatility of traditional stocks (represented by U.S. stocks) with the mature funding rates, margin, and clearing mechanisms of perpetual contracts, allowing users to gain synthetic risk exposure close to stock prices without actually holding the stocks or being restricted by traditional trading hours. As oracle designs, index pricing methods, and on-chain liquidity infrastructure continue to improve, stock perpetuals have moved from the conceptual stage to practical implementation, leading to large-scale trading on major Perp DEXs.

The emergence of stock perpetuals is not coincidental but is based on a clear structural background. On one hand, the global stock market itself has an extremely large asset base, with the total market capitalization of publicly listed stocks approaching $160 trillion by early 2026, more than half of which comes from non-U.S. markets; on the other hand, the trading structure of perpetual contracts has been fully validated in the crypto market, with the global annual trading volume of crypto perpetual contracts reaching $61.7 trillion in 2025, significantly higher than spot trading volumes. This provides a mature trading paradigm and realistic reference for the "perpetualization" of traditional assets.

In terms of specific implementation paths, stock perpetuals are advancing along both DEX and CEX routes. Leading Perp DEXs such as Hyperliquid, Aster, and Lighter have taken the lead in launching native on-chain stock perpetual contracts, achieving 24/7 trading and on-chain clearing through oracles or internal pricing mechanisms, offering significant advantages in transparency and composability. Meanwhile, some centralized exchanges (such as Bitget) have also begun to introduce Stock Futures products based on tokenized stock indices, incorporating perpetual structures, funding rates, and margin mechanisms within a centralized system. Their trading experience is functionally very close to stock perpetuals but is still limited by a 5/24 trading system and centralized clearing architecture.

From a more macro perspective, stock perpetuals reflect the accelerated integration of real-world assets (RWA) with the on-chain derivatives system, pushing the crypto trading market from being centered on crypto-native assets towards a trading paradigm of "full asset perpetualization." In this process, Perp DEXs are expected to evolve into comprehensive trading gateways covering a wider range of asset types with stronger global attributes; meanwhile, mainstream CEXs, constrained by licensing requirements and increasingly stringent securities regulatory frameworks, will find it difficult to launch such products on a large scale in the foreseeable future, which objectively further strengthens the first-mover advantage of Perp DEXs in the stock perpetual space.

Currently, the biggest uncertainty facing stock perpetuals still comes from the regulatory side. Although there are no clear regulatory rules for stock perpetual contracts globally, regulatory agencies generally maintain a cautious attitude towards on-chain products that are highly correlated with stock prices, often leaning towards categorizing them under securities derivatives or contracts for difference (CFD). Even though stock perpetuals do not involve stock custody or actual equity delivery, the potential compliance risks cannot be ignored due to their anchoring to traditional securities assets. Future regulatory focus may increasingly center on front-end operating entities, price indices and oracle data sources, as well as centralized aspects related to payment or technology services, while simultaneously strengthening requirements for KYC, leverage limits, geographic restrictions, and risk disclosures.

Stock perpetuals are at a critical stage of rapid expansion amid regulatory uncertainty. On one hand, they open up a potential growth space in the on-chain derivatives market built on a pool of hundreds of trillions of dollars in stock assets; on the other hand, their long-term development still depends on whether a balance can be achieved between product innovation efficiency, risk control capabilities, and compliance pathways. Those protocols and platforms that first achieve this balance are more likely to occupy a core position in the future global on-chain and quasi-on-chain trading system.

This article will systematically analyze the underlying operational mechanisms and product structures of stock perpetual contracts, focusing on price formation mechanisms (oracle design), synthetic asset construction methods, clearing and risk control systems, funding rates, and leverage models, and will conduct an in-depth analysis and outlook on the current market landscape, potential risks, and future development trends in conjunction with representative leading projects.

Table of Contents

Abstract

1. What are Stock Perpetual Contracts

2. Growth Drivers and Research Value

3. Underlying Mechanisms of Stock Perpetual Contracts

• 3.1 Price Sources (Oracle)
• 3.2 Synthetic Asset Minting
• 3.3 Clearing Mechanism
• 3.4 Leverage Mechanism

1. Market Landscape

• 4.1 Stock Perpetuals of Hyperliquid
• 4.2 Aster: Simple vs. Pro Mode
• 4.3 Stock Perpetuals of Lighter
• 4.4 Stock Perpetuals of ApeX
• 4.5 Multi-Entry Integration is Expanding the Traffic Boundaries of Stock Perpetuals
• 4.6 Stock Perpetuals of Leading CEXs
• 4.7 Comparative Analysis of Market Landscape
• 4.8 On-Chain Traditional Financial Infrastructure May Reshape the Long-Term Logic of Stock Perpetuals

1. Risks and Regulation

• 5.1 Current Regulatory Status and Potential Compliance Risks
• 5.2 Other Potential Risks

1. Trends and Outlook

• 6.1 Market Size and Potential Space of Stock Perpetuals
• 6.2 Trends and Outlook

For the detailed report, please visit: https://www.coinw.com/zh_CN/research/stock-perpetuals-the-new-battleground-and-competitive-landscape-of-perp-dex/105

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