I just realized something quite interesting about the coin market today – the structural difference between crypto and traditional financial markets is truly a huge advantage that many people have not fully appreciated.

What makes crypto different? It’s very simple – it runs 24/7 and never stops. While the NYSE or NASDAQ only operate for about 32.5 hours per week, the coin market runs continuously for 168 hours. This becomes extremely important when geopolitical or economic shocks happen outside normal trading hours. I even remember when tensions in the Middle East flared up, price volatility appeared right at the end of the week, when traditional markets were closed. At that time, Bitcoin’s funding rate quickly turned negative as traders re-priced risk.

But what truly shapes the coin market today? It’s derivatives. In 2025, the trading volume of Perpetual Futures exceeded 92 trillion USD – 4.6 times higher than spot trading. Even OTC trading by financial institutions grew by 109% year over year. These are not small figures – they show the growing role of the coin market in global risk pricing.

Then there’s Hyperliquid. This platform really impresses with its independently designed Layer-1 architecture, specifically built for high-speed derivatives trading. Its HyperBFT technology processes blocks with an average time of only 0.2 seconds, and 99% of transactions are processed in under 0.9 seconds. Compared with many other decentralized platforms, the latency here is truly negligible.

The current numbers are quite impressive. The daily trading volume of perpetual futures reaches about $7.3 billion (mặc dù even though the latest data shows that the 24h volume is $6.28 billion), with open interest close to nearly $5.8 billion. Even more noteworthy is that the tokenized HIP-3 markets have generated daily volumes of up to $2.2 billion, while the WTI contracts grew by 140% to $242 million.

But what is actually more important? Hyperliquid is becoming a key liquidity hub in decentralized derivatives. Global derivatives activity has increased by 75% over the past two years, and DEX market share has reached 10.2%. In this transition, Hyperliquid has emerged as one of the leading platforms.

Looking at order book depth, Hyperliquid maintains around $3 million of BTC liquidity near the average price, outperforming the $2.1 million on other platforms. This significantly reduces slippage for large trades.

The question is: can Hyperliquid become a global 24/7 risk transfer layer? If liquidity continues to concentrate around common collateral models and highly integrated derivative products, then the likelihood is there. However, market fragmentation remains a major challenge that could weaken the structural advantage that this platform is holding.

Overall, the coin market is developing in the direction that platforms like Hyperliquid are built to serve. This is a trend worth watching if you’re interested in the future of decentralized derivatives trading.