Perpetual Contracts on Stocks: The New Battlefield and Competitive Landscape of Perp DEX

CoinW Research Institute

Summary

Perpetual stock contracts are gradually becoming one of the most promising growth directions in the on-chain derivatives market. These products combine the price volatility of traditional stocks (primarily US stocks) with the mature funding rate, margin, and liquidation mechanisms of perpetual contracts, allowing users to gain synthetic exposure close to stock prices without actually holding stocks or being limited by traditional trading hours. As oracle design, index pricing methods, and on-chain liquidity infrastructure continue to improve, perpetual stock has moved from conceptual stage to practical implementation, first achieving scale trading on leading Perp DEXs.

The emergence of perpetual stocks is not accidental but built on a clear structural background. On one hand, the global stock market itself has an enormous asset base; by early 2026, the total market capitalization of listed stocks worldwide approached $160 trillion, with over half coming from non-US markets. On the other hand, the perpetual contract trading structure 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 surpassing spot trading volume. This provides a mature trading paradigm and real-world reference for the “perpetualization” of traditional assets.

In terms of implementation paths, perpetual stocks are advancing along both DEX and CEX routes. Leading Perp DEXs such as Hyperliquid, Aster, and Lighter have launched native on-chain perpetual stock contracts, enabling 24/7 trading and on-chain clearing through oracles or internal pricing mechanisms, offering clear advantages in transparency and composability. Meanwhile, some centralized exchanges (e.g., Bitget) have also begun to introduce Stock Futures products based on tokenized stock indices, integrating perpetual structures, funding rates, and margin mechanisms within centralized systems. Their trading experience is highly similar to perpetual stocks at the functional level but still limited by 5×24 trading hours and centralized clearing architecture.

From a macro perspective, perpetual stocks reflect the accelerated integration of real-world assets (RWA) with on-chain derivatives systems, pushing the crypto trading market from a focus on native crypto assets toward a “full asset perpetualization” trading paradigm. In this process, Perp DEXs are expected to evolve into comprehensive trading gateways covering a broader range of asset types with stronger global attributes. Mainstream CEXs, constrained by licensing requirements and increasingly strict securities regulations, are unlikely to launch such products at scale in the foreseeable future, further strengthening the first-mover advantage of Perp DEXs in the perpetual stock track.

Currently, the biggest uncertainty facing perpetual stocks remains regulatory. Although no clear regulatory rules for perpetual stock contracts have been established globally, regulators generally adopt a cautious attitude toward on-chain products highly correlated with stock prices, often classifying them as securities derivatives or CFDs. Even though perpetual stocks do not involve stock custody or real share delivery, their linkage to traditional securities assets poses potential compliance risks. Future regulatory focus may shift toward front-end operators, price indices, oracle data sources, and centralized payment or technical service layers, with increased emphasis on KYC, leverage limits, regional restrictions, and risk disclosures.

Perpetual stocks are at a critical stage of rapid expansion amid regulatory uncertainty. On one hand, they open a potential growth space built on a stock asset pool worth trillions of dollars; on the other hand, their long-term development depends on balancing product innovation efficiency, risk control capabilities, and compliance pathways. Protocols and platforms that first achieve this balance are more likely to occupy a central position in future globalized on-chain and quasi-on-chain trading systems.

This report systematically analyzes the underlying mechanisms and product structures of perpetual stock contracts, focusing on price formation mechanisms (oracle design), synthetic asset creation, liquidation and risk control systems, funding rates, and leverage models. It also provides in-depth analysis and outlook on the current market landscape, potential risks, and future development trends, supported by representative leading projects.

Table of Contents

Summary

1. What are Perpetual Stock Contracts

2. Growth Drivers and Research Value

3. Underlying Mechanisms of Perpetual Stock Contracts

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

4. Market Landscape

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

5. Risks and Regulations

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

6. Trends and Outlook

• 6.1 Market Size and Potential of Perpetual Stocks
• 6.2 Trends and Future Outlook

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