According to Coinbase Institutional's "2026 Crypto Market Outlook," the trading volume of crypto derivatives expanded significantly in 2025, with decentralized platforms (DEXs) being the main driving force. Monthly trading volume of DEX perpetual contracts exceeded $1.2 trillion, with Hyperliquid still holding a significant market share. Amidst a sluggish altcoin spot market, some funds shifted to high-leverage perpetual contracts, with purely speculative exposure reaching nearly 10% in the middle of the year before declining after the October liquidation event. Simultaneously, perpetual contracts are evolving from a single trading instrument into a composable underlying financial primitive within DeFi, gradually integrating with lending protocols and extending to equity-type perpetual contracts, becoming an important derivative form connecting the crypto market and traditional assets.