Author: 0xTodd; Source: X, @0x_Todd
The core of Crypto is the demystification of finance.
Initially, people thought coins were rare, so one-click token issuance emerged; later, people thought blockchains were rare, so one-click blockchain issuance emerged; then, people thought listing on the stock exchange was the only way to be impressive, so DEXs emerged; then, people thought you were useless without market makers, so AMMs emerged; and then, people thought contracts were the moat of CEXs, so on-chain perps emerged.
Crypto has always been arguing that finance is a tool, and that it should be egalitarian and permissionless.
Crypto has been proving that finance is a tool, and that it should be egalitarian and permissionless.
These 3 HIPs have created an on-chain perp, causing CEX bosses to hold daily meetings to figure out how to deal with it.
It's a bit like Go, defining two rules: "a straight line adjacent to an empty point is a liberty" and "if you run out of liberties, you die." This game could last for two thousand years.
Of course, actually issuing a perpetual contract isn't that simple; it heavily relies on a key infrastructure—an oracle (like RedStone).
Of course, actually issuing a perpetual contract isn't that simple either; it heavily relies on a key infrastructure—an oracle (like RedStone).
The biggest difference between perpetual and spot trading is that perpetual contracts rely on a benchmark price provided by the spot market. For example, many people don't understand the Binance Alpha + day1 perp arrangement for certain coins. Why use Alpha when day1 perp is available? Because perpetual contracts are essentially betting on the future price of the spot market. It's like betting on a football match; the match has to be played before you can bet. Even with good market depth, if the match doesn't play, it's useless. PS: The handicap in football betting is actually the perpetual contract fee rate. Traditional CEX oracles run themselves. For example, a contract for a certain token on Binance might be a weighted average of prices from several other exchanges (Binance, Coinbase, OKX, Bybit, Kraken, etc.) after removing anomalies. In the past, centralized exchanges (CEXs) were often attacked for "price spikes," but the real target of these attacks was actually the private internal oracles of the CEXs. Therefore, on-chain perp must be very cautious about oracles, as they are challengers to CEXs. This is why RedStone specifically launched an oracle for HyperLiquid that conforms to the HIP-3 (Perpetual Contracts without Permissions) standard. For example, its price algorithm must withstand scrutiny, since users who lose money will blame the oracle. Also, it must be fast enough; if it's too slow, it can't provide price feeds for perpetual contracts. According to RedStone, it currently holds 99.5% of the market share in the entire HyperEVM ecosystem.
Later, if HIP-3 is truly fully implemented, perpetual contracts will no longer require censorship, ushering in an era where everyone has two perpetual contracts (this point in time may not be too late).
Then oracles will undoubtedly earn a considerable cash flow, as each price feed brings in revenue. Both long and short sides will experience wins and losses, but only on-chain perpetual contracts and oracle fees will be perpetually collected.
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