Doung prédit : les contrats perpétuels fusionnent avec les marchés DeFi

Les contrats à terme perpétuels percent enfin la bulle DeFi. Une convergence explosive est en cours.

La frontière s'efface

Les produits dérivés, autrefois cantonés aux plateformes centralisées, s'infiltrent dans l'écosystème décentralisé. Cette migration n'est pas une simple intégration technique—c'est une refonte des règles du jeu. La liquidité des marchés à terme rencontre la transparence et l'autocustodie des protocoles DeFi, créant un hybride aux possibilités redoutables.

Le moteur de la liquidité

Cette fusion déverrouille des capitaux dormants. Les pools de liquidités peuvent désormais servir de collatéral pour des positions sur contrats perpétuels, tandis que les traders accèdent à des leviers sans avoir à quitter leur portefeuille non-custodial. L'arbitrage entre CEX et DEX devient plus fluide, resserrant les spreads—une aubaine pour les traders, un cauchemar pour les market-makers traditionnels qui doivent maintenant rivaliser avec des robots fonctionnant 24/7.

Un nouveau paradigme de risque

Attention à l'effet de levier décentralisé. Les smart contracts gèrent désormais les liquidations, exécutées de manière algorithmique et sans pitié. La promesse ? Des marchés plus résilients et moins manipulables. La réalité ? Une course aux armements entre les protocoles de prêt flash et les bots de liquidation—le tout avec l'argent des autres, bien sûr, comme toute bonne innovation financière qui se respecte.

L'avenir est un contrat perpétuel. La DeFi ne se contente plus de prêter ou d'échanger ; elle spécule, hedge et amplifie les expositions. Reste à voir si cette sophistication apportera une stabilité tant attendue ou simplement de nouvelles façons de perdre des jetons—à la vitesse de la blockchain.

Doung says perpetual futures are integrating with DeFi markets

The Coinbase researcher noted that equity perpetual futures may attract traders seeking 24/7, leveraged exposure to U.S. equities that extends beyond traditional exchanges. 

“We think perpetual futures are evolving beyond isolated, high-leverage trading vehicles and are becoming core, composable primitives within DeFi markets,” he added.

He explained further that deep integration between perpetual futures and DeFi will open potent new opportunities for the more efficient use of capital. In practice, this means using perp futures to provide dynamic hedges for liquidity pools, power interest rate instruments, or act as collateral in lending protocols. 

He further argued that the growing global appetite for U.S. equities, combined with tokenization, could pave the way for equity perpetual futures to disrupt traditional retail trading.

Hyperliquid, Aster, and Lighter dominate onchain perpetual futures trading

Hyperliquid’s onchain perp futures platform first went live in late 2023. Adoption later picked up in 2024 following the integration of spot trading. So far, the platform reached its highest monthly volume in July, at around $319 billion, according to DeFiLlama, as the crypto perpetual futures space became increasingly competitive.

However, shortly after its token generation event in September, Aster briefly claimed the top spot in DEX perpetual futures, with $36 billion traded in a single day, accounting for more than half of the market. In November, the platform Lighter also raised $68 million after launching its public mainnet.

Over the past 30 days, according to DeFiLlama data, onchain perpetual futures have traded approximately $972 billion, with Lighter, Aster, and hyperliquid taking the top three spots.

Hyperliquid Labs expects its token allocation in January

Meanwhile, Hyperliquid Labs, the agency that launched Hyperliquid exchange,  is set to receive its next token allocation. As announced on Sunday via a Discord post, the platform announced that it will receive its second significant token allocation early next month, comprising 1.2 million hype tokens ($31.2 million) that will be awarded to team members on January 6. 

“Moving forward, distributions, if any, will take place on the 6th of the month,” Hyperliquid co-founder Iliensinc said on Discord.

On November 29, the team received its first allocation of HYPE tokens, which totaled approximately 1.75 million. Currently, approximately 238.4 million HYPE tokens are in circulation, trading at around $26, with a market capitalization of $6.2 billion and a fully diluted value of $ 25.1 billion. 

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