According to CoinMeta, and as reported by Caixin, giants in on-chain perpetual contracts represented by Hyperliquid have quietly risen in the overseas cryptocurrency community. This platform was founded by former Wall Street high-frequency trading engineers and does not rely on external VC institutional financing. It stands out in the DEX arena by utilizing its self-developed dedicated L1 public chain and full-chain order book. The launch of popular perpetual contracts involving “Chinese assets” has drawn widespread attention from the domestic market and regulatory authorities. Combined with offshore derivatives such as crude oil contracts that were triggered by the previous geopolitical conflicts in Iran, this emerging platform poses new challenges to global financial regulation while enabling pricing of a diverse range of assets. Against the backdrop of obstacles in the advancement of the US Clarity legislation, the rampant growth of such offshore, unlicensed derivative agreements represents both a breakthrough in technological innovation and is accompanied by more complex cross-border compliance struggles.