In the process of the cryptocurrency market accelerating towards institutionalization and complexity, 0G (Zero Gravity) has become the core subject for cutting-edge pricing experiments in the derivatives field, thanks to its composite technological narrative that integrates DePIN, distributed AI computing, and data privacy protection. The high volatility and low certainty brought by its technical architecture are driving an upgrade in trading infrastructure—multiple exchanges have successively launched pre-trading for 0GUSDT perpetual contracts, transforming the market's cognitive divergence on the integration path of AI and DePIN into a tradable and leverageable volatility profile through a high-precision order book engine and real-time risk verification mechanism.

This derivative innovation, using 0G as an experimental vehicle, is essentially a technical realization of cognitive pricing. While ordinary investors are still digesting the grand vision of the new narrative, savvy traders have already completed their layouts in hidden corners, waiting for liquidity to surge and push up asset prices.

Any financial innovation requires suitable soil, and the 0G (Zero Gravity) narrative just happens to provide all of this.

The vast imaginative space of composite narratives

0G is not a single technical concept; it stands at the intersection of several explosive tracks for 2025: decentralized physical infrastructure (DePIN), distributed networks of artificial intelligence (AI) computing resources, and data privacy protection. This narrative complex brings unprecedented imaginative space and valuation elasticity, easily forming strong consensus and FOMO (fear of missing out) emotions in the early market.

The contradiction of high expectations and low certainty

All emerging narratives face a core contradiction: market expectations run ahead of the realization of fundamentals. Early on, 0G-related assets lacked mature valuation models, and the price discovery process was highly dependent on market sentiment and capital flow. This characteristic of high volatility and high uncertainty is precisely the perfect scenario for derivatives to leverage their advantages in risk pricing and risk transfer.

From "spot-driven" to "contract-first" model transformation

Traditionally, a new asset typically undergoes a linear process of "spot launch -> accumulating liquidity -> launching contracts." Gate has gone against the grain by launching pre-trading contracts for 0G before the full trading of the spot, essentially creating a new market paradigm: making derivatives a leading indicator for price discovery rather than a lagging derivative of the spot.

All of this makes 0G a perfect testing ground for examining the marketization of "cognitive arbitrage." Gate's insight lies in its keen capture of the market's greatest demand for 0G—not another trading subject, but an efficient financial tool that can express and game this cognitive difference.

The pre-trading mechanism is not a new thing in traditional financial markets, but its introduction into the crypto field and application to emerging narrative tracks like 0G represents a significant financial innovation.

The pre-trading of 0GUSDT perpetual contracts launched by multiple exchanges, although with slightly different specific rules, shares similar core functions: allowing investors to express market views and engage in long and short operations through contract trading before the spot officially goes live.

Binance launched USDⓈ-margined 0GUSDT perpetual contract pre-trading on September 17, 2025, at 15:45 (UTC), supporting 24/7 trading, with a maximum leverage of 5 times, and a multi-asset margin model. The funding rate during the pre-trading period is +0.005%, settled every 4 hours.

On September 18, Gate Exchange announced the launch of 0GUSDT perpetual contract pre-trading (USDT settled, supporting 1-10 times leverage). This move is not merely a simple product launch but marks a key step in the evolution of the crypto derivatives market from "trading tools" to "cognitive pricing tools."

The core competitiveness of exchanges is changing. The past focus of competition was on seizing popular assets, competing in business development and launch speed. The current dimension of competition has shifted to how to transform market narratives into precise financial tools through product architecture capabilities, meeting users' deep needs. Those with stronger user insights, product design, and risk management capabilities will occupy the high ground in the next stage of competition.

The core value of pre-trading lies in the equalization of the time dimension. It transfers the originally opaque, offline early price game process to a public, transparent, and orderly derivatives market, narrowing the information gap between institutions and retail investors.

For investors, pre-trading contracts provide more flexible risk management tools. They can establish hedging positions before the spot listing or express short-term views on the 0G narrative through the contract market without waiting for the complete formation of spot liquidity.

The emergence of the pre-trading mechanism is not accidental but a necessary result of the continuous evolution and maturation of the crypto market. It reflects the convergence of multiple market development trends.

Traditionally, a new asset typically undergoes a linear process of "spot launch -> accumulating liquidity -> launching contracts." The introduction of pre-trading contracts disrupts this model, allowing derivatives to become leading indicators for price discovery rather than lagging derivatives of the spot. This transformation enhances the effectiveness of price discovery, enabling the market to price new narratives and new assets more quickly, improving resource allocation efficiency.

The rise of pre-trading is essentially a response to the deep demand of the market. When a narrative begins to form market consensus, the most urgent need for investors is to find tools to participate in that narrative. Pre-trading contracts precisely meet this need, providing investors with tools to express market views, whether bullish or bearish, with suitable financial instruments. It is not just a trading tool but a symbol of the maturity of the crypto market. It reflects the market's evolution from pure speculation to complex risk management, from information asymmetry to information democratization.

The future is here; pre-trading under the 0G narrative is just the beginning. With the development of technology and the maturation of the market, we will see more financial innovation products emerge, driving the entire crypto industry towards a more efficient, transparent, and fair direction.

Related: The U.S. Securities and Exchange Commission (SEC) approves universal listing standards to expedite the cryptocurrency ETF approval process.

Original article: “New Changes in the Crypto Derivatives Market: Exchanges Rush to 0GUSDT Pre-Trading, Reshaping the Competitive Landscape?”

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