The core of Crypto is to demystify finance. At first, people thought that coins were relatively rare, and then one click coin issuance was born; Later on, everyone felt that chains were relatively rare, so one click chain sending was born; Later on, everyone thought that going public would be considered impressive, and DEX was born; Later on, when everyone thought you didn't have a market maker, it was pointless, and AMM was born; Later on, everyone thought that the contract was the CEX moat, and then on chain PERPs were born. Crypto has always argued that finance is a tool, and it is equal and permissionless. In the past, only financial giants could control and operate the high-end listed bell ringing, equity pledge, and futures delivery on TV. Now, even ordinary people can easily achieve it with a little effort on the chain 。 Except for the surging liquidity from retail investors, which remains a privilege of top exchanges, there are generally unlicensed low-cost alternative versions available. For example, HyperLiquid starts with three HIPs: HIP-1 defines what a token is; HIP-2 defines how early tokens are traded; How to issue HIP-3 perpetual contracts. These three HIPs have created an on chain PERP, causing CEX bosses to hold meetings every day to figure out how to deal with it 。 It feels a bit like Go, with two rules defined: "A straight line adjacent to an empty point is called Qi" and "If there is no Qi, it will die". This game can be played for two thousand years. Of course, actually issuing a perpetual contract is not that simple, it heavily relies on a critical infrastructure - a oracle like RedStone. The biggest difference between perpetual and spot trading is that perpetual trading relies on spot trading to provide a benchmark price. For example, many people are a bit confused about the arrangement of Binance Alpha+day1 Peru on certain coins. Why do they have to go to Alpha even if they can go to day1 Peru? Because perpetual contracts are essentially gambling on the future price of spot goods. It's like when you participate in gambling, they have to play before you can gamble. If they don't kick, even if the depth of the opening is good, it's useless. PS: The handicap in gambling is actually the perpetual contract rate. Traditional CEX oracle machines are run by themselves, for example, the contract of a certain token in Binance may be a weighted average of prices from several other exchanges (Binance Coinbase OKX Bybit Kraken, etc.) after removing anomalies. In the past, CEX was often criticized under the pretext of inserting pins, but in fact, the real target of attacks was CEX's private internal oracle. Therefore, on chain PERPs need to be very cautious about oracle machines, as they are challengers to CEX. So, RedStone specifically launched a oracle for HyperLiquid that complies with the HIP-3 (perpetual contract without license) standard. For example, its pricing algorithm must withstand scrutiny, as people who lose money will come looking for problems with the oracle. For example, if it is fast enough, it cannot provide sustainable pricing if it is too slow. According to RedStone's disclosure, it currently holds 99.5% of the market share in the entire HyperEVM ecosystem. In the future, if HIP-3 is truly fully implemented, there will be no need to review perpetual contracts, and the era of two perpetual contracts per person will truly arrive (which may not be too late). That oracle will undoubtedly earn a fairly good cash flow, after all, every feeding brings in an income. Both long and short sides have wins and losses from time to time, only the on chain PERP and oracle machine will permanently pump water.