— Written for all those seeking a new map on the ruins of the old world.
Prologue: You are witnessing a turning point in civilization.
this is not an exaggeration.
This isn't marketing.
It's a structural shift that's happening right now and is irreversible.
X-Perp is not just another 'contract product'.
it becomes the third flagship abstraction in human financial history—
When trading completely detaches from 'ownership',
when volatility itself becomes a tradable asset,
When you can place a bet on Tesla's stock price with USDC at three in the morning in Africa without any brokerage account…
The rulebook of the old world is already halfway burned.
Chapter 1: How assets die
The first abstraction: from physical things to paper
Thousands of years ago, people traded grain, livestock, and land.
Later came deeds, promissory notes, and stocks— you no longer need to move that piece of land to trade its value.
The second abstraction: from paper to electronic
In the 1970s, the NYSE began electronic trading.
Stock becomes a string of records in a database, compressing trading speed from minutes down to milliseconds.
The third abstraction: from ownership to pure volatility
This is where we are right now.
X-Perp asked an extremely radical question:
“If everyone only cares about price going up or down, why do we still need the ‘ownership’ step?”
Answer: You don’t need to.
You strip away ownership of the NVDA stock—
No dividends, no voting rights, no shareholder equity—
What’s left is a purely pure price sequence.
And that’s exactly what X-Perp trading is about: not assets, but volatility itself.
Chapter 2: What has changed? Everything.
① The End of Geography
Traditional finance is built on “geography”:
Only in the U.S. can you open a US stock brokerage; in Europe you can buy UCITS funds; in some countries you can’t even freely exchange foreign currency.
The logic of X-Perp:
As long as you can get online, have USDC, and pass KYC, you can trade global core asset price exposure.
A guy in Nigeria can take on Wall Street traders on the same order book for NVDA.
3 a.m. in Jakarta and 3 p.m. in New York are no different.
② The Reconfiguration of Time
Traditional markets have market open and close times, and weekends and holidays.
X-Perp is 24/7/365.
The concept of “waiting for the open” is disappearing.
You no longer need to wait for the chime of a particular time zone— the market is always there; liquidity is just sometimes deep and sometimes shallow.
③ The disenchantment of assets
Stocks are no longer “shares in a company,”
Gold is no longer “hard currency” to fight inflation,”
Crude oil is no longer “the blood of industry.”
They’re all simplified into the same thing: a price sequence fed by oracles.
Sacredness disappears.
Narrative disappears.
Only raw, naked numbers are bouncing.
Chapter 3: Rebuilding Trading Philosophy
The dogmas of the old world are losing effectiveness
Old creed, new reality: “Buying stocks means buying companies.” You’re only buying a slice of price exposure. “Long-term holding, value investing.” No dividends, no voting rights—so why hold long term? “Diversification reduces risk.” Multi-asset margin instead spreads and infects risk. “Technical analysis predicts the future.” Market makers can see your order flow; your technical indicators are lagging.
A survival philosophy for the new world
① From “value discovery” to “volatility hunting”
You no longer search for undervalued assets,
You hunt for mispriced volatility—the extreme values of funding rates, weekend liquidity troughs, and implied volatility skews ahead of earnings reports.
② From “holding” to “circulation”
In a world where assets are dead, does having any meaning matter?
Meaning lies in this: when you enter, when you exit, and what happens in between.
Trading becomes a pure game of time and space.
③ From “belief” to “probability”
You no longer “believe” that Bitcoin will reach $100,000,
You only calculate: given the conditions, whether the probability of an up move is greater than the probability of a down move, and whether the odds are favorable.
Belief is the root cause of losses; probability is the foundation of profits.
Chapter 4: What will the future of humanity be like?
The optimistic side
Financial democratization: for the billions excluded from global core asset price volatility by traditional finance, for the first time, they can access it at extremely low cost
Efficiency gains: remove intermediaries (brokers, custodians, clearing houses), and transaction costs approach zero
Innovation accelerates: when volatility becomes a commodity, an entirely new set of financial instruments, strategies, and professions emerge around it
The pessimistic side
Nihilism spreads: when everything turns into a digital game, “value” and “meaning” are stripped away, and traders fall into a purely dopamine-driven loop
Volatility increases: when everyone trades volatility instead of assets, the market becomes more unstable—because no one wants to “catch the falling knife” during a drop; everyone only shorts
Regulatory backlash: sovereign nations won’t tolerate capital freely flowing and eroding their monetary sovereignty and tax base; in the future, even stricter capital controls may follow
The most likely future: a mixed state
Traditional finance won’t disappear, but it will shrink into an “legacy system”—pension funds, sovereign wealth funds, and long-term investors will keep using stocks and bonds
New finance (pure volatility trading) will become the mainstream playground for retail and speculative capital
Between them, arbitrage bridges will emerge, giving birth to a new generation of “cross-domain traders”
Chapter 5: Your action checklist
If you decide to take part in this transformation, here are the survival rules you must follow:
Forget “value investing”
In this domain, value investing doesn’t exist. You trade volatility, not companies.
Treat the funding rate as the most important metric
It tells you the market’s emotional temperature—more honestly than any candlestick chart.
Reduce positions over the weekend, or hedge
When liquidity dries up, you’re prey, not the hunter.
Use only stablecoins as margin
Multi-asset margin is a chain bomb—don’t touch it.
Discipline > intelligence > information
In this world, smart people often lose the fastest. The ones who live long are the ones who follow the rules.
Never compete with market makers on speed
Use limit orders to take their spread, and use patience to wait for them to make mistakes.
Final chapter: This isn’t the end of the world—it’s evolution
Every financial abstraction comes with huge chaos and opportunities.
The first abstraction (from physical things to paper) gave rise to corporations and capital markets
The second abstraction (from paper to electronic) gave rise to high-frequency trading and global markets
What will the third abstraction (from ownership to pure volatility) create?
No one knows the exact answer.
But one thing is certain:
Those who understand the new rules first will capture the biggest bonus.
X-Perp is just the beginning.
The logic behind it—trading detaches from assets, volatility becomes a commodity, finance is de-geographized—until it seeps into every market.
Are you ready?
*“Assets are dead; volatility lives forever.
Don’t be a tomb-keeper of the old world,
Be a pioneer who opens up the new world.”*
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