According to Caixin, on-chain perpetual contract giants represented by Hyperliquid have been quietly rising in overseas crypto circles for some time. The platform was founded by former Wall Street high-frequency trading engineers. Without funding from external VC institutions, it has stood out in the DEX space by leveraging a self-developed dedicated L1 blockchain and an all-on-chain order book. After gaining popularity overseas, what truly sparked widespread attention from China’s domestic market and regulators was the launch of a hot perpetual contract involving “Chinese assets.” Together with offshore derivatives previously triggered by the Iran geopolitical conflict—such as oil contracts—this emerging platform, while diversifying pricing across multiple assets, also poses new challenges to global financial regulation. Against the backdrop of stalled progress on the U.S. Clarity Act, the unrestrained growth of these offshore unlicensed derivatives agreements is both a breakthrough from technological innovation and accompanied by more complex cross-border compliance games.