#加密衍生品交易 This wave is worth paying attention to. Perpetual contracts are reshaping the derivatives market landscape, especially in the crypto space. It addresses leverage and liquidity issues, attracting a large number of retail investors. However, there are still regulatory challenges, and the attitude towards it in the United States and other places is still unclear. In the long run, stock perpetual contracts could disrupt traditional stock trading models. At present, the daily trading volume has exceeded 100 million US dollars, and it may become the main tool for weekend risk hedging in the future. The key is whether traditional exchanges can transform and adapt in a timely manner. I will closely follow developments in this area, especially the impact on indices such as the S&P 500. The fixed income market is also worth watching, which could be the next frontier of innovation.