From BTC to crude oil to unlisted equity, an on-chain perpetual contract has shattered the boundaries of traditional finance across time and space. Regulators are still making PowerPoint presentations, while traders are already using VPNs to bypass restrictions.

According to The Wall Street Journal, Hyperliquid is becoming an important gateway for some Wall Street traders to trade cryptocurrencies and traditional assets' perpetual contracts during weekends and off-hours, covering targets such as BTC, S&P 500, crude oil, and contracts related to unlisted or traditional financial assets like SpaceX. The platform's total revenue last year was approximately $800 million. WSJ pointed out that Hyperliquid currently prohibits U.S. residents from using it, but traders in some restricted regions still access it via VPN. However, its large community culture and diverse asset options are driving its further expansion into prediction markets and options trading.