U.S. stock markets are closed for holidays, but perpetual contracts on the chain are pricing Monday's movements ahead of time: Micron is up over 6% pre-market, Samsung Electronics up 4%. On-chain derivatives are beginning to compete for pricing power over traditional assets. The continuous pricing mechanism converts overnight risk into a tradable continuous market, expanding the reference frame for capital flows—volatility in U.S. stocks in hot sectors like AI storage and semiconductors is no longer limited to Monday's opening gap. Such products blur the boundary between crypto and traditional assets, with on-chain liquidity beginning to absorb traditional market pricing demand, and traditional investors may also use on-chain tools to hedge weekend risks. However, can on-chain pricing depth and liquidation mechanisms withstand real shocks? Trading volume is far lower than mainstream exchanges, and spreads and slippage may far exceed expectations under extreme market conditions. Compliance remains in a gray area, and regulatory attitudes could change the rules at any time. This is a structural step for the crypto market moving from internal competition to external pricing power battles.