永续合约 板块
综合强度 7.6实时DEFI · PERPS
永续合约使交易者能够以杠杆方式对资产价格进行投注，而无需持有基础资产。
板块表现 · 与大盘对比
板块指数（基期：2024-10-01 = 100）
101.4+53.52% (30D)
同期 BTC 涨幅
+23.54% · 跑赢 30.0pp
加载中...
BTC+23.54%
ETH+32.24%
SOL+35.81%
智能合约平台+26.76%
一层公链+26.73%
工作量证明+25.03%
World Liberty Financial投资组合+16.59%
权益证明+30.32%龙头分析 · Top 3 深度
Hyperliquid
HYPE · DeFi · 基础设施 · 板块占比 76.1%
$86.59+2.68% · 24H
市值$19.26B
FDV$19.26B
换手率6%
板块占比76.1%
为什么领先：Hyperliquid以高性能L1承载永续交易，兼顾撮合效率、流动性与链上可组合性，是当前板块最强的基础设施型龙头。
Aster
ASTER · DeFi · DEX · 板块占比 8.0%
$0.7490-0.93% · 24H
市值$2.03B
FDV$2.03B
换手率1%
板块占比8.0%
为什么领先：Aster定位下一代去中心化永续交易所，直接切入核心赛道，凭借DEX属性与衍生品叙事，具备板块弹性和资金关注度。
Lighter
LIT · DeFi · 衍生品 · 板块占比 4.9%
$4.99+2.37% · 24H
市值$1.25B
FDV$1.25B
换手率9%
板块占比4.9%
为什么领先：Lighter作为永续合约交易协议，近期交易活跃度高，市场对其增长预期强，属于板块中更具进攻性的中小市值代表。
板块成分代币
| # | 代币 | 评级 | |||||
|---|---|---|---|---|---|---|---|
1 | $0.001094 | +100.77% | -50.13% | $677.13K | $1.91K | B | |
2 | $1.38 | +19.46% | -7.18% | $372.23M | $25.10M | B+ | |
3 | $0.0004769 | +14.35% | -16.54% | $476.56K | $40.60K | B+ | |
4 | $0.001 | +11.22% | 0.00% | $1.00M | $72.28K | B | |
5 | $2.37 | +9.05% | 0.00% | $9.02M | $16.83K | C | |
6 | $0.01416 | +7.87% | +0.33% | $6.93M | $47.15K | C | |
7 | $0.01063 | +6.99% | 0.00% | $5.83M | $1.28M | B+ | |
8 | $0.0009901 | +5.90% | -47.69% | $185.93K | $1.12K | C | |
9 | $0.0006554 | +5.40% | 0.00% | $655.63K | $2.39K | C | |
10 | $0.0005454 | +4.59% | 0.00% | $438.04K | $7.59 | C |
投资论点 · AI 综合
看多论点 · 4
板块24小时仍录得正涨幅，说明永续合约赛道短线情绪未完全退潮。
Hyperliquid、Aster、Lighter形成龙头梯队，覆盖基础设施、DEX与协议层，叙事完整。
Lighter换手率高，显示资金对高弹性标的仍有明显偏好。
永续合约是加密市场最核心的交易需求之一，长期具备稳定使用场景。
看空论点 · 3
板块7日资金流为净流出，说明中期资金并未持续加仓。
7日表现转弱，热度虽在但持续性需要验证。
龙头估值与关注度较高，若市场风险偏好回落，回撤也会更快。
情绪 & KOL 立场
AI 综合情绪（最近 7D）看多 75% · 中性 8% · 看空 17%
看多 75%中性 8%看空 17%
CoinDesk · @CoinDesk
@CoinDesk · 3.8M 粉丝
“It's a very creative way for Hyperliquid to move onshore.” @ChainlinkLabs’ @kkirkbos explains how Kraken’s Bitnomial licenses could give Hyperliquid a path into U.S. markets without traders accessing the protocol. Thank you to @realfi_co for being a sponsor of the CoinDesk Media Network.
Cointelegraph · @Cointelegraph
@Cointelegraph · 2.9M 粉丝
🚨 HUGE: Jane Street ($4.4M), UBS ($7.5M), and Bank of Montreal ($6.7M) just showed up as confirmed HYPE ETF holders via 13F filings. https://t.co/jBa1DzkQEs
Ash Crypto · @AshCrypto
@AshCrypto · 2.1M 粉丝
Altcoins just broke above $200B after weeks of going sideways. As long as it holds this level, the short-term picture looks bullish. https://t.co/q7Ihq7cCqU
🐧 · @Pentosh1
@Pentosh1 · 894.6K 粉丝
hyperliquid:native will likely always trade at the highest premium when it comes to revenue bc of trust in the team and having so many income streams, which some aren't even dependent on the market. For example stable coin yield, they have diversified and the product itself is incredibly sticky. The team is probably the most aligned with their success of any project in crypto in it's entire history. We also know how well it performed in the bear, including its revenue. So when you see comparisons to other successful projects. This is part of what you are paying for
🐧 · @Pentosh1
@Pentosh1 · 894.6K 粉丝
$HYPE ath pending grinding up and slowly squeezing https://t.co/0CM26GOZz9
🐧 · @Pentosh1
@Pentosh1 · 894.6K 粉丝
This year, I only shared revenue projects I believe. Pretty boring, but intentionally. have tried to go for the quality over qty. $Hype $28 $Pons .09c $Pump .0017 They tend to be liquid, strong narratives, and great to own/trade, and normally with good structures to trade off around the core. If the market continues to heat up, and conditions are liquid I'll share some more things that aren't rev related which I do trade. Just not publicly. Although this is my favorite stuff. I think there are quite a few decent teams out there and am hoping we continue to see this direction and alignment from more teams.
关键事件时间线 · 板块兴起到当前
2025-10估值修复
资金轮动下板块保持高关注
在资金轮动与风险偏好反复切换中，永续板块仍维持较高关注度，市场更重视真实交易量、费用与风控表现。
2024-02生态扩张
新一轮应用与激励推动活跃度
新协议、积分激励和更低摩擦的交易体验重新点燃板块热度，永续成为链上交易最活跃的赛道之一。
2023-03机构入场
机构化交易需求回流
随着链上交易基础设施改善，部分做市与专业交易资金重新关注永续协议，板块流动性质量有所提升。
2022-06风险点
市场回撤考验协议韧性
加密市场整体降温后，永续协议面临流动性收缩与清算压力，风控与资金效率成为核心关注点。
2021-11估值修复
衍生品热度推升板块估值
市场风险偏好上行，永续赛道受益于高杠杆需求与高频交易叙事，板块估值明显抬升。
2021-05生态扩张
多链扩张带动用户增长
随着多链生态升温，永续协议开始向更多公链和 Layer 2 扩展，交易深度与用户参与度同步提升。
2020-09协议发布
主流永续协议上线
代表性协议陆续推出，AMM 与订单簿等不同设计并行，推动去中心化衍生品进入可交易阶段。
2020-03板块兴起
去中心化永续开始成形
早期永续协议开始吸引链上交易者，提供无需托管的杠杆交易体验，板块叙事逐步成形。
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