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OKX will officially launch the USAR/USDT perpetual contract on April 27, 2026, at 22:00. The COST/USDT contract will open at 22:15, the LLY/USDT contract will open at 22:30, the HIMS/USDT contract will open at 22:45, and the BMNR/USDT contract will open at 23:00. All contracts are settled in USDT, and trading hours are 7×24 hours.

According to a report by Bitcoin Suisse, Hyperliquid recorded an annual revenue of $820 million in the past year, ranking fourth in global perpetual contract trading volume, becoming one of the few decentralized platforms that can compete with centralized exchanges. In the field of decentralized perpetual contracts, Hyperliquid held a 41% share of open interest and over 30% of total trading volume in 2025.Additionally, the platform launched over 120 new markets linked to RWA in less than six months, covering off-chain instruments such as tokenized stocks and commodities, averaging about five new markets launched each week. Bitcoin Suisse pointed out that Hyperliquid's order book design and native blockchain architecture are its key differentiating advantages, and the introduction of HyperEVM along with a capital-efficient trading mechanism will support its further expansion, setting a new benchmark for decentralized trading platforms.

The newly appointed chief economist of New Fire Group, Fu Peng, stated on Twitter that the underlying business model of Bitcoin perpetual contracts is essentially the same as the "rollover fee/overnight fee" in traditional finance's gold and industrial commodity spot exchanges.Fu Peng pointed out that back in the day, gold exchanges settled through daily forced liquidation, with longs and shorts paying each other rollover fees. When retail investors held a large number of high-leverage long positions, the rollover fee became the most stable and hidden source of income for the platform. Nowadays, Bitcoin spot platforms mainly rely on perpetual contracts, with both sides settling the funding rate every 8 hours. When longs dominate, retail investors holding long positions continuously pay funding rates to shorts.Although the platform does not directly collect this fee, it significantly enhances trading activity, open interest, and liquidity, indirectly generating a large amount of fee income and forming a stable and substantial cash flow. Essentially, it is a business model where large players/institutions "collect rent" from long-term holdings, retail investors pay for leverage to go long, and the platform indirectly takes a cut.

Binance contracts will automatically liquidate the VINEUSDT and AIUSDT U-based perpetual contracts on April 28, 2026, at 18:00, and the aforementioned perpetual contract trading pairs will be delisted after the liquidation is completed. Starting from April 28, 2026, at 17:30, users will not be able to open non-reducing positions in the aforementioned perpetual contracts.

Binance contracts will delist the B3USDT, DEGENUSDT, and BOBUSDT U-based perpetual contracts on April 28, 2026, at 17:00, and will delist the ZKJUSDT, IRUSDT, and DAMUSDT U-based perpetual contracts on April 29, 2026, at 17:00. Users are advised to close their positions before trading stops to avoid automatic liquidation of positions.

According to the official announcement, Bitget has launched the U-based OPG perpetual contract, with a leverage range of 1-20 times. The contract trading BOT will also be opened simultaneously.

The new crypto bank and non-custodial financial application Tria announced the official integration of the decentralized perpetual contract exchange Decibel on April 21.Through this integration, Tria users can directly access Decibel's full-chain central limit order book (CLOB) for perpetual contract trading within a single self-custodial account, without the need for asset cross-chain transfers or switching between multiple wallets. The official statement indicated that this move aims to reduce friction in DeFi operations, seamlessly unifying functions such as derivatives trading, yield aggregation, and cross-chain payments within the same interface.It is reported that Decibel is built on the Aptos network and will launch its mainnet in February 2026. During its testnet period, it recorded over 650,000 independent accounts and an average of over 1 million transactions per day. Tria currently serves over 500,000 users in 150 countries worldwide, with investors including Polychain Capital and the Ethereum Foundation.

According to the official announcement, the Binance Futures platform will launch the OPGUSDT perpetual contract on April 22, 2026, at 23:30, with a maximum leverage of up to 20 times.The underlying asset of this contract is OPG (OpenGradient), the settlement asset is USDT, the trading time is 24/7, and it supports a multi-asset mode.

According to the official announcement, Coinbase International has launched gold and silver perpetual contract trading.The announcement states that gold and silver perpetual contract trading is available for retail traders and institutions in selected jurisdictions.

Blockchain.com announced the launch of perpetual contract trading features supported by Hyperliquid in its non-custodial DeFi wallet, allowing users to conduct leveraged trading directly within their own wallets without the need to transfer assets to third-party exchanges, achieving full self-custody.

According to CoinDesk, the prediction market platform Kalshi is preparing to launch cryptocurrency trading in the United States, expanding beyond its core prediction market business. According to insiders, the platform plans to initially introduce perpetual contracts linked to cryptocurrencies like Bitcoin.This move will put Kalshi in more direct competition with cryptocurrency platforms like Coinbase. Coinbase currently does not offer true perpetual contracts in the U.S., but has launched "perpetual-like" futures contracts with long durations and has expressed intentions to introduce more advanced derivatives products within the U.S.Kalshi holds several licenses from the U.S. Commodity Futures Trading Commission (CFTC) and has recently been approved to offer margin trading, positioning it to enter the derivatives market. Insiders say the company expects to start with cryptocurrency-linked perpetual contracts and may expand this model to other asset classes in the future.Kalshi's competitor Polymarket also announced on X plans to launch perpetual futures on its platform, but did not disclose further details. A video in the tweet shows that users will be allowed to trade leveraged long and short positions on assets like gold, NVIDIA, BTC, AAPL, and indicates that registration will provide early access.

Polymarket announced that it will launch perpetual contract (Perps) features, allowing users to participate in prediction market trading with leverage on the platform in the future. The early access registration channel is now open.

According to official news, Coinbase has suspended trading on 25 perpetual contracts as previously announced, and the related open positions have been automatically settled at the final settlement price.The contracts involved include TRB, RARE, NEIRO, A, ME, XTZ, KMNO, RAY, STX, ENS, GMT, SNX, 1000FLOKI, 0G, ORDI, NIL, BIO, UMA, BEAM, INIT, SOMI, EGLD, CLANKER, SOPH, BIGTIME, etc. The final settlement price is calculated based on the average index price in the 60 minutes prior to the suspension.Coinbase stated that this move aims to focus on continuously meeting liquidity and market quality standards for products and will accelerate the launch of new perpetual contracts by optimizing internal processes.

OKX will officially launch the CHIPUSDT perpetual contract on April 21, 2026, at 22:00. The contract trading will support leverage from 0.01 to 20 times, and the trading hours will be 7×24.

According to official news, Coinbase will launch BASED1 perpetual contract trading on April 20.The BASED1-PERP market will open in regions where liquidity conditions are met and trading is supported.

According to the "Q1 Cryptocurrency Exchange Report" released by TokenInsight, the competitive landscape of the stock perpetual contract market is rapidly evolving, with the head effect becoming increasingly prominent. In terms of average daily trading volume for stocks, Binance leads with an average daily trading volume of $149.15 million, holding a market share of 35.23%; Bitget ranks second with an average daily trading volume of $95.74 million, accounting for 22.61%; Hyperliquid comes in third with $73.49 million, holding a market share of 17.36%. The top three platforms together occupy about 75% of the market share, forming the first tier in this sector.As major platforms accelerate their layout of U.S. stocks and TradFi-related products, stock perpetual contracts have become a key battleground for cryptocurrency exchanges to build cross-asset trading capabilities.

SuperEx will launch the MSFTUSDT and AVGOUSDT U-based perpetual contract trading pairs on April 20, 2026, at 14:00 (UTC). The above contract trading pairs support full position, isolated position, and split position modes. Users can trade through the web or the app.

According to official social media news, the Chinese decentralized contract trading platform Sun Wukong has now launched META/USDT and AAPL/USDT, with a maximum leverage of 20 times.