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first_img HPC Report: Perpetual contracts are a supplement to futures contracts rather than a replacement, achieving risk transfer at a lower cost

The latest research report from the Hyperliquid Policy Center (HPC) states that perpetual contracts expand hedging options and improve price discovery, with no evidence found of statistically significant harm to the benchmark futures market. The report argues that perpetual contracts are complementary to traditional futures with expiration dates, rather than zero-sum substitutes.The study utilizes the natural experiment of traditional markets being closed on weekends while perpetual markets continue trading, comparing 205 weekends of Bitcoin trading and 19 weekends of on-chain crude oil perpetual (xyz:CL) samples. The report states that expiring futures require calendar-based forced rollovers, with the cost of rolling a $10 million exposure on the Monday of April 2026 being about $950,000, while on Friday it is about $110,000; perpetual positions do not have this forced cost. The median transaction price for on-chain crude oil perpetual during non-trading hours is about $1,300, approximately one percent of the benchmark WTI median transaction price.HPC also provides an example where the crude oil weekend repricing on the week of March 6, 2026, was 15.8%, with the benchmark market completely closed; if hedged through on-chain crude oil perpetual, a $10 million position loss could be reduced from about $1.58 million to approximately $62,000 (after accounting for all costs).

Jupiter co-founders released a supplementary statement on last week's platform issues: Priority fee calculation errors became a major problem during severe congestion

ChainCatcher message, Jupiter co-founder meow released a supplementary statement regarding some issues faced by the Jupiter platform last week. He expressed sincere gratitude to users and community members, apologized for technical and communication errors, and committed to continuous improvement of the platform experience.Details of the supplementary statement:Priority fee calculation error: There was an error in estimating the priority fee when calculating the gas required for front-end execution. Although this is not common under normal circumstances, it became a major issue during severe congestion. The team takes full responsibility for this.DCA downtime issue: Due to an estimation error by CU, the platform's DCA function was down for about 6 hours, resulting in user orders not being executed. The team expressed deep apologies for this and will review operations to improve vigilance.Low liquidity tokens: To ensure the safe execution of DCA, the platform conducts price and slippage checks before trading. However, the marked price of low liquidity tokens may differ significantly from the execution price, preventing the engine from executing trades. The team will improve the user interface, add more information, and optimize safety check methods.Future plans: The team plans to add more information to the user interface and gradually implement intelligent safety checks to address existing issues.
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