Coinbase Institutional：永续合约交易规模上升，正向 DeFi 核心金融原语演进

Core Insights - The 2026 Crypto Market Outlook by Coinbase Institutional indicates a significant expansion in crypto derivatives trading in 2025, driven primarily by decentralized platforms [1] - Monthly trading volume of DEX perpetual contracts has exceeded $1.2 trillion, with Hyperliquid maintaining a substantial market share [1] - Amidst a sluggish altcoin spot market, some capital has shifted towards high-leverage perpetual contracts, with speculative exposure nearing 10% mid-year before declining after the October liquidation event [1] - Perpetual contracts are evolving from a singular trading tool to a foundational financial primitive within DeFi, gradually integrating with lending protocols and extending into stock-like perpetual contracts, thus becoming a crucial derivative form connecting crypto markets with traditional assets [1]