PANews On September 23, according to Caixin.com, HyperLiquid has been quietly rising in the overseas currency circle for some time, but the real trigger for it to be widely discussed in the domestic market was not the huge airdrop of HYPE tokens (referring to the free airdrops given by the project to users). Release tokens to promote projects or reward early supporters), it is not the crude oil contract that exploded under the geopolitical conflict in Iran in February 2026, but a contract involving Chinese asset Changxin Technology (CMXT). Emerging offshore exchanges are challenging global financial supervision. Analysts believe that the cryptocurrency trading market is ushering in a structural differentiation: traditional centralized exchanges such as Binance are being suppressed by regulation, while decentralized offshore trading platforms have begun a rapid growth cycle with mechanism innovation, scenario expansion and traffic breakthroughs. Emerging platforms represented by on-chain perpetual contract giant Hyperliquid have completely rewritten the market structure of crypto derivatives.