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Risk control is the lifeline: Analyzing the underlying game theory of Perp DEX through the Hyperliquid incident.

Perpetual contracts are the most valuable and frequently traded products in the on-chain financial ecosystem, but they also pose the most significant systemic risks. In March 2025, Hyperliquid's HLP pool suffered significant losses due to whales using excessive leverage and repeatedly withdrawing collateral on the platform, exposing structural weaknesses in its mark-price mechanism and liquidation process. Such events remind us that beyond superficial trading depth and user growth, the true stability of Perp DEX ultimately stems from the resilience of its risk model under extreme market conditions. Whether it's market maker losses, liquidation cascades, or systemic risks triggered by individual actions, they are all directly related to the same core issue: how the protocol is priced, how risk is allocated, and how leverage and liquidation are handled. Therefore, without understanding the risk control architecture, one cannot truly understand Perp DEX's competitive advantage. This article will start with the "risk model" and systematically break down the core architecture, sources of risk, differences in risk control, and future trends of Perp DEX, providing a professional and comprehensive analytical framework for funds, quantitative traders, and Web3 investors. Perp DEX's Risk Model: The Protocol's Lifeline The risk model is the protocol's dynamic risk control hub, determining its survival under extreme market conditions. It is similar to the risk engine in traditional finance, but more complex because on-chain systems cannot be subject to temporary manual intervention. A mature Perp DEX risk model is a system composed of multiple core components, and its architecture and interrelationships are shown in the following diagram: Figure 1: (This figure illustrates how the risk model starts with price inputs, is processed through the core risk control layer, and ultimately outputs the overall stability and capital efficiency of the system through the risk buffer layer. It reveals the intrinsic connections between modules such as the price model, margin rules, liquidation mechanism, and insurance fund.) These modules together form the protocol's "risk skeleton." A weakness in any one of these components could lead to structural failures during major market movements. LPs or market makers may experience uncontrollable losses (common in AMM models). The agreement was insolvent, and the insurance fund was quickly depleted. Delayed liquidation triggered a chain reaction of margin calls and widespread losses. Oracle was manipulated, triggering an arbitrage attack. The uncontrolled risk of a multi-asset, multi-leverage portfolio led to a total margin call. In other words, the risk model determines how much capital a protocol can support, what types of traders it can serve, and whether it can survive in extreme market conditions. Therefore, the risk model ultimately determines the upper limit of all indicators such as trading experience, market depth, capital efficiency, protocol revenue, and token value capture. This is why, in the past two years, competition in Perp DEX has shifted to underlying risk control architecture, rather than just transaction mining or fee wars. Breakdown of core modules of mainstream PERP architecture and risk model The architectural evolution of Perp DEX is essentially a path of "how risk is redistributed". Phase 1 (Off-chain Order Book): The risk lies in the robustness of the centralized matching nodes. Represented by dYdX, this design ensures transaction efficiency, but the risk is highly concentrated on the availability and security of off-chain matching. Phase Two (AMM): Risk is transferred to the directional exposure of the liquidity pool. For example, in GMX, under the AMM model, LPs bear extremely strong directional risk, making permanent loss, extreme market deviations, and MEV (Mean Equity) unavoidable issues for this architecture. The third stage (On-Chain Order Book - CLOB): Risk shifts to reliance on the performance and determinism of the underlying public blockchain. A representative project is Hyperliquid, where 70-80% of perpetual transaction volume is now concentrated in the order book model. This high-performance on-chain environment also means an unprecedented reliance on TPS, mempool stability, and contract execution security. Frontier Exploration (Hybrid Mode): The risk lies in the logic and feedback loop of the dynamic switching between the order book and liquidity pool. Taking Drift on Solana as an example, it uses AMM as a deep backup mechanism and automatically replenishes quotes when the order book lacks liquidity, thereby finding a new balance between execution quality and capital efficiency. The differences between the different architectures are ultimately reflected in the design of the following four core risk control modules: 2.1. Price Model: The System's Benchmark The price model determines the fairness of transactions, liquidation triggers, and funding rates, serving as the underlying benchmark for perpetual contract systems. It faces challenges such as oracle latency, manipulation, and MEV (Mean Equity). Mature systems employ multi-source aggregation, TWAP (Transfer-Only-Pay), and maximum deviation limits to enhance resistance to attacks. AMM (Automated Market Maker) architectures also require internal pricing mechanisms to simulate liquidity depth, a core variable in their risk exposure. 2.2. Liquidation Model: A Key Risk Buffer The liquidation mechanism determines the system's ability to withstand price fluctuations and is the most critical risk buffer layer of a perpetual protocol. Its security boundary consists of the initial margin, maintenance margin, and liquidation buffer. The execution logic (partial liquidation, full liquidation, auction) directly impacts user experience and system efficiency. Liquidation itself also faces attack surfaces such as on-chain congestion and bid manipulation. 2.3. Insurance Funds: The Last Line of Defense The insurance fund is used to absorb losses from margin calls. Its size and usage rules directly reflect the agreement's risk tolerance and serve as the system's "last line of defense" in extreme market conditions. The design needs to balance security and capital efficiency: too large a size will affect returns, while too small a size will easily trigger automatic liquidation, damaging the agreement's reputation. 2.4. Position Management: The System's Global Risk Controller Position management ensures the system doesn't spiral out of control due to excessive concentration of one-sided positions. Mechanisms such as position limits, dynamic margin requirements, and funding rates are used to regulate market forces. For multi-asset and long-tail assets, managing correlation and manipulation risks presents even greater challenges. Risk model trade-off analysis in mainstream cases Current mainstream platforms are transitioning towards CLOB or CLOB-Centric hybrid solutions to achieve better matching accuracy and capital efficiency. The table below systematically compares the risk model characteristics and core trade-offs of four representative projects: Chart 2 (This chart compares Hyperliquid, Aster, edgeX, and Lighter side-by-side from six dimensions: core architecture, pricing model, liquidation mechanism, insurance fund, major risks, and core trade-offs, demonstrating the risk preferences and trade-offs under different technology routes.) Key points of case analysis: Hyperliquid achieves near-CEX efficiency and depth, but its matching logic combines on-chain settlement and order book verification, increasing system complexity and reliance on risk control mechanisms. It requires a large HLP liquidity pool and complex risk control mechanisms, transferring extremely high risk control pressure to liquidity providers and the protocol itself. Aster: The liquidation mechanism is based on the principle of "reducing risk layer by layer". It improves capital efficiency and robustness during periods of low volatility through the "risk pooling" strategy, but at the cost of a more complex risk transmission path and extreme sensitivity to parameter settings. edgeX uses ZK-Rollup technology to ensure extremely high transparency and verifiability, reducing reliance on external insurance funds. However, this comes at the cost of performance limitations imposed by L2 data availability and state commit latency. The system needs to rely on redundancy mechanisms, verifiable playback, and robust monitoring to mitigate the impact of these risks on overall stability. Lighter: Under the "verifiable off-chain order book" architecture, auditability and on-chain trust are given priority, but at the cost of performance that cannot reach the upper limit of pure off-chain matching. Therefore, it is more suitable for users who prefer transparency, verifiability and lower systemic risk. Conclusion: Security Boundaries and Future Trends By 2025, Perp DEX's security boundary had transitioned from "smart contract security" to "system-level security." On-chain matching, oracle price sources, liquidation logic, risk parameters, LP liquidity pool exposure control, robustness of the market-making mechanism, and the integrity of cross-chain messages together constitute an interdependent security framework. Three major trends for the future: 1. Semi-automated risk control: On-chain mechanisms are insufficient to cope with complex attacks. In the future, a "semi-automated governance" system will be formed by combining off-chain real-time monitoring and dynamic parameter adjustment. 2. Compliance Integration: The hybrid model of "no custody required but subject to regulation" will become key to attracting institutional-grade liquidity. Verifiable KYC and compliant liquidity pools will become the new infrastructure. 3. Technology-driven expansion of security boundaries: Technologies such as zero-knowledge proofs, high-performance L2, and modular design will enable complex real-time risk models to run on the blockchain, elevating risk control capabilities to the level of financial infrastructure. The winners of the future will no longer be those who compete on transaction fees or depth, but rather those who can integrate technological security, financial engineering, and compliance frameworks.

Author: PANews

2025/12/05

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Experts List The 5 Best Crypto Presale To Invest in December 2025!

The post Experts List The 5 Best Crypto Presale To Invest in December 2025! appeared on BitcoinEthereumNews.com. Crypto presales continue to draw massive investor interest, especially as on-chain activity rises and users look for early-stage projects with measurable utility. The strongest performers this cycle share a common thread: structured pricing, visible development progress, and a clear roadmap that goes beyond hype. Below, experts break down the 5 best crypto presales to invest in December 2025, highlighting the data, the traction behind each project, and why these presales are now leading the conversation. 1. Remittix (RTX): PayFi Presale Leading With a $28.4M+ Raise Remittix remains one of the most dominant presales of the year, riding on its focus on global payments and remittance infrastructure. The project aims to simplify cross-border transactions across 30+ countries, supporting 40+ cryptocurrencies and 30+ fiat currencies on a single unified system. Key milestones reinforcing its position include: $28.4M+ raised 692M+ tokens sold CertiK-verified team Skynet Score: 80.09 (Grade A) Confirmed listings: BitMart & LBank Live Remittix Wallet on the Apple App Store Crypto-to-fiat integrations coming in a December update Remittix continues to attract users because it offers a practical payments model, not just speculative hype. Its focus on remittance rails, merchant payments, and crypto-to-bank conversions positions it firmly at the top of presale projects heading into 2025. 2. Mono Protocol: Multichain Abstraction and Smooth Web3 Usability Mono Protocol is one of the most technically ambitious Web3 presales, offering automatic routing, gas abstraction, and chain execution without manual switching. This solves a real barrier for mainstream adoption. Current Stage: 19 Price: $0.0550 Target Launch: $0.50 Estimated ROI: ~809% Presale Raise: $3.65M of $3.80M (stage) / $22.8M total raise target Its core appeal lies in infrastructure: users get seamless Web3 access while developers receive a simpler execution layer. Mono remains one of the most watched technical presales in the market. 3. WeWake: Lifestyle Utility Meets…

Author: BitcoinEthereumNews

2025/12/05

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The Hidden Costs of Crypto Trading – And How to Avoid Them

Discover the hidden costs of crypto trading—from spreads to slippage—and learn smart strategies to reduce fees and keep more of your profits.

Author: Blockchainreporter

2025/12/05

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Sam Altman Pursued Stake in Stoke Space, Deal with SpaceX Rival Cancelled

TLDR Sam Altman, CEO of OpenAI, explored acquiring or partnering with Stoke Space, a competitor to SpaceX. Stoke Space focuses on creating fully reusable rockets and is led by former Blue Origin employees. Altman aimed to gain a controlling stake in Stoke Space through a potential multi-billion-dollar deal. The talks between Altman and Stoke Space [...] The post Sam Altman Pursued Stake in Stoke Space, Deal with SpaceX Rival Cancelled appeared first on CoinCentral.

Author: Coincentral

2025/12/05

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Tether hasn’t saved this OOB stock from a 99.9% YTD loss

The post Tether hasn’t saved this OOB stock from a 99.9% YTD loss appeared on BitcoinEthereumNews.com. If an investor were to read the SEC filings of VCI Global, they may find it difficult to understand its risky ties to Tether and Solana. Amid a sort of information vacuum and other executive disappointments in 2025, holding shares of VCI Global since their open of trading on a “100 million OOB token digital-asset-treasury transaction” announcement would have earned a 31% loss in less than four weeks. Longer term shareholders have performed even worse. Anyone’s investment since the start of the year has suffered a catastrophic, 99.9% loss. Year-to-date chart of VCI Global. Source: TradingView Oobit (OOB) is a tap-to-pay app that uses its proprietary token as well as stablecoins like Tether (USDT) for mobile device payments. VCI Global is a microcap Nasdaq stock with a market capitalization in the single-digit millions and a float of less than 24,000 shares. The company is based in Kuala Lumpur, Malaysia, and apparently has a problem with CEO impersonation fraud, according to a prominent notice on the company’s homepage. That’s just the beginning of its problems. On November 26, the company claimed to have acquired 4,174,603 additional OOB tokens “from the open market,” yet that disclosure refrained from mentioning that it acquired the vast majority of its OOB without any purchases, devoid of market forces from exchange listings of OOB. Specifically, the company already owned 250 million OOB tokens — priced before the token was trading on Kraken or other major exchanges. Its 4.1 million token purchase at $0.24 was merely an investment of $1 million. The company characterized the tiny purchase and 1.6% increase as the “initial phase of our US$50 million accumulation plan.” Focusing on what actually matters, 98.4% of the company’s OOB holdings were transferred by investors who received 50 million shares worth of VCI Global stock and pre-funded, immediately…

Author: BitcoinEthereumNews

2025/12/05

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Dogecoin & Ripple Poised For Gains As Digitap’s 167% Presale Rally Signals A Potential Breakout

The post Dogecoin & Ripple Poised For Gains As Digitap’s 167% Presale Rally Signals A Potential Breakout appeared on BitcoinEthereumNews.com. Although both the DOGE price and the price of Ripple have experienced some volatility in the past few weeks, some influencers remain optimistic. For instance, TraderSZ and CW claim that a bullish breakout is coming for these “best altcoins to buy” soon. Amid all this movement, Digitap ($TAP) is also turning heads right now. Its crypto presale has been amazing so far, raising over $2 million and seeing a 167% price pump. With the second stage 95% complete, the project indicates that the token price will adjust upward in the next phase. As Digitap also launched a unique money app that revolutionizes online banking, a lot of traders believe $TAP could be the next best crypto to buy in the market. Dogecoin Expected to Break Out Soon — Key Signals to Watch Although one of the best meme coins, Dogecoin has shown some volatility recently. It has managed to show some green movement on the weekly charts, but its monthly performance is still in the red. Notably, CoinMarketCap shows that the DOGE price fell from around $0.17 to nearly $0.15 in the past 30 days. But influencer TraderSZ remains bullish for the Dogecoin crypto. According to his X post, this meme coin has bounced from its mid-range $0.13 support level. This may have been the bottom, predicting a potential rally for the DOGE price to the $0.22 level soon. However, TradingView does not back up this Dogecoin price prediction. With the MACD level in the buy zone while its momentum indicator is in the red, the current DOGE price uptrend may be losing its steam. Thus, a potential reversal to the downside could come for Dogecoin. Ripple Price Outlook: Analysts Discuss Potential Movement Toward $2.60 Ripple is another altcoin that has been going through ups and downs. Although rising in…

Author: BitcoinEthereumNews

2025/12/05

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CoinEx viert achtjarig bestaan met nieuwe marketingcampagne

CoinEx bereikt dit jaar een belangrijke mijlpaal, het platform viert zijn achtste verjaardag en grijpt deze gelegenheid aan om zijn identiteit, ambities en toekomststrategie opnieuw te benadrukken. Met de nieuwe Voyage-campagne wil de beurs laten zien hoe het zich de afgelopen jaren heeft ontwikkeld en welke richting het de komende periode inslaat. Een centraal element daarin is Coin8x, het motto dat symbool staat voor de volgende groeifase. Laten we het hieronder nader bekijken! Check onze Discord Connect met "like-minded" crypto enthousiastelingen Leer gratis de basis van Bitcoin & trading - stap voor stap, zonder voorkennis. Krijg duidelijke uitleg & charts van ervaren analisten. Sluit je aan bij een community die samen groeit. Nu naar Discord Achtjarig jubileum en vieringen CoinEx viert zijn 8e verjaardag met het thema Voyage een symbolische verwijzing naar de lange reis door de cryptomarkt. Bij dit jubileum kondigt CoinEx een reeks speciale acties en evenementen aan. Gebruikers kunnen rekenen op exclusieve cadeaus, community-acties, socialmedia giveaways en zelfs offline bijeenkomsten. Deze beloningen en evenementen zijn bedoeld als blijk van dank voor de voortdurende steun van de community. De basis en merkboodschap Met acht jaar ervaring wil CoinEx uitstralen dat het een stabiele, betrouwbare speler is. Het bedrijf benadrukt dat het platform is gebouwd op kernwaarden als gebruiksgemak, transparantie en duurzame groei. Volgens CoinEx heeft het geen korte termijn hype nodig, maar richt het zich op een lange termijn visie en eerlijk beleid. Zo was CoinEx een van de eerste beurzen die maandelijks een Proof-of-Reserve-rapport publiceerde, zodat gebruikers hun eigen tegoeden kunnen verifiëren en vertrouwen krijgen. Deze transparantie maatregel onderstreept de betrouwbaarheid die CoinEx wil uitstralen. Nieuwe marketingstrategie en positionering De Voyage campagne draait om het veilig begeleiden van gebruikers door een veranderlijke markt. CoinEx profileert zich als een crypto trading expert met een professioneel platform en goed interface. In 2025 introduceerde CoinEx diverse productinnovaties onder meer de CoinEx Vault voor extra veilig vermogensbeheer, een hybride OnChain handelsplatform dat DEX en CEX kenmerken combineert, en de betaaloplossing CoinEx Pay voor eenvoudige crypto-betalingen. Deze vernieuwingen benadrukken CoinEx zijn focus op innovatie en gebruiksgemak. Tegelijkertijd investeert CoinEx in wereldwijde naamsbekendheid. Het nam deel aan grote blockchain conferenties (zoals TOKEN2049, Coinfest Asia en Labitconf) en sponsorde het Native BTCFi-summit. Hiermee wil CoinEx laten zien dat het wereldwijd samenwerkt en blijft investeren in de ontwikkeling van de crypto-industrie. Coin8x en toekomstvisie CoinEx beschouwt acht jaar als het begin van een nieuwe fase. In de aankondiging wordt letterlijk gezegd dat acht jaar niet het einde van een reis is, het is het begin van een nog grotere. Het campagnewoord Coin8x (8×) symboliseert die ambitie om groei te vermenigvuldigen. Concrete details over de invulling van Coin8x ontbreken nog. De communicatie richt zich vooral op verdere expansie en samenwerking. Zo meldt CoinEx dat het in dit jubileumjaar extra samenwerkingen met ontwikkelaars en partners zoekt en nieuwe initiatieven ondersteunt die innovatie in het Bitcoin- en Web3-ecosysteem bevorderen. Hiermee benadrukt het platform zijn langetermijnvisie en betrokkenheid bij de toekomst van de sector. Best wallet - betrouwbare en anonieme wallet Best wallet - betrouwbare en anonieme wallet Meer dan 60 chains beschikbaar voor alle crypto Vroege toegang tot nieuwe projecten Hoge staking belongingen Lage transactiekosten Best wallet review Koop nu via Best Wallet Let op: cryptocurrency is een zeer volatiele en ongereguleerde investering. Doe je eigen onderzoek. Het bericht CoinEx viert achtjarig bestaan met nieuwe marketingcampagne is geschreven door Timo Bruinsel en verscheen als eerst op Bitcoinmagazine.nl.

Author: Coinstats

2025/12/05

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Compliance doesn’t make crypto risk-free

The post Compliance doesn’t make crypto risk-free appeared on BitcoinEthereumNews.com. Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. A project can spend $500,000 on legal opinions, have a fully doxxed team, and pass every AML check in Singapore. It can still drain to zero in twelve seconds because of a math error in line 40 of its smart contract. This is the reality of modern crypto regulation and compliance. Summary Regulatory compliance keeps bad actors out but doesn’t guard against the real causes of loss in crypto — operational failures, supply-chain attacks, and technical incompetence that can drain a project in seconds. The industry treats compliance like a safety seal, even though it ignores the largest risk surfaces (key management, vendor security, execution failures), which are responsible for the majority of major losses. Crypto needs self-regulation built around measurable, forward-looking risk metrics — such as Probability of Loss — so investors, institutions, and regulators can assess a project’s actual likelihood of failure rather than relying on licenses, audits, or marketing signals. Various jurisdictions built different kinds of Maginot Lines. They protect against front-door risks: money laundering, market manipulation, and misuse of customer funds. However, the most important factor is that regulatory posture is quite fragmented across jurisdictions, and not every regulator offers standards that are fulfillable in practice. While their intentions are good — prioritizing the legal protection of the end user — their focus is currently not on driving measurable improvement in how market participants operate. For example, the EU Digital Operational Resilience Act, or DORA, obliges financial entities to vet third-party providers and monitor their security posture rigorously; these are governance controls, not execution blocks. A supply chain attack — such as a compromised API or a malicious code injection in a vendor’s…

Author: BitcoinEthereumNews

2025/12/05

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Cardano Price Prediction: A Bullish Reversal Ahead? Digitap Explodes by 167% – a Better Bet Than Solana?

Despite a bearish run that has led to both the Cardano price and the price of SOL falling on the monthly charts, things are starting to heat up for Digitap ($TAP). Its crypto presale has completed 95% of its second stage while making early buyers 167% richer. With another price increase scheduled in the next [...] The post Cardano Price Prediction: A Bullish Reversal Ahead? Digitap Explodes by 167% – a Better Bet Than Solana? appeared first on Blockonomi.

Author: Blockonomi

2025/12/05

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Are DOGE & XRP Preparing For A Major Breakout? Digitap’s 167% Rally May Signal Only The Start

Although both the DOGE price and the price of Ripple have experienced some volatility in the past few weeks, some influencers remain optimistic. For instance, TraderSZ and CW claim that The post Are DOGE & XRP Preparing For A Major Breakout? Digitap’s 167% Rally May Signal Only The Start appeared first on CryptoNinjas.

Author: Crypto Ninjas

2025/12/05

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CEX

Risk control is the lifeline: Analyzing the underlying game theory of Perp DEX through the Hyperliquid incident.

Experts List The 5 Best Crypto Presale To Invest in December 2025!

The Hidden Costs of Crypto Trading – And How to Avoid Them

Sam Altman Pursued Stake in Stoke Space, Deal with SpaceX Rival Cancelled

Tether hasn’t saved this OOB stock from a 99.9% YTD loss

Dogecoin & Ripple Poised For Gains As Digitap’s 167% Presale Rally Signals A Potential Breakout

CoinEx viert achtjarig bestaan met nieuwe marketingcampagne

Compliance doesn’t make crypto risk-free

Cardano Price Prediction: A Bullish Reversal Ahead? Digitap Explodes by 167% – a Better Bet Than Solana?

Are DOGE & XRP Preparing For A Major Breakout? Digitap’s 167% Rally May Signal Only The Start

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