pricing

After the Federal Reserve announced its interest rate decision, the Fed Swaps market no longer fully priced in the expectation of a rate hike in September, indicating that traders have reduced their bets on the Federal Reserve continuing to tighten monetary policy in September, and the market's expectations for the subsequent policy path have cooled.

Trade.xyz issued a statement regarding the SK Hynix contract price spike incident: On July 27 at 23:01 UTC, the marked price of SK Hynix tokens plummeted from $1,127.9 to $917.25, triggering a large number of long position liquidations. This price originated from an actual transaction captured by multiple independent data providers, with the external venue being a major pre-market in South Korea. Its oracle system operates according to established specifications, synchronously tracking prices from external exchanges, functioning "as designed" on a technical level.However, the platform acknowledges that user dissatisfaction with the liquidations triggered by this event is understandable, emphasizing that "market integrity is the core value of Trade.xyz." To address this, Trade.xyz has decided to cover all liquidation losses caused by this price anomaly on a one-time discretionary basis. Specific eligibility requirements will be announced soon, with compensation expected to be completed within a few days, but it clearly states that this decision "does not constitute a guarantee for similar situations in the future." At the mechanism level, the platform will accelerate the review of pricing methods— including reassessing the assumptions of reliance on external venues and giving greater weight to its own order book price discovery (its order book depth and signal strength have significantly improved compared to external sources) to more effectively handle tail events.

According to data from RootData's stock perpetual contract exchange rankings, nearly 30 exchanges that have launched stock perpetual contracts still significantly adhere to the trading rhythm of traditional stock markets: trading volume drops sharply on weekends, and the morning session on Monday warms up as the traditional market approaches recovery, but has not yet returned to the intensity of a full trading day.Comparing trading days with non-trading days, the 24h trading volume of stock perpetual contracts dropped from approximately $39.078 billion to $4.896 billion, a decrease of about 87.5%. However, during the same period, the open interest slightly increased from $10.139 billion to $10.262 billion, indicating that positions have not been withdrawn on a large scale; what has truly decreased is active trading and turnover. A snapshot taken on the morning of Monday, July 27, shows that the 24h trading volume rebounded to $10.617 billion, an increase of about 116.8% compared to Sunday, indicating that market activity is recovering.In terms of liquidity, the weighted market depth (±2%) decreased from approximately $58.92 million to about $47.83 million, a decline of about 18.8%; it rebounded to around $55.68 million on Monday morning, nearing trading day levels. This indicates that the speed of order book recovery is faster than that of actual trading recovery, and market depth has not plummeted as sharply as trading volume.From the performance of exchanges, leading platforms such as Binance, OKX, and Bitget maintained relatively narrow spreads and strong depth on Monday morning; Hyperliquid performed well in rankings, but its trading volume was still below trading day levels; some long-tail platforms still face issues with excessively wide spreads, making it temporarily impossible to assess true liquidity.RootData Research believes that the most prominent value of these stock perpetual contract exchanges is to allow stock risks to be traded, priced, and hedged even on non-trading days of the traditional stock market. The traditional stock market is closed on weekends, with official prices remaining at the previous trading day's closing price, while stock perpetual contract exchanges still have trading, open interest, order books, and spreads on Sundays, indicating that crypto exchanges have broken through the "trading time" limitations of stocks.However, from the current data, they are participating in expected pricing rather than official pricing, making them more suitable for expressing events, emotions, macroeconomic changes, and risk preference shifts on non-trading days. Due to decreased trading volume over the weekend, widened spreads, and some platforms having abnormal data metrics, they currently resemble a "stock pre-opening price discovery layer," having participated in stock pricing but not yet obtaining the primary pricing power of the traditional stock market, nor have they surpassed the liquidity of the traditional stock market.

According to Caixin, Zhao Yao, a special researcher at the Payment and Clearing Research Center of the Financial Research Institute of the Chinese Academy of Social Sciences, stated that recent offshore digital asset platforms have launched on-chain trading products around Chinese technology companies such as Changxin Technology. This indicates that global digital financial platforms are creating trading exposure around high-quality Chinese technology assets, organizing price expectations, trading liquidity, and cross-border capital entry in advance. Although these products do not correspond to A-share equity, they are synthetic perpetual contracts or pre-market perpetual contracts settled in stablecoins such as USDC and USDT. However, if offshore platforms take the lead in forming a continuous trading market for technology assets, it may weaken the pricing dominance of domestic capital markets over technology assets.Zhao Yao suggested accelerating the construction of digital financial infrastructure for the renminbi, promoting the coordinated development of tokenized deposits by commercial banks, wholesale CBDC, and tokenization of technology assets, and exploring pilot projects for technology asset tokenization in Hong Kong to enhance the capital organization capability and international pricing power of the renminbi in global technology financial competition.

According to Jinshi reports, market pricing shows that bets on the Federal Reserve's interest rate hike this month have been lowered.

Wintermute announced on platform X that it has executed its first power forward trade, referencing the pricing of NVIDIA H100.The market maker stated that computing power is becoming an independent market, and tools for pricing and hedging are now beginning to emerge.

According to Jinshi reports, the pricing of interest rate futures indicates that the Federal Reserve will raise interest rates by 30 basis points by the end of the year, an increase of about 9 basis points compared to before the Federal Reserve's interest rate decision.

According to PR Newswire, Hut 8's wholly-owned subsidiary Beacon Point DC LLC has completed the pricing of $4.25 billion in senior secured notes, with a coupon rate of 6.129%, maturing in 2042, and is expected to close on June 9, 2026.The funds raised will be used to build a data center on approximately 521 acres of land in Nueces County, Texas, which will include six data halls with a total critical IT capacity of 352 megawatts, and will be leased to a tenant with a credit rating of no less than AA-. These notes do not constitute recourse to Hut 8's parent company.

According to PR Newswire, Bitmine Immersion Technologies announced that the expanded Series A perpetual preferred stock issuance is priced at 3.5 million shares, at $80 per share, with settlement expected to be completed on June 10, raising a net amount of approximately $273.8 million.The company stated that the funds will be used for general corporate purposes, including increasing holdings in ETH and other digital assets, expanding staking and validation infrastructure, advancing related layouts through MAVAN, working capital, strategic investments related to the Ethereum ecosystem and digital asset adoption, as well as common stock repurchase. The Series A preferred stock has a dividend yield of 9.50% per annum.

The cryptocurrency asset management company Bitwise stated that Hyperliquid's native token HYPE is "one of the most distorted assets in pricing in the current crypto market," despite its price significantly outperforming the market this year. Bitwise Chief Investment Officer Matt Hougan noted in a report on Tuesday: "Hyperliquid is one of the most important crypto projects in years. Its native token HYPE is the best-performing large-cap crypto asset of 2026, having risen 77% year-to-date. But I still believe investors underestimate its influence and value."Hougan believes that part of the pricing distortion of HYPE is due to the market viewing Hyperliquid merely as a perpetual cryptocurrency futures exchange, whereas it should actually be priced as a "global super app." He pointed out that the Hyperliquid platform supports trading of assets beyond mainstream crypto perpetual futures, including stocks and prediction markets, with nearly half of its trading volume currently related to non-crypto assets.Bitwise launched the HYPE exchange-traded fund (ETF) on the New York Stock Exchange last Friday. The previous week, 21Shares also launched a similar HYPE fund, but it only attracted $1.2 million in net inflows on its first day, which is relatively low compared to the debut performances of other altcoin ETFs. Hougan added that Hyperliquid has gradually become the "super app" envisioned by SEC Chairman Paul Atkins—a "platform not regulated by the SEC" that provides investors with exposure to multiple asset classes. However, he also noted that the platform "still needs to mature," is not yet open to U.S. users, and needs to integrate into the U.S. regulatory framework.

Special Purpose Acquisition Company Forefront Tech announced the completion of its initial public offering (IPO) pricing, with a total size of $100 million, and will be listed on Nasdaq under the ticker symbol "FTHAU." It is reported that the funds raised will be used to explore merger and acquisition opportunities in the fields of blockchain, fintech, artificial intelligence, and other emerging technologies.

Special Purpose Acquisition Company Forefront Tech Holdings Acquisition Corp announced the completion of its initial public offering (IPO) pricing, with a total scale of $100 million, and will be listed on NASDAQ under the ticker "FTHAU." It is reported that the funds raised will be used to explore merger and acquisition opportunities in the fields of blockchain, artificial intelligence, fintech, and other emerging technologies.

According to Jinshi reports, market pricing shows that after Federal Reserve officials issued some hawkish signals, Wall Street traders are betting that the likelihood of the Federal Reserve raising interest rates this year has risen to 11%, up from 5% earlier that day and 0% on Tuesday. The possibility of a rate cut hovers around 2%.

The Web3 asset data platform RootData has outlined 38 business partners of Polymarket, covering multiple key areas such as oracle, cross-chain assets, exchanges, wallets, and application layers. From a structural perspective, Polymarket primarily relies on Polygon to process transactions and supports assets from multi-chain networks such as Ethereum and Solana. It also provides key data inputs through oracles like UMA and Chainlink to ensure the credibility of event outcomes and price discovery mechanisms. In terms of asset liquidity, it collaborates with stablecoins and cross-chain services like Circle and Bridge, and connects with mainstream wallet systems including MetaMask, Phantom, and Privy, facilitating the flow of funds across different networks and lowering the barriers to participating in prediction markets. Regarding user entry points, Polymarket integrates centralized exchanges like Gate and Phemex, and combines applications and data tools such as Jupiter, MoonPay, Polysights, and Kaito to form potential ecological traffic expansion. Overall, the Polymarket ecosystem can be broken down into three layers: the upstream relies on oracles to settle "tradeable information," the middle layer completes matching and settlement through multi-chain and stablecoins, and the downstream reaches users through wallets and applications. The platform is building a financial system that converts information into prices and completes pricing through on-chain markets. Related collection: [Polymarket Web3 Partner Network Collection (continuously updated)](https://cn.rootdata.com/Archives/detail/Polymarket%20Crypto%20Business%20Partner?k=NDc2OTgz) Cryptocurrency projects actively showcasing their partner networks have become a key way to enhance transparency and market trust. It is reported that RootData welcomes Web3 project parties to [claim data](https://www.rootdata.com/Projects/submit?ft=claimApply) and continues to track and open more project business relationship disclosure channels. The platform has continuously released multiple editions of cryptocurrency project ecological maps, nominating Web3 ecosystem partners for upstream clients such as Visa, Mastercard, and Coinbase. **If you wish to nominate your project in future ecological maps, please fill out the [RootData 2026 Industry Ecosystem Mapping](https://forms.gle/tWArmXcpSfZJkh1r8) form to supplement your important clients and partners.**