Caixin: HyperLiquid Pricing Chinese Assets, Emerging Offshore Exchange Challenges Global Financial Regulation

TechFlow reports that on September 23, citing Caixin, HyperLiquid has been quietly rising in the overseas crypto ecosystem for some time. However, the real catalyst that sparked widespread discussion in the domestic market was not the massive airdrop of the HYPE token (referring to the free distribution of tokens by the project team to users for promotion or to reward early supporters), nor the oil contracts ignited by the Iran geopolitical conflict in February 2026, but rather the contract involving Chinese assets Changxin Technology (CMXT), as emerging offshore exchanges challenge global financial regulation.

Analysts believe the cryptocurrency trading market is experiencing structural divergence: traditional centralized exchanges like Binance are facing regulatory pressure, while decentralized offshore trading platforms, powered by mechanism innovation, scenario expansion, and traffic breakthrough, are launching into a high-growth cycle. Emerging platforms represented by Hyperliquid, the on-chain perpetual contract giant, have completely rewritten the market landscape for crypto derivatives.