HTX Research’s Latest Report Explained: When Crypto Trading Infrastructure Begins Supporting U.S. Equities

Recently, HTX Research—the research arm of HTX (formerly Huobi)—released its latest report titled “On-Chain U.S. Equities Research: From Crypto Perpetuals to the Shift in Pricing Power”. The report systematically analyzes the rise of on-chain U.S. equity perpetual contracts, their product-market fit (PMF), and the resulting structural shift in pricing power—within the broader context of evolving crypto trading infrastructure.

HTX Research argues that the next major structural opportunity in crypto markets may no longer stem from a new token narrative, but rather from a shift in the underlying assets served by trading infrastructure. As on-chain tools mature while high-quality, crypto-native assets remain relatively scarce, market attention is turning toward assets with genuine fundamentals and high event density. U.S. equities—especially AI-related ones—are emerging as the most direct beneficiaries of this shift.

A Structural Contradiction in Crypto Markets: High-Efficiency Infrastructure, Low-Quality Tradable Assets

Over the past few years, mechanisms such as perpetual contracts, stablecoin margin, automated liquidations, funding rates, and point-based incentives have driven financial market participation to an all-time low. Yet paradoxically, the more mature the infrastructure becomes, the scarcer truly high-quality tradable assets appear. A large portion of altcoins, meme coins, and narrative-driven tokens remain “attention assets” rather than cash-flow-generating assets. Market participants are growing increasingly weary of “trading for trading’s sake” and instead seek assets backed by real fundamental elasticity.

U.S. equities fill precisely this gap. According to Q1 2026 data from the Securities Industry and Financial Markets Association (SIFMA), the total market capitalization of U.S. listed companies stands at approximately $66 trillion—far exceeding the entire crypto market. Trading volumes for U.S. equities, ETFs, and options all hit record highs during the same period. In particular, AI-related U.S. stocks offer not only strong fundamentals but also exceptionally high event density: earnings reports, order announcements, capital expenditures (CapEx), export controls, model launches, and pre-IPO roadshows—all translate directly into on-chain trading opportunities.

The PMF of On-Chain U.S. Equity Perpetuals: Serving a Segment Under-Served by Traditional Finance

Understanding the rise of on-chain U.S. equity perpetuals hinges on distinguishing between “holding demand” and “trading demand.” Tokenized stocks address the former; perpetual contracts address the latter—and for crypto users, the latter vastly outweighs the former. They may not want to become shareholders of NVIDIA, but they do want to trade NVDA volatility around earnings; they may not seek equity in Cerebras, but they do want to bet on its IPO opening price; they may not aim to buy private OpenAI shares, but they do want to trade expectations around OpenAI’s valuation.

This user cohort shares key traits: they expect 24/7 trading, leverage, stablecoin denomination, and real-time signal distribution via X (formerly Twitter), Telegram, Discord, and other community platforms. Traditional brokers struggle to serve them effectively—on-chain U.S. equity perpetuals fill this void precisely. Data from RWA.xyz shows that the total value of tokenized stocks stands at ~$1.08 billion, with monthly transfer volume at ~$2.3 billion and ~190,000 holders. While tokenized stocks have established an early-stage on-chain liquidity market, the “trading layer” built atop these assets holds significantly greater potential.

Pre-IPO Perps: The First Clear Demonstration of Pricing Power Migration

HTX Research conducted an in-depth analysis of Cerebras’ IPO. This AI compute-sector standout saw its on-chain Pre-IPO Perp price trade consistently above quotes from traditional private secondary markets for several months—and was rapidly converged upon by traditional markets post-listing. In certain asset classes, crypto-native markets may discover prices earlier—and more accurately—than traditional private secondary markets.

This stems from structural differences. Private secondary markets feature infrequent trading, concentrated participants, and significant information asymmetry—pricing there reflects seller exit preferences more than broad market consensus. By contrast, Pre-IPO Perps absorb real-time global crypto-user expectations through 24/7 continuous on-chain trading, generating price signals far closer to true “market consensus.”

What’s truly disrupted is the locus of pricing power. In traditional systems, Pre-IPO asset pricing power resides overwhelmingly with investment banks, PE/VC firms, and private secondary platforms like Hiive. When on-chain markets begin absorbing trading demand for the same assets via perpetual contracts—and demonstrate superior price discovery efficiency—pricing power begins migrating toward crypto-native markets. This migration constitutes the core phenomenon described in the report as “the shift in pricing power.”

The AI U.S. Equity Thesis: Reinterpreting an Investment Theme Through a Crypto Lens

AI is the strongest narrative driving U.S. equities today. From GPU compute and HBM memory to power infrastructure, AI data centers, and model applications, the entire AI supply chain comprises a highly event-dense, volatile, and globally crypto-user-observed pool of assets.

From a crypto perspective, the appeal of AI-related U.S. equities lies not just in their fundamentals—but in their structural resonance with native crypto narratives: AI compute consumption, AI agent economies, and AI × crypto infrastructure are already everyday topics within crypto communities. When users can trade AI U.S. equities using stablecoins, perpetual contracts, and crypto-native leverage, they aren’t adopting a new product—they’re expressing deeply familiar views using their most familiar tools.

Hence, the core objective of on-chain AI U.S. equity products isn’t to replicate Robinhood or Interactive Brokers. Rather, it’s to repackage U.S. equities into forms optimized for crypto-native trading: 24/7 availability, stablecoin denomination, high leverage, shortability, composability, and DeFi integration.

Conclusion: From Exchange to Integrated Trading Infrastructure

The emergence of on-chain U.S. equity perpetuals signals that crypto trading infrastructure is evolving—from serving exclusively crypto-native assets toward hosting a broader range of global assets. Likewise, crypto exchanges are transforming from matchmakers for a single asset class into entities resembling comprehensive financial infrastructure.

As an early participant in this trend, HTX has been steadily expanding its TradFi initiatives throughout the year—broadening its TradFi perpetual contract section and opening up AI Agent-powered trading interfaces via HTX AI Skills. These two strategic moves represent the dual evolution paths for crypto exchanges in this new phase: the former addresses “expansion of tradable assets,” while the latter tackles “upgrading of trading interaction paradigms.” Together, they redefine the boundary between crypto exchanges and global capital markets: crypto users are no longer passive recipients awaiting tokenization of traditional assets—they now possess the tools, rhythm, and narrative frameworks to actively participate in price discovery for the world’s most liquid assets.

About HTX Research

HTX Research is the dedicated research division of HTX, responsible for in-depth analysis across broad domains including cryptocurrencies, blockchain technology, and emerging market trends. It produces comprehensive reports and delivers expert assessments. Committed to delivering data-driven insights and strategic foresight, HTX Research plays a pivotal role in shaping industry perspectives and supporting informed decision-making in the digital asset space. With rigorous methodologies and cutting-edge data analytics, HTX Research remains at the forefront of innovation—leading thought leadership and fostering deep understanding of evolving market dynamics. Visit us.

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