DWF Labs Says Nasdaq's Extended Trading Hours Benefit On-Chain Perpetual Contracts
- DWF Labs said on X that Nasdaq's extended trading hours are favorable for on-chain perpetual contracts.
- It said the main challenge for 24/7 trading platforms is pricing when the underlying asset market is closed.
- The firm noted that current approaches such as EMA estimates and internal pricing algorithms can create basis risk and funding rate volatility.
- DWF Labs said more continuous regulated trading could improve oracle reference prices and narrow the spread between on-chain perpetual prices and fair value.
- It also said lower arbitrage costs and broader market-maker participation could make RWA perpetual contracts more feasible and attractive.
DWF Labs said on X that Nasdaq's extended trading hours could benefit on-chain perpetual contracts. The company framed the issue as a pricing problem for 24/7 markets when the underlying asset venue is closed.
It said existing workarounds, including EMA-based estimates and internal pricing algorithms, can introduce basis risk and funding rate volatility. In its view, that makes pricing less stable than it would be with more continuous regulated market hours.
DWF Labs said that as markets move closer to around-the-clock regulated trading, oracles may obtain higher-quality reference prices. It added that the gap between on-chain perpetual prices and fair value could narrow further.
The post also said continuous regulated price feeds could reduce arbitrage costs and narrow the basis between on-chain and off-chain markets. From a market perspective, the implication is mildly positive for crypto infrastructure and RWA-related perpetual contracts, while the effect on broader stock or forex markets is neutral.
DWF Labs称纳斯达克延长交易时段有利于链上永续合约
DWF Labs在X上表示，纳斯达克延长交易时段可能有利于链上永续合约。该公司将问题概括为：当标的资产交易场所关闭时，24/7市场如何完成定价。
其称，当前的替代方案，包括基于EMA的估算和内部定价算法，可能引入基差风险和资金费率波动。DWF Labs认为，这使得定价稳定性低于更连续的受监管交易时段。
DWF Labs表示，随着市场更接近全天候的受监管交易，预言机或能获得质量更高的参考价格。它还称，链上永续价格与公允价值之间的偏差有望进一步缩小。
该帖还提到，连续的受监管价格流可以降低套利成本，并缩小链上与链下市场之间的基差。就市场影响看，这一判断对加密基础设施和RWA相关永续合约偏利好；对更广泛的股票或外汇市场则为中性。