The on-chain perpetual contract market is experiencing explosive growth, becoming an important part of the DeFi ecosystem. In 2025, led by projects like Hyperiquid and dYdX, the market shows a strong upward trend. CZ's testing of the Mubarak perpetual contract on APX Finance has drawn widespread attention, showcasing the potential of innovative contracts in highly volatile markets. With the optimization of blockchain infrastructure and the enhancement of user experience, the outlook for the on-chain perpetual contract market is broad, and it is expected to attract more investors.