According to CoinMeta, the Hyperliquid Policy Research Center released a report stating that perpetual futures can expand market risk management tools and improve price discovery efficiency without having a negative impact on traditional futures markets. The study, by analyzing data on Bitcoin and on-chain WTI crude oil perpetual contracts, found that perpetual contracts can reduce hedging costs, and the median trading size of on-chain crude oil perpetual contracts is about $1,300, which is approximately 1/100 of that of traditional WTI futures. The perpetual market provides effective price discovery during the periods when traditional markets are closed, and the price spreads in the WTI futures market narrow after it reopens.