2026-01-19 06:39:54

Perpetual contracts really have a chance. You see, the demand for leverage trading in the crypto space has always been there, and this is a real market pain point. HyperliquidX has already set the ceiling, but this instead indicates that the potential of the track has not been fully realized.

Recently, I have been paying attention to a few good perp projects, and Backpack is one of them. These types of projects either focus on differentiated features or find breakthroughs in user experience and liquidity. Rather than chasing the trend, it’s more about waiting for the market rotation to come back. Worth keeping an eye on.

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BlockchainTherapist

· 11h ago

Perpetual contracts should not be underestimated. The stuff created by Hyperliquid is indeed impressive, but it also shows there's still room for improvement. Whether Backpack can break through depends on its future performance. When it comes to liquidity, it's easier to talk about it than to actually implement it, and the competition is fierce. Waiting for the rotation to come back is a good mindset, but no one in the crypto world can predict exactly when that will happen.

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GasFeeNightmare

· 11h ago

Hyperliquid has already set the ceiling, but projects like Backpack do have a chance to carve out a position; liquidity is the breakthrough point. --- The perp track, to put it simply, is just waiting for the wind to come back. Now entering the market isn't about chasing the trend, but about waiting for the wind. --- Leverage demand is real. As long as you don't play fancy tricks and focus on liquidity experience, you can still grab a share. --- I'm optimistic about the idea of differentiation features. Backpack is indeed interesting, but we need to wait for market rotation to see the effect. --- The imagination for perpetual contracts hasn't been fully unleashed. HyperliquidX is just the beginning; future projects will rely on experience and liquidity to dominate. --- That's right. Instead of chasing the wind, it's better to wait for the wind. Currently, the main thing to watch in perp projects is who really does UX quite aggressively.

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liquidation_watcher

· 11h ago

Alright, Backpack is indeed interesting, but we need to take a closer look at the liquidity aspect. The perp track is quite competitive, and true differentiation is hard to find. HyperliquidX has already set the standards; newcomers will only succeed if they can truly solve the pain points. I'm optimistic, but now is the time to understand the right entry point—don't get caught. Everyone is waiting for market rotation; when the rotation comes, they'll rush in all at once, which could lead to the biggest losses. The key is to have your own judgment and not just listen to others' hype. How is the Backpack ecosystem? Are the trading pairs sufficient? As long as the slippage and depth issues are addressed, there's a real chance to grab market share from HyperliquidX. Perpetuals are always a game of high leverage and high returns; beginners should be cautious. The pain point in the crypto world is that it never gets fully resolved—new players keep coming, which is the fate of the track. Liquidity is king; no matter how fancy the features are, without liquidity, it's just a display.

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SelfMadeRuggee

· 11h ago

Damn, the liquidity movement of Backpack definitely shows some action, but it still feels like it's struggling in the shadow of HyperLiquid. What is the differentiation based on? Is there really a killer feature or is it just well-packaged UX? The rotation of perp might come at any time, I can't afford to gamble on this time cost, brother. HyperLiquid's ceiling that day was really under a lot of pressure. Do newcomers really have a chance? I’m not so sure. The demand for perpetual contracts is real, no doubt, but there are only a few good projects; most of the others are just here to cut the leeks. Wait, how's Backpack's TVL been lately? Haven't kept up. I still think I'd rather roll with top players like HyperLiquid than gamble on new entrants; it's too risky. Liquidity is truly a matter of life and death. No matter how strong the features are, without liquidity, it's all useless.

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MetaverseHermit

· 11h ago

Perpetual contracts do have their pitfalls, but can newcomers like Backpack succeed in carving out a position? Liquidity is the biggest challenge. HyperliquidX has already set the ceiling; later entrants need to carefully consider what their differentiator is. When will this market rotation happen? By then, all the flowers will have withered. The perp sector is still in the reshuffling phase, don't jump in too early. Leverage trading is indeed a necessity for many, but the project's execution capability is the key. I'm optimistic about Backpack's UX improvement direction, but gathering liquidity is too difficult. Honestly, it still depends on who can make the trading experience smooth. So far, I haven't seen anything particularly impressive. Wait, how is Backpack's risk control mechanism? That's the core to survival. Entering the perp space now carries more risk than opportunity. Contracts are really a game for quick profits; where is the logic for long-term holding?

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OffchainWinner

· 11h ago

Perpetual contracts do have real opportunities The perp track isn't that simple; liquidity is the key Backpack is indeed worth paying attention to; differentiation is necessary to survive HyperliquidX setting the ceiling doesn't mean there's no chance Waiting for market rotation, don't rush User experience and liquidity, whoever does better will win Whether this round can secure a position mainly depends on execution ability

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