Gate launched 10 A-share USDT perpetual contracts today at 14:00, with up to 20x leverage available. Around 17:00, I manually added up the trading volume across the 10 contract pages. In the first 3 hours after launch, the total trading volume was approximately 46,987 USDT. Breakdown: • Kweichow Moutai: ≈ 27,600 USDT • Taiji Industry: ≈ 7,493 USDT • Hygon Information: ≈ 6,556 USDT • Jiangsu Hengrui Medicine: 0 trading volume So at this stage, I think a more accurate description isn’t: “A-share assets are entering Crypto.” But rather: Exchanges are testing whether Crypto users are willing to use USDT + leverage to trade the price risks of Chinese stocks. There’s an important distinction here: You’re not buying the stock. No shareholder rights, no actual ownership of the underlying asset. What you’re primarily taking on is: Price spread + funding fees + liquidity + liquidation risk. So who’s most likely to profit first from these kinds of products? Exchanges: A new product category means more fee revenue. Market makers: More opportunities for cross-market pricing and arbitrage. And who’s most likely to jump in first? At least based on the data from the first 3 hours, the answer is pretty clear: The narrative is here, but the capital isn’t (yet).