Post #2324

TradFi perps are scaling fast, but the concentration is still obvious. Binance + HIP-3 already cleared $103B MTD in April, with a $12.6B peak day, while the next tier (OKX, Lighter, Bybit) sits at ~$13B combined. That gap is not just liquidity, it is where flow prefers to execute. Deep books attract more volume, and that feedback loop is already in place. For the market, competition is real, but not equal yet. The early leaders are setting pricing and liquidity standards, and everyone else is still catching up.