Onchain Perps Close Execution Gap With CEXs
- —Hyperliquid matched the median of Binance, Bybit and OKX on liquidity in four of five assets
- —Trading on Hyperliquid cost less than on centralized exchanges
- —The gap remains in stock and commodity pricing when the underlying market is closed
Why it matters: Onchain perps are closing in on CEX liquidity and costs, intensifying competition for institutional and retail flow.
Source: The Defiant