Something structural is happening in crypto perps
the DEX/CEX perp ratio went from 6.3% to 18.7% in 2025. tripled in one year
@HyperliquidX alone is now 18% of @binance perps volume. it was 2% in october 2024
$2.95T in 2025 with 11 employees. 2x coinbase, 12x robinhood
binance's perps volume is down 24% over the past 12 months. hyperliquid's is up 75%