Half of RWA Perp Volume Runs Through Binance
Binance cleared $1.59T, or 50.4% of all RWA perp volume. Hyperliquid’s HIP-3 builder framework ranked second at $542.8B, followed by OKX at $345.1B. The other 16 venues split just over one-fifth of the market.
The shift toward CEXs has also accelerated over time. DEXs handled 51% of volume in the first week measured, but just 12.8% in the last.
That shift spread beyond the new equity trade. Index perps were 96% to 98% DEX-cleared through April, but finished the period with 85% of volume on CEXs.
CEXs first captured most of the new equity flow, then gained share in products that had originally been dominated by decentralized venues.
Full venue breakdown ⬇️
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2/ Decentralized venues cleared 51% of volume in the first week measured and 12.8% in the last, and index products, a 96% to 98% DEX-native business through April, ended the window 85% CEX-cleared.
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1/ Half of the RWA perp market is one exchange.
Binance cleared $1,591.9B, 50.4% of every dollar, and leads among the CEXs.
The direction of travel matters as much as the level.
Centralized exchanges won the new equity flow, and quickly took over the products decentralized venues invented.
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