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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