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Meilin (美林 / 美琳)
Meilin (美林 / 美琳)
Since April, Binance has added roughly $350B in monthly non-crypto perp volume. Hyperliquid has added about $15B. Almost all the growth across these two venues has gone to Binance. I compared their volumes across stocks, indices, commodities, FX and pre-IPO markets. Hyperliquid’s numbers include all HIP-3 deployers. In April, Hyperliquid did 66% of Binance’s non-crypto volume. By October, it was 17%. For BTC and ETH, the equivalent ratio went from 16% to 18%.

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