Unchained How Hyperliquid Came to ‘Threaten the Very Existence’ of CEXs Like Binance - Ep. 915
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Oct 2, 2025 Ryan Watkins, co-founder of Syncracy Capital and crypto investor, teams up with Sunny Shi, a keen analyst from the same firm, to explore the fierce rivalry between decentralized exchanges (DEXs) and centralized giants like Binance. They discuss the implications of new competitors like Aster, the dynamics of on-chain order books, and what Hyperliquid's growth means for traditional exchanges. Their insights on Solana's potential role and the evolving market landscape shed light on the future of trading in crypto.
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Perps Migration Is A Major Threat
- Centralized exchanges face their biggest threat as on-chain DEXs steadily take market share in spot and perps trading.
- Perps are a massive profit pool and moving them on-chain forces incumbents to respond or build competing products.
Airdrops Drive Temporary Volume Surges
- Aster's surge in volume is likely amplified by token airdrop farming and point campaigns rather than sole organic trading.
- Volume versus open interest and long-tail pair activity help distinguish farming-driven volumes from genuine trader demand.
Open Interest Beats Notional Volume
- Open interest is a better signal of committed capital than raw notional volume when comparing perp venues.
- Hyperliquid shows higher open interest on new tokens, which signals deeper trader commitment than short-term farming.