Binance and MEXC each hold nearly $3B in active perp liquidity, about double any other venue. Then a sharp drop: Hyperliquid $2.09B, Gate $1.83B, and Bitget with ~$1.1B.

The story here is Hyperliquid — the only DEX near the top, beating Bybit, OKX and Bitget on active perp liquidity. On-chain perps now compete with the biggest CEXs for real depth.