On-chain trading is heating up— Are on-chain perpetuals really mature? Not quite👇

⚡️ Liquidity Structure: Hyperliquid is growing fast, but liquidity is highly concentrated📉, with 90%+ from a single builder—still a single-driver market.

🔍 Data Transparency: Fragmented pricing references and inconsistent standards📊 create major barriers for institutional adoption.

💸 Funding Rates: Lower and smoother funding💰 attracts long-term capital, but also signals limited activity and market depth.

📈 Growth Drivers: Scaling requires broader demand, stronger execution, and a more standardized, transparent market structure.

💡 Market Stage: On-chain TradFi is still early—fix the infrastructure, and it could reshape the next generation of trading🚀

🔗 Full report: https://www.coinex.com/s/4E5K
CoinEx–Your Crypto Trading Expert