Recently, the daily trading volume of TradFi Perp perpetual contracts on both CEX and Perp DEX hit new highs. Interestingly, whether it's CEX or Perp DEX, the market is dominated by a single leader. Binance holds over 75% of the market share in TradFi Perp, while Hyperliquid HIP-3 accounts for over 90% on Perp DEX. From the perspective of CEX vs. Perp DEX, during Monday's peak, the trading volume of CEX TradFi Perp perpetual contracts exceeded $16 billion, almost $10 billion more than Perp DEX. At the same time, Hyperliquid HIP-3 surpassed the combined TradFi Perp trading volume of all major CEXs except Binance. It’s worth noting that TradFi Perp refers only to perpetual contract trading volume. For some exchanges like Bybit, their TradFi trading volume may primarily come from CFDs (which are not included here).