Read this Q1 exchange report this morning—lots of data, here are a few takeaways: 1/ The 'one dominant, many strong' landscape In terms of derivatives trading volume (34.9%), daily average OI (open interest) holdings (29.9%), user asset reserves (73.5%), and BTC futures depth (54.6%), Binance's share of the industry is significantly ahead. Especially for user asset reserves—Binance's $152.9 billion is truly dazzling. The current competitive landscape is: Binance is the dominant player, while other exchanges are the strong contenders. OKX is strong in futures, Bybit is rising fast in spot trading, and Gate and Bitget are also fiercely competitive. Smaller exchanges are not only squeezed by the top players but also eaten away by on-chain DEXs. 2/ Hyperliquid is worth watching Hyperliquid's Q1 derivatives trading volume reached $492.7 billion, making it into the Top 10. Its daily average OI of $6 billion pushed it into the Top 6. Perp DEXs are really stealing business from CEXs. Especially for users in Europe and the U.S., the 24/7 uptime and censorship resistance of Perp DEXs are highly attractive. 3/ The market phase we're in The report highlights one key stat: Q1 derivatives trading volume was 9.6 times that of spot trading—almost a 10:1 ratio. This shows that most of the players still in the market are using leverage to gamble. Spot allocations are shrinking, while perpetual contracts dominate. In this structure, market volatility is amplified, and black swan events can hit harder. Looking at the data: January was the peak, February saw OI drop by 27%, and March stabilized but didn’t return to January levels. This is a typical post-deleveraging recovery phase. The 10/11 crash was brutal, and the market needs at least half a year to recover. For Q2, keep an eye on a few things: 1) Will the Fed ease up? 2) ETF fund flows; 3) Whether Middle East geopolitical tensions will worsen. Overall, compared to last year (https://(x.com)/Sea_Bitcoin/status/1950131444132524275), the exchange landscape hasn’t changed much. CEXs play a far broader role in this industry than the single roles of banks, brokers, and exchanges in traditional finance. Competition remains fierce, but for users, security is the foundation.