Perps keep driving the crypto market! Monthly volume sits around $3.5 trillion, over 4x spot, and Binance alone is doing about $1.4 trillion. That's roughly 2x the next exchange. Even with total CEX volume down 48% from the peak, activity hasn’t disappeared. Most of it is concentrated, with Binance holding 32% of the spot share and 40% of the perps. When things slow down, liquidity doesn’t spread out; it tightens around the main venue.(Ali Charts)