‘Crypto is a part of TradFi’ The stages of CEX entering TradFi: third-party tokenization -> CFD -> perpetuals -> pre-IPO -> brokerage -> ? Looking back, it’s only been a few months since CEX launched TradFi perpetuals. The monthly trading volume of TradFi perpetuals on CEX + Perp DEX has stabilized around $200 billion, becoming a significant asset class. Commodities remain the largest category in TradFi perpetuals, but thanks to the excellent market conditions in U.S. and Korean stocks, the trading volume and share of stock perpetuals have doubled compared to the previous month. At the same time, a golden opportunity has emerged. CEX has widely integrated U.S. stock broker trading, seamlessly connecting spot, perpetuals, and contracts. Options are just a matter of time. Moving forward, this will expand from U.S. stocks to the entire market, forming a unified trend.