Talking about the trading mechanism of tradfi perp on Hyperliquid (price discovery algorithm, insurance fund, ADL), it’s currently far less user-friendly compared to CEX. Plus, tradfi contract traders themselves don’t really need 'decentralization.' If there’s an issue with the price index fed by the Oracle, decentralization actually becomes a disadvantage. For example, perp DEXs generally rely solely on Pyth prices—what if one day Pyth suddenly crashes and causes users’ positions to get liquidated? These are the abnormal trading risks that traders need to consider. When there’s an over-reliance on a single data source, whether the trading design is decentralized or not becomes meaningless (like the annual tradition: Amazon cloud outage causing many crypto projects to go down too).