Checked today and saw that DeFiLlama has launched a ranking list for CEX + Perp DEX exchanges. As one of the mainstream data websites in the crypto space, DeFiLlama evaluates exchanges based on four dimensions: reserves (30%), user trading experience (30%), trading activity (20%), and liquidity (20%). - Binance is undoubtedly the only S-tier exchange. - There are 6 exchanges in the A-tier, ranked by score: Coinbase, OKX, Hyperliquid, Kraken, Bybit, and Gate. - Hyperliquid is the only Perp DEX rated as A-tier, ranking as the 4th largest exchange, just behind Binance, Coinbase, and OKX. Compared to the top three CEXs, Hyperliquid's shortcoming in the scoring dimensions is spot trading. - There are 16 exchanges in the B-tier, including 4 Perp DEXs: Aster, Lighter, Extended, and Variational.