To measure the liquidity of the tokenized stock perpetual contract market, Coindesk's report is worth reading. Liquidity is best measured by the actual behavior of capital, rather than the numbers displayed by the platform. We cannot just look at how much quantity is hanging on the order book, but also at how much capital is willing to stand there and how much impact these capital can have during non trading hours. The CoinDesk Research report breaks down the measurement criteria into three layers: 1) The display depth is the weakest layer, and the quotation can be withdrawn at any time. The depth of the order book publicly available on different platforms is already inconsistent, and Hyperliquid even only displays a limited number of levels. Withdrawal takes priority over eating orders, making depth appear more fragile. Depth is just a hint, not a promise; 2) The trading volume goes further by recording actual transactions, reflecting short-term executable liquidity, and determining spreads and slippage. However, the trading volume of perpetual contracts is nominal value, often with leverage, and is easily incentivized or pushed up, and cannot be directly equated with the capital that truly bears the risk; The trading volume can better reflect how active the market is during a period of time. During SanDisk's 30 day perpetual period, Binance transactions amounted to approximately $41 billion, while OKX transactions amounted to approximately $22 billion. In the overall tokenization of perpetual stocks, Binance accounts for approximately 58% of the trading volume. Looking at the broader sustainable market, the snapshot as of August 31, 2026 shows a daily trading volume of approximately $50.6 billion for Binance, $22.2 billion for OKX, $13.4 billion for Bybit, and $7.9 billion for Hyperliquid. Among these four companies, Binance accounts for approximately 54% of the total trading volume. This leadership is also related to user size: Binance reports a user base of over 327 million, OKX has 120 million, Bybit has 70 million, and Hyperliquid has approximately 1.6 million. A larger user base means that more people can easily access without the need for local brokerage accounts, and without being limited by traditional market trading hours and settlement rules. Perpetual allows for instant short selling, with higher leverage and lower margin, which makes more users willing to invest risk here for turnover. 3) The open interest contract is the cleanest indicator among the three: it is the margin locked in the position, and as long as the position is held, it continues to pay the capital rate. It cannot be arbitrarily suspended like a quote, nor is it simply a turnover, but a state of capital "standing". Taking SanDisk perpetual as an example, Binance leads at a depth of ± 0.5%, with a 30 day trading volume of approximately $41 billion and open contracts of approximately $240 million; In the overall tokenized stock perpetual, Binance accounts for approximately 58% of trading volume and 55% of open contracts. These numbers indicate that the capital that is truly willing to put margin in it is highly concentrated on a few platforms. The report also reminds that markets with high open positions but almost no transactions are still difficult to enter and exit. The trading volume determines how much can be traded at the moment, while open positions determine how long capital takes on risks. The market with high OI but almost no trading volume is still difficult to enter and exit; Depth is just the starting point. The perpetual tokenization of stocks makes these differences more apparent, as the same subject is listed on different platforms, resulting in significant differences in the degree of order book disclosure. During periods of traditional market closure, these perpetual contracts provide a continuous trading path, allowing exposures that may have been hedged only after the market opens to be processed over a longer period of time. It turns the potential opening gap into a continuous price path. The structural advantages are straightforward: instant short selling, no currency exchange or T+1 settlement, higher leverage, lower margin, and global users can trade Korean or US exposures without the need for local brokerage accounts. The result is that the demand for risk hedging during non trading hours naturally flows to the places with the most abundant liquidity, and prices are formed there.