TREE NEWS reports: Hyperliquid held as much resting liquidity as the median of Binance, Bybit and OKX on four of five crypto assets and cost less to trade. The remaining execution gap sits in how venues price stocks and commodities when the underlying market is closed.
Onchain Perps Match CEX Liquidity on 4 of 5 Assets, Castle Labs Finds
AI take
The finding matters less as a scoreboard than as a signal about where onchain execution has quietly become competitive: depth parity on crypto pairs, plus lower trading cost, undercuts the assumption that decentralized venues are structurally thinner. The unresolved edge is the non-crypto book, where closed underlying markets force venues to price equities and commodities without a live reference. Whether that gap narrows as these products scale is the open question worth watching.
Generated by AI for reference only.
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