The big boys are entering the arena. In July, @HyperliquidX (via trade.xyz) had ~80% of RWA perp volume. This week: 26%. The market doubled in that time frame. Weekly RWA perp volume went from ~$20B to ~$40–60B, but CEXes took nearly all of the new flow. Binance went from 3% share to 30% in two weeks. OKX went from zero to 14% this week alone. Gate and Bitget are scaling too. CEXs now hold 64% of the market. They know what’s at stake: if they lose RWA perps to on-chain venues, they lose their claim to being the default trading venue, period.