A Castle Labs study based on live order books found that onchain perpetual futures venues are getting closer to centralized exchanges on execution quality. The report said Hyperliquid showed as much resting liquidity as the median of Binance, Bybit, and OKX across four of five crypto assets examined, while also being cheaper to trade. According to the study, the remaining gap is less about crypto market depth and more about how trading venues price stock and commodity products when the underlying market is closed. The findings were reported by TheDefiant and point to a narrower performance gap between onchain perps and major centralized platforms, at least for the assets covered in the study.
Onchain perpetual futures venues are closing the execution gap with centralized exchanges, according to a Castle Labs study of live order books.
The study found that Hyperliquid had as much resting liquidity as the median of Binance, Bybit, and OKX on four of five crypto assets, while also costing less to trade.
The remaining gap shows up in off-hours pricing
Castle Labs said the gap that remains lies in how venues price stocks and commodities when the underlying market is closed.
The report was published by TheDefiant.
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