Wu Blockchain (@WuBlockchain): 2026 Q2 CEX Trading Data Review: Whose OI and Trading Volume Were Inflated?
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2026 Q2 CEX Trading Data Review: Whose OI and Trading Volume Were Inflated? An analysis of Q2 CEX data examined trading volume-to-reserve (Vol/PoR) and open interest-to-reserve (OI/PoR) ratios across eight major exchanges, with Hyperliquid used as the benchmark. Binance and OKX remained within normal ranges, while Bybit’s higher Vol/PoR ratio was mainly driven by declining reserves. KuCoin’s previously elevated trading volume normalized after incentive programs were reduced, but MEXC and Gate continued to show elevated ratios, with MEXC’s derivatives Vol/PoR reaching 3.73x and Gate’s total Vol/PoR rising to 3.25x. In OI analysis, MEXC recorded the highest OI/PoR ratio at 3.06x, followed by Gate at 2.33x, while KuCoin and HTX showed unusually high OI-to-volume ratios. RWA perpetual trading expanded in Q2, with SanDisk and SK hynix among the largest contributors, although tokenized equity spot markets remained too small to materially affect reserve-based metrics. As exchange reserves declined during the quarter, some platforms’ reported trading activity and open interest did not fall proportionally, widening the gap between reported metrics and underlying capital levels.