POPA Recon2026 Q2 CEX Trading Data Review: Whose OI and Trading Volume Were Inflated?
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 Vo…
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