Hyperliquid DEX vs Binance: Has On-Chain Liquidity Overtaken the CEX Giant in 2026?

On January 26, 2026, Hyperliquid founder Jeff Yan claimed on X that the decentralized exchange had become the world's most liquid venue for crypto price discovery, overtaking Binance. He cited tighter spreads and deeper order-book depth on BTC perpetuals, boosted by HIP-3 and HYPE staking, even as critics argued Binance still leads on core liquidity metrics and overall trading volume.