《2026 Q2 CEX Trading Data Review: Who's Inflating OI and Trading Volume?》 (Author: @agintender) This article analyzes recent PoR, trading volume, and OI data from 8 exchanges, recalculating Vol/PoR and OI/PoR, and comparing Q1 and Q2 to observe the convergence of denominator reserve shrinkage and numerator trading volume changes. Conclusion: The Hyperliquid benchmark remains valid, Q2 thresholds have dropped, and exchanges like Bitget, KuCoin, MEXC, and Gate show denominator compression and/or numerator fluctuations. Overall market share is trending toward concentration, RWA trading is active but overall scale is still influenced by reserves. Read the full article: https://www.(wublock123.com)/articles/article-59266