2026-01-09 10:32:33

The market volatility in October last year served as a wake-up call for traders — order book depth dropped to its lowest point since 2022, indicating that market liquidity is tightening. A more straightforward indicator is the funding rate falling from high levels to 4%, marking the end of the "easy money" era.

Interestingly, trading activity is quietly shifting. Increasingly, trading volume is flowing into high-performance on-chain perpetual contract platforms, showing that market participants are voting with their feet — they are seeking more efficient and flexible trading environments. This migration not only reflects the market's demand for performance but also signals a subtle shift in the balance of power between centralized and decentralized trading ecosystems.

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consensus_failure

· 01-12 08:23

The days of easy passive income are gone forever. Now, everyone has to hustle on the chain. This is the true market clearing.

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StrawberryIce

· 01-11 13:07

The days of making money while lying down are truly gone. Now I have to look on the chain to find some interest.

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DataChief

· 01-10 04:04

The dream of making money while lying down should wake up; the market is filtering out true traders. On-chain perpetuals are the future; CEX should be worried. Tighter liquidity doesn't mean there's no opportunity; see who adapts the fastest.

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zkProofGremlin

· 01-09 11:02

The days of lying and earning money really won't come back. Now we have to rely on real skills to fight. --- When the funding rate drops to 4%, people start shouting about a liquidity crisis? That's probably the normal level. --- The saying "vote with your feet" is spot on. It feels like traders are secretly moving to on-chain perpetuals. --- Order book depth hits a new low. The key question is, who is still holding on to CEX... --- This migration is indeed interesting. Decentralized trading is gradually gaining momentum, and centralized exchanges won't be able to survive for many more years. --- I just want to know how those still in the "lying and earning" mindset are doing. --- So basically, centralized platforms are too competitive, and they deserve to be educated by decentralization. --- What does it mean when the funding rate drops from high levels? It means even retail investors are becoming savvy.

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Token_Sherpa

· 01-09 10:56

ngl, the "order book depth collapsing" thing is just natural selection at work—most retail traders shouldn't be here anyway. funding rates dropping to 4% finally separated the signal from the noise, but sure, let's pretend this is some grand migration to onchain perps lol

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FUD_Vaccinated

· 01-09 10:45

The era of easy passive income is really over. Now you have to be careful with your finances. As liquidity tightens, everyone starts fleeing to find new territories. The rise of DEX perpetual contracts is no surprise. Centralized exchanges haven't reacted yet, just wait and watch.

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MEVHunter_9000