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 sh ...