Industry Trend & Regulatory Landscape - Perpdex, exemplified by Hyperliquid, are viewed as CEX engaging in regulatory arbitrage by exploiting regulatory loopholes, presenting both advantages and differences compared to previous products like GMX [1] - The market shows a clear preference for the new narrative of perpdex, leading to successful asset speculation [1] - There is a possibility that perpdex could be subject to regulation in the future [1] - The absence of KYC requirements and regulatory compliance allows perpdex to capture a significant portion of users and assets [1] Competitive Pressure & Potential Solutions - Exchanges other than Binance are facing pressure on trading volume and listing fees since the launch of BN Alpha [1] - CEX may develop their own perpdex to compete for users who prefer no KYC requirements [1] - A token-incentivized, high-control model can generate substantial subsidies to attract users, who then pay transaction fees, which are used to repurchase tokens and create buying pressure [1] - A potential solution involves splitting $OKB from the CEX entity and using it as the basis for a perpdex token, or creating a new perpdex token, to establish a subsidy flywheel [1] OKX Strategy - OKX's focus on technology and product development may lead to a disconnect with asset management [1] - X Layer will provide its own solution for on-chain perps [1]