This break-down of Hyperliquid volume is a good look at how exchanges will differentiate. Exchanges will differentiate on basis of 1. Interface - Insilico Terminal is a better interface for order management 2. Distribution - Phantom owns the end user and makes ~120k a day from perps 3. Asset types - TradeXyz is now ~13% of Hyperliquid volume through offering commodities. The next category here will be geo-specific players that focus on on-ramps and national indices. There will also be fintech players who allow simply having exposure to instruments for specific periods of time once the funding rates cool down a bit.