In the past two years, many veteran traders have felt deeply about this. Previously popular traditional brokerages have consecutively undergone regulatory reforms, with a large number of high-net-worth users restricted to only selling and unable to open new positions. Idle high-quality funds are eager to find reliable destinations. Suddenly, major leading exchanges and top-tier DEXs have launched a battle for talent. CEXs focus on compliance and deep liquidity, while Hyperliquid attracts users with no KYC and flexible positions. Moving back and forth across multiple platforms has become the norm.