Recently observing some heavy derivatives traders, there's a very noticeable change: funds still come from exchanges, but positions are starting to move onto the chain.

In the past, when everyone opened Perp, many first thought about scoring points, making quick profits, or testing small positions.
👀 And now @HyperliquidX @Aster_DEX platforms like these already hold large amounts of real long and short positions, with some market makers operating here, and others specifically trading new tokens that haven't yet launched on CEXs. The most dedicated hours of monitoring are now spent on DEXs.
According to current data from DefiLlama, Hyperliquid's open interest approaches $9.6 billion, and in the past 30 days, Perp trading volume has reached approximately $239.3 billion.
CEXs still hold the fiat on-ramp, custody, and most of the liquidity, which are hard to replace in the short term; but the most valuable actions for a trader, besides depositing funds, are finding opportunities, building positions, and monitoring the market.
So, when you now open a contract, is the first page you see still the exchange?