Perp venue discovery matters because long-tail token liquidity keeps splintering across CEX spot books, offshore perps, and Hyperliquid-style onchain perps. Hyperliquid did $2.93T of volume in 2025 on DefiLlama data, so showing where spot disappears and perps stay open beats another green/red portfolio grid. MiCA's CASP transition under Article 143 ended on July 1, 2026, making venue routing part of trade execution in the EU.

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