Everything on Exchange Metrics

The ratio of daily trading volume to open interest is the most reliable metric for distinguishing organic exchange volume from wash trading. Hyperliquid’s low ratio confirms its market integrity compared to competitors relying on liquidity farming.

Impact: Investors can use this metric to identify high-quality decentralized exchanges, avoiding platforms with inflated or fake volume.

— from AI Job Losses, War, and Crypto Liquidity · The Milk Road Show· Mar 03, 2026