Binance's alpha+wallet+contract+spot listing system has basically shattered the listing systems of other offshore exchanges, and it seems that everyone can only avoid its sharpness. But the real money that the exchange makes is still big currency contracts. Buying new products on the spot doesn't make money, it's more about gaining users and traffic. Although OKX has basically given up listing, its contract trading volume was still second only to Binance last year, and everyone has kept a tight watch on its core profit base. In addition to its core business, OKX focuses on blockchain, Bybit expands into forex and gold bulk, Bitget mainly focuses on Payfi and cards, Gate focuses on compliance, MEXC focuses on the Middle East, HTX focuses on Russian, and a group of small firms are secretly doing business in the United States. Each company is also engaged in differentiated competition.