Hype and other on-chain perps are the mortal enemies of CEXs. This wave of farming isn’t just about winning or losing—it’s about life and death. If you farm and make money, it means the era of CEXs is over. If you farm and lose money, it means perp DEXs collectively perish, leaving only Hype as the sole survivor. There are two exceptions: Binance’s CEX and Bybit’s Apex. These two are openly playing the role of double agents infiltrating the perp space. They won’t die, but whether they thrive depends on how much support their masters give them.