I tend to agree with @mlmabc's point. Judging by the K-line chart, Binance's depth isn't much better than on-chain perps, yet its liquidation volume is significantly lower than HL. While there's no evidence, this is certainly unusual. The issue of CEX data being a black box persists, but compared to publicly available on-chain perps, we clearly have a better option. If more data isn't disclosed, I believe more people will migrate to on-chain trading. Although the cryptocurrency market lacks regulation, I hope that peer competition will force leading CEXs to disclose more data.