DefiLlama launched its REAL Ranking tab on September 16 as an alternative to exchange leaderboards centered mainly on reported volume. The live ranking covered 59 exchanges, scoring reserves, execution, activity and liquidity at 30%, 30%, 20% and 20%, respectively. Binance led with an S-tier score of 86, followed by Coinbase at 79, OKX at 77, Hyperliquid at 74, and Kraken and Bybit at 73. DefiLlama says centralized exchanges (CEXs) and decentralized exchanges (DEXs) should be compared within their own categories because the methodology treats inputs differently. The ranking arrives as DEX activity expands, particularly in perpetuals (derivatives without expiry), while CME Group adds regulated 24/7 cryptocurrency futures and options trading. Research has also linked wash trading (artificial trading to inflate activity) with distorted liquidity claims and greater prevalence during volatile periods.