In 12-18m when 90% of perp DEXs are gone these volume to OI ratios won't matter. However, I think they can be somewhat helpful today in telling us which platform users trust. High ratio = likely wash trading Low ratio = likely more real volume/users Yeah, oi can still be faked and farmed, but many of these perp dexs have overweighted points/xp to oi but oi still remains quite small even with the increase in incentives Why? Because oi is capital at risk. Volume farming is cheap. You wash trade, pay some fees, cycle the same $100k through the system 1000 times. With oi farming you actually have to leave money at risk. Even if you're hedging both sides, you're still 1) posting real collateral, 2) exposed to liquidation if you fat finger, 3) paying funding rates, and 4) taking counterparty risk on the exchange Both volume and oi can be farmed but a lower volume to oi ratio likely means users trust that platform more. As it stands today: 1) @HyperliquidX 2) @paradex 3) @Aster_DEX 4) @Lighter_xyz 5) @edgeX_exchange 6) @extendedapp 7) @pacifica_fi 8) @grvt_io 9) @OfficialApeXdex I would be curious to get these founders to chime in. But again, I don't think this will matter in 12-18m when 90% of perp dexs are gone.