On November 17, 2025, at 3:42 AM, the Helix spot market's buy and sell depth both broke through 50 million dollars for the first time.
Nvidia's perpetual depth reached 118 million dollars with a slippage of 1bp, allowing 8 million dollars to be captured. This is the first time on-chain has directly taken down the top 5 of Binance's spot market in real depth.
Why can depth surpass? Institutional market makers finally dare to put all their bullets in.
Frequency batch auctions have reduced MEV to 0, and market makers no longer need to keep 80% of their funds on CEX to prevent sandwich attacks.
Migration bonuses concentrated and exploded.
In the past 7 days, 8 original Arbitrum/Base market-making teams have moved their strategies entirely to Injective, with an average of 40 to 80 million dollars in depth brought in by each team.
Corporate treasuries start acting as market makers.
Pineapple Financial's $100 million $INJ has been fully authorized to internal market-making nodes, with 24h orders not withdrawn.
Funding rate reverse incentives.
Longs are willing to pay higher funding fees for on-chain instant hedging → Shorts (market makers) earn stable returns → More willing to provide depth.
In the past 24 hours, Helix's real trading volume (non-wash trading) has exceeded Bybit's spot for the first time.
Large transactions (>$5 million) have an average slippage 37% lower than Binance.
The total on-chain perpetual depth has reached $480 million, officially entering the range acceptable to institutions.
When on-chain depth exceeds CEX, the capital allocation logic of arbitrage funds, market makers, and hedge funds will undergo an irreversible switch:
From 'playing on-chain' to 'the main battlefield on-chain'. Once depth is formed, it will only create positive feedback:
Deeper → More institutions → Deeper. Injective has crossed that critical point.
It's no longer about 'whether', but 'how fast'.#Injective $INJ
