Perp venues are becoming brokerages, not exchanges

Variational, Ostium, Lighter and Ondo are moving toward routing flow to market makers instead of matching users through their own order books

Variational, Ostium, Lighter, and Ondo are all moving toward pass through perps: route flow to market makers instead of running their own orderbook or LP pool. These venues look more like brokerages than exchanges. Brokerages don't match