Anthony Pompliano

It's just not a great way to trade.

And I completely understand that, which is why

you know, when these banks and these exchanges have pushed to put perps in the TradFi arena, they haven't really gone to the base route of clearing is broken in a 24-7 internet way.

We do it better in crypto.

We all, as the exchange owners, have skin in the game.

And if we don't have skin in the game, we've limited the payouts to make sure that we're all solvent.

So, you know, in the statistical sense,

In crypto, we have these left and right tails, and they're properly capitalized, which means you don't get these ridiculous payouts.

But in TradFi, the left and the right tails are undercapitalized.

This is why the Nassim Taleb's of the world can make a lot of money, because you can predict the crisis.

And you know that the bank on the other side, even if they can't make good with their own balance sheet, is going to get a bailout from the Fed, just like AIG was bailed off to pay Goldman Sachs, right?

And so that's why these tails are undercapitalized in TradFi, because of these clearing systems.

And if we don't fix these clearing systems, you cannot have a nice 100x leveraged perp on anything.

It just doesn't make any sense.

And the retail investor wants 100x leverage.

They're not going to say, oh, it's dicey, so I'm going to take the 3x leverage and close on the weekends versus the hyperliquid 100x leverage, open 24-7, tap, tap, tap on my phone, and now I'm trading.

And so that's why I think that the retail trader is not going to go to any of these TradFi products.

It's just going to be the Virtus and the Citadel's trading against each other.

And they're not trading on a traditional features contract.

Now they're trading against each other on a PERM.