Haseeb

And I think there's probably a large part of displacement from the spot markets into the derivatives markets, because look, people at a certain extent, they're only buying, you know, they're only depositing so much money.

Now with perps, you can take on the more leverage, but these products are US regulated, which means they're not offering 50X leverage.

They're probably not even offering 20X leverage, right?

Most products in the US offer very low amounts of leverage to retail traders.

So I think the fantasy that we have that, you know, what you see on hyperliquid is going to become available to every American is probably not the experience that we're going to get.

Now, look, I could be wrong.

And I think this changes as the market evolves and as these products become better understood and they get better marketed, and especially if they start being offered to institutions.

I think there's an argument that institutions might be drawn to the purpose market and that this displaces some of the demand for futures and for options and so on.

But I think at the end of the day, the idea that launching domestic perps is going to result in this renaissance of demand for altcoins or for crypto, I think is a bit of a fantasy.

So, look, we're going to see these products soon, if not already.

You know, these products have already been approved.

I don't actually know if they're live and trading.

Do you know that?

They're not.

They're not.

They're not, yeah.

So once these products are trading...

Right.

I would predict that you don't actually see the Bitcoin price move very much once these perps launch domestically.

Now, if I'm wrong, that's how you'll know.