Ian De Bode
speaker
389 appearances
1 recordings
1 series
first heard Jul 2026
last heard 2 Jul
Ian De Bode’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
You know, a PERP is a very elegant, beautiful instrument.
To your point, it is, I mean, it's a derivative contract, right?
It's fully unbacked.
It's synthetic exposure to an asset that you have an oracle for and you can figure out what the price is.
And then there's a funding rate, depending on whether you go long or short, you're basically paying on an ongoing basis to have a position.
But it's a beautifully simple product because it is synthetic exposure.
You can open it just with a stable coin.
You can keep it open 24-7.
It's got no rollovers, no expiry.
That is why so many crypto traders really like the concept of a perpetual future.
But the problem with the PERP market right now is that it's a pretty capital inefficient product.
What I mean by that is, particularly for real world assets, what ends up happening is, let's say someone wants to go long Tesla, right?
So an investor comes in, they deposit stable coins, they go 10X long Tesla.
For every long on these PERP platforms, there's a short, right?
So a market baker comes in, they deposit stable coins, they short Tesla.
No market maker actually wants to be short.
It's not what a market maker does.
A market maker always wants to be hedged.
So they have a brokerage account off-chain where they buy the Tesla stock.
The brokerage account is funded with whatever else they want.
Showing 121–140 of 389 · page 7 of 20
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