Ask most people how a crypto price gets set and they will describe spot trading: buyers and sellers meet on an exchange, and the last trade prints the price. But that has not been how it actually wor… [+5930 chars]

Perpetual futures drive much of the price discovery for bitcoin and ether. When traders pointed the same machinery at a private company, they priced the biggest IPO in history more accurately than Wall Street, and then watched the stock walk away from them.

CoinDesk

Bitcoin and ether markets are ruled by perps. SpaceX showed how far their influence can go

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Pons V2 Dex

Uniswap V4 (Robinhood)

Uniswap V2 (Robinhood)

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