The State Of Crypto Derivatives With Shiliang Tang and Josh Lim
Episode publishedPodcast: EmpireEmpire
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You can also think about all these different types of things that exist in crypto as all of them having some sort of optionality embedded in them. And if you can manage a book correctly across all these different instruments, And by the way, not just in crypto. There's, like, iBet options now. Right? There's MicroStrategy options. There's, Coinbase options, things like that. Throw it on a book. Manage it, you know, in an intelligent way. That's how a lot of dealers make money.
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for having us. Yeah.
I like this. Yeah.
Yeah. You guys like the new studio? It's
beautiful. Yeah. Yeah. Gotta plug it.
Gotta plug it. So reminder, go buy your tickets to permissionless. So, Josh, I thought it'd be interesting to hear I mean, you guys were at the heart of the last cycle. You were at Genesis, Schallang, Ledger Prime, which then sold to FTX. So I would say you guys were in the heart of the last cycle and the than the heart of the the blow up, I I think, with the FTX, and then Genesis was obviously providing a lot of leverage. I would love to just hear your guys' story of, like, just that journey coming out of 2022, bear market, how you guys started to found like, founded Arbelos and the journey t
Yeah. For sure. I think, we've obviously told the story a lot to, one on one, you know, with investors and things like that. But I think, yeah, this is probably the time we've kind of talked about it publicly on a podcast. We were both kind of in front row seats, right, for the chaos of 2022. Showing more in a buy side seat and myself more in a sell side seat. And we took a lot of lessons coming out of it, right? I think, we were both kind of privileged to have a lot of connections in the space and just having been a trading counterparty to a lot of the major, hedge funds, asset managers, even
Phil, can you I I know you guys are more private individuals. I feel like you guys don't go into any podcasts and stuff, but I I haven't really heard the story from your view of just, I mean, selling and I mean, the the bear market was tough for everybody, but for you guys, I can't even imagine what it was like going through that. Can you, maybe on the more personal side, like, what was it like going through this?
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