Equity Perps With Annanay (QFEX)

Bullish:

• $PERPS - Perpetual futures are an efficient innovation from crypto that will inevitably replace traditional futures in TradFi markets, eliminating costly quarterly rolling.

  • “I couldn't see a situation where they didn't replace futures with perps”

    Annanay·9:28

  • “In traditional markets they don't have perps, right? I was like at the moment. Until now, they have to roll futures. Every three months they have to go through this huge exercise of buying and selling the whole inventory. It's expensive, costs billions for the industry.”

    Annanay·3:55

  • “I think perps are not a good choice for instruments where the underlie is so illiquid that there's nothing really to tether to”

    Annanay·50:36
• $MARKETSTRUCTURE - Traditional market structure will undergo massive transformation adopting crypto innovations like 24/7 trading and higher leverage, creating opportunities for new exchanges.

  • “I couldn't see a universe in which kind of exchanges like CME and ICE and like all these other like big institutional exchanges that trade traditional assets futures, didn't look something like a crypto exchange looks like now”

    Annanay·9:15

  • “It's really ripe for that kind of situation where it takes a startup and a disruptor to to basically go in and say, hey, you know, the current incumbents are ringing the rules against everyone's favor. We're gonna come in we're we're gonna come and shake things up.”

    Annanay·49:17
• $CLOB - Central Limit Order Books are the superior market structure that crypto is converging towards after failed AMM experiments.

  • “I feel like AMMs is really an instance of crypto exchanges rediscovering why central limit order books work from first principles”

    Annanay·18:38

  • “essentially, of those is wonderful thing where everyone's incentivized for the system to work”

    Annanay·19:53

  • “was natural the crypto world moved towards this because we were just kind of reinventing it from scratch”

    Annanay·20:23

Bearish:

• $AMM - Automated Market Makers are fundamentally flawed as liquidity providers get picked off during price moves, making them inferior to CLOBs.

  • “an is basically like a central limit order book, but anytime there's an underlying price move, the liquidity providers into the lose money because they get picked off and arbbed at stale prices versus the underlying book”

    Annanay·18:06

  • “And that's why like generally don't work is because they don't allow people to say, Hey, I'm going to trade, but not the AMM price, only at this price that I specify”

    Annanay·18:18
• $ALTCOINS - Altcoins are dying as momentum factor with people losing trust and not understanding what they are anymore.

  • “Especially since alts are dying and people don't really trust alts anymore. Alts are a very big momentum factor, I think, back in the day. And now that they're kind of download lead, don't even understand what they are, right?”

    Annanay·12:15
• $CME - Traditional exchanges like CME are complacent monopolies constrained by outdated regulation and unwilling to innovate despite inferior product offerings.

  • “They've built themselves this huge moat by being connected to all the brokerages, all the FCMs out there. That's like a moat, right? Being able to be connected to all these other guys who are bringing them customers, they don't wanna go lobby the government to go change that into a more capital efficient and more modern infrastructure”

    Annanay·48:47

  • “It's very monopolistic, they're very comfortable where they are”

    Annanay·49:14

  • “The Commodity Exchange Act in The US is nearly 100 years old. It was literally made for farmers in the Midwest and to protect their interests”

    Annanay·7:02
• $PREDICTIONMARKETS - Prediction markets suffer from fundamental liquidity problems with insufficient volume to be meaningful information aggregation mechanisms.

  • “you look at this prediction market, it's like $3,000 in the whole book. Come on, man. Especially with Cauchy's fees, how am gonna make any money off this? Impossible.”

    Annanay·52:55

  • “I think it's really the stretch to call them these information for everything aggregation mechanism. If you have a volume with $100 of volume, if you have an exchange with $100 of volume with a thousand dollars each side, is it really telling you the odds of Taylor Swift getting engaged within the next two weeks? Probably not.”

    Annanay·53:30