I disagree with the camp that says IBRL is the only thing that matters.
IBRL gets us very far, but consistent and verifiable ordering is table stakes for the future of perpetuals (the most valuable market in crypto).
Market makers need consistency to quote (they told me). If they don’t quote, or only quote sometimes, spreads and liquidity stay shit.
Comparing perps to spot is generally retarded. If the spreads could be the same, they would. But alas, they are not. Why? No ordering guarantees.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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