Wintermute founder: The real problem in the industry is that exchanges combine brokerage, order placement, and custody functions into one entity.

Odaily Planet Daily reports that DeFiance Capital CEO Arthur Cheong posted on X this morning, stating that the product design and market structure of crypto derivatives (especially perpetual contracts) remain the biggest structural problems facing the industry. If these issues are not addressed, it will be difficult to support the industry's path to sustainable growth.

Wintermute founder Evgeny Gaevoy responded that traditional finance has long since solved these shortcomings, so the real problem is not in the design of perpetual contracts, but in centralized and pseudo-decentralized exchanges that combine execution brokers, central limit order books (CLOBs), and custodians.