A hot topic from a friend of MM is why the bull bear contracts and options in the cryptocurrency industry have been relatively difficult to implement for so many years. It is precisely because the perpetual product is too powerful, giving retail investors 125x at will without learning the mechanism. The traditional 5x and 10x are considered high leverage, and retail investors simply cannot participate. It only requires tens of times the depth of the price/doomsday to gamble. Master, I have come to understand that the essence is still regulatory arbitrage. At the beginning of BitMEX, the old black market evaded regulation by using BTC as casino margin to establish huge offshore index black platforms, which should not have been given to retail investors at all. PERP is betting on an index, you have to bet on NVDA TSLA， For the product, there is no problem at all, it's just that the platform has too much regulatory trouble.