Wintermute founder: The real issue in the industry is that exchanges hold too much power by combining brokerage, order book, and custody services.

ChainCatcher News, 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 issues facing the industry. Without improvement, it will be difficult to support the industry's move towards sustainable growth.

Wintermute founder Evgeny Gaevoy responded by saying that traditional finance has long solved these flaws, so the real problem does not lie in the design of perpetual contracts, but rather in the centralized and pseudo-decentralized exchanges that combine the roles of execution broker, central limit order book (CLOB), and custodian.