cross-exchange spreads is overpricing short-term positioning

In practice, on-chain fees and perpetual futures interact before price fully reflects either one.

That debate sits next to today’s market focus around “Coinbase and Kalshi Back CFTC in Stock Perps Lawsuit.”

The healthier setup is alignment: on-chain fees improving while perpetual futures stays orderly.

Mapping protocol revenue against exchange reserves is a simple way to stress-test a thesis.

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