kdot | bulk

There has been a meaningful shift internally

We’ve always worked hard. We’ve always done long hours… But now, we are in the ‘everything clicking together” phase

Every product release now planned, cycles into an additional offering to the unique designs of our underlying risk engine

More markets, more market instruments.., all offsetting your margin requirements giving you more efficiency in your book

The days of 4 different collateral pools for spot, perps, options and outcomes are OVER. Now we work on unifying those experiences under a shared, portfolio aware margin system

Think about things like undercollateralised options that will carry lower premiums, or basis trades where the asset itself is utilised and considered, not lent usdc against…

All offsetting each other, netting discounts on each leg depending on the correlations between those selected markets…

We are clear ahead of the margin efficiency meta and the next 12-18 months is going to show you just how crucial that is

To our competitors: To get even remotely close to matching this, you will have to rip out the core logic of the underlying risk engine that underpins your exchange today.

For us?
We simply need to rollout the next product.

Does anyone know if it's Auros day today?

Met lots of traders today and dug into feedback

Key pieces I want to address;
>We are the best in the world for top of book spreads on majors.

Great to hear, but 3 assets out of 20 isn't good. Everywhere else, we are weak. Alt coins especially, but even though we are 3rd on RWAs, the spreads are still bad. This is my priority focus right now, and you will see some announcements soon about this improving

>Lot's of people still don't know what portfolio margin actually is

We will better educate both with content and on the front end. Some don't care, and thats fine. Institutions and more sophisticated traders have been loving this and we plan to offer better tooling for them to utilise the engine more

>How are you going to manage options?

Binary options are trash. Undercollateralised options via some sort of RFQ model seems most likely, but this is fluid and open to change

Yes they will also fall under the same collateral pool as perps, and we will be the only venue that discounts each leg against eachother (ty devs)

To summarise:
There is no bigger critic of the exchange than me, pretty sure engineering can confirm this 😅 but PLEASE, I am chronically online and here for feedback.

Come to me with any issues and I will personally make sure they are sorted

I was told there were taker fees

Happy ATH!

Hey @solana

Any reason why I’ve been banned from your events?

Just got escorted off the premises for “moving my trading from Solana”

😭😭😭