trotro

Bybit covered $1.5B last year, so it shouldn't be surprising that Binance, a much larger exchange, is able to cover 4x more.

I think people here underestimate how profitable these exchanges are.

These companies are selling subscriptions for what is basically AGI, yet you think they should have the same valuation as Crocs (yes, the footwear company) ?

If the goal is just to buy and hold, then you wouldn't use perps, not only because of counterparty risk but also because the funding rate is typically positive, meaning you pay (usually ~10% APR) to be long.

The point of perps is:

- Easy access to leverage. Unlike options or futures, there's no need to roll over.

- It's the easiest way to short a coin. Most of the time you even get paid the funding rate to be short.

- Trading fees are typically much lower than for spot.

- Volume and liquidity can be better for perps than for spot. The BTC/USDT perp did 10x the volume of the spot pair in the last 24h on Binance.

FYI you can go to wa.me/<phone-number> on your browser to start a WhatsApp conversation without having to create a new contact.

But formalization is the easy part for humans. I'm sure every mathematician would be be happy if the only thing required to prove a result was to formalize it in Lean and feed it to the AI to find the proof.

The methods are know, but the solutions to the IMO problems weren't. So the AI did extrapolate a solution.

Also, there's no reason to affirm that an eventual cure for cancer requires fundamentally new methods. Maybe the current methods are sufficient, it's just that nobody has been "smart" enough to put the pieces together. (disclaimer: not an expert at all)