1000x

Avi Felman × Jonah Van Bourg × Kaledora Kiernan-Linn

Kaledora Kiernan-Linn argues that post-COVID volatility is pushing consumers toward second-order event trades and cross-asset exposure, making perps the instrument for “the perpification of everything.”Ostium is positioning as a broker layer that puts existing global markets on chain rather than rebuilding exchange infrastructure, while its traders’ early stagflation positioning highlights both signal quality and sharp P&L risk.

Avi Felman × Jonah Van Bourg

Hyperliquid is moving beyond crypto speculation as trade XYZ reached 2% of global crude volumes, while token dispersion makes revenue and growth more relevant than broad beta exposure.Perpetuals may attract flat-price commodity trading and 24/7 venues offer a claimed 35% revenue lift, but dated futures, institutional hedging, DeFi security, and Washington’s regulatory decisions remain key adoption constraints.

Don Wilson × Avi Felman × Jonah Van Bourg

Don Wilson built DRW’s edge by mapping entire option surfaces, combining fair value with order flow, and exploiting mispriced forward volatility in serial options.His Bitcoin thesis centers on reducing costly intermediation, while its reflexive adoption-and-price loop makes leveraged momentum vulnerable; real-time collateral movement may be blockchain’s stronger market-structure application.AI’s trading use remains unresolved, and Wilson’s rates and Lehman examples point to risk management and probability-weighted pricing—not disappearing arbitrage—as the durable capability to monitor.