Way back in the 1990’s – trading shops could get cash vs futures margin offset from prime brokers. Fast forward to today and they get portfolio margining across multiple entities – including their equities, options, futures, swaps, and financing as one risk book. Crazy, sophisticated capital efficiency. ✅ While in crypto land: most perps DEX’s ask those same trading shops to post margin separately – with zero offset or consideration. Add the risk of silo’d liquidations and ADL? Drastically lower activity. This is why I laugh when the maxi’s say no new perps DEX can gain market share with an improved approach. Kudos to the first movers, but we haven’t even scratched the surface with real traders. Gotta at least get to 1996 on portfolio margin…