[Wintermute Founder: The Problem with the Industry Lies in Exchanges Combining Multiple Functions] DeFiance Capital CEO Arthur Cheong posted on X this morning, stating that the product design and market structure of crypto derivatives (especially perpetual contracts) are the biggest structural issues facing the industry. Without improvement, sustainable growth will be difficult to achieve. Wintermute founder Evgeny Gaevoy responded, pointing out that traditional finance has already addressed these flaws. The real issue lies with centralized and pseudo-decentralized exchanges that combine the roles of executing brokers, central limit order books, and custodial services into one.