Perpetual futures, or perps, are the most traded instrument in crypto. They let you bet on price with leverage and never expire, held in line with the spot market by a clever fee called the funding rate. They are powerful,β¦
Every time you trade on-chain, an invisible competition decides the order of transactions in the next block, and whoever controls that order can extract value from yours. That is MEV. It funds a hidden industry, quietly taxes ordinary users, andβ¦
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