Episode
A Perp Venue Asked Her to Trade Her Own Benchmark. She Said No
- Podcast
- Unchained
- Published
- Jun 30, 2026
- Duration seconds
- 491
- Processing state
not_requested- Canonical source
- https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML3822384560.mp3
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Summary
Carmen Li thought it was a joke when a perpetual futures marketplace asked her to become the market maker for her own index. It wasn't. In this segment from Bits + Bips: The Interview, she walks Steven Ehrlich through the requests that alarmed her, a daughter analogy for why trading your own benchmark destroys neutrality, the manipulation risks she sees in crypto's index practices, and why she insists any perp venue on her index be regulated and guardrailed. Host: Steven Ehrlich - Host of Bits + Bips and Head of Research at Sharplink Guest: Carmen Li - CEO of Silicon Data and Compute Exchange This clip is from a longer conversation on GPUs, compute markets, and crypto. Full episode here: https://www.youtube.com/live/rYDiPneJv20?si=fjS7bSd-bJ6c6tYb We go live every Monday - subscribe to catch it live. Sponsors Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). Chapters 🤝 00:00 The perp venues circling her index, and the request that immediately felt off 🚩 01:27 The ask she thought had to be a joke: become the market maker of your own index 👧 02:47 Carmen's daughter analogy that nails why trading your own index breaks neutrality 🛡️ 04:47 The guardrails that keep it honest: external audits and hard internal trading rules 🔀 05:36 Why you can't just swap one index for another and keep on trading ⚖️ 06:26 Her one demand for any perp venue building on her index: regulated and ring fenced Learn more about your ad choices. Visit megaphone.fm/adchoices