$19B across 15k beta users is about $1.3M notional per account, so the first diligence question is how much of that is perp churn or market-maker flow versus actual prediction-market demand. APAC can use localized markets better than another U.S.-centric Trump/sports board, but Hong Kong, Singapore, Australia, Korea, and Japan will not treat “event contracts” the same way. If TurboFlow turns perps liquidity into tight event-market pricing without getting boxed into unlicensed gambling, Pantera backed a distribution wedge, not just another CLOB.

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