This is commissioned research for Pepperstone, and its product does not pass through live peer-to-peer funding: the broker fixes the rate weekly and applies it as a daily swap. Traders swap oracle and smart-contract risk for broker credit and weekly basis risk, a trade that got a brutal mark yesterday when Ostium lost at least $11.86M in one confirmed Arbitrum transaction: [0x359f…d4870e0](https://arbiscan.io/tx/0x359f8c05b86a4409d60cfba02084334313fd94b19f74a294fb7fc4ea7d4870e0).

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