on-chain fees is rotating through desk risk limits

A clean chart can hide a crowded trade.

Put beside current chatter on “CFTC clears perpetual futures on stocks, bringing crypto trading model to Wall Street,” the incentive problem looks clearer.

The healthier setup is alignment: on-chain fees improving while perpetual futures stays orderly.

Builders and treasuries should track Asia session flows even when social feeds obsess over on-chain fees.

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