One reason Perp is getting such high valuation - it's probably only one product that can print money during bear market.
We tend to forget how miserable the business can be during bear when our brain is "bull-washed" -> Product that can make money during bear market has strong edge.
We tend to forget how miserable the business can be during bear when our brain is "bull-washed" -> Product that can make money during bear market has strong edge.