Kaledora Linn, Co-Founder at Ostium, joins us to talk about revolutionizing onchain trading by bringing traditional finance assets like stocks, commodities, and FX to DeFi through perpetual contracts. We explore why perps are superior to tokenization for trading, the evolution from single-asset to cross-asset platforms, how macro news drives modern volatility, capital efficiency challenges, and why retail traders prefer perps over options. Plus institutional use cases and the future of "perpification."

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Notes:
• Ostium offers up to 200:1 leverage
• Mirror had billions in open interest on stocks
• Synthetix was heavily over-collateralized with SNX
• Perps dominate over options in crypto markets
• Post-COVID macro drives cross-asset volatility


Timestamps:
00:00 Start
00:17 Kaledora Linn - Co-Founder of Ostium
10:01 Ostium's synthetic model
25:08 How Ostium works
35:52 Ellipsis Labs
37:56 KYC & identifying toxic traders
43:01 Market makers
45:22 Price oracles
47:22 Funding rates
52:00 Synthetic vs. on-chain order book
55:29 Weekday markets closing
59:25 On-chain price discovery
1:01:42 24/5 markets
1:03:14 Scaling the market

The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 

Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ⁠ellipsislabs.xyz⁠.

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