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UID:20251012T232739EDT-4113zrpPKU@132.216.98.100
DTSTAMP:20251013T032739Z
DESCRIPTION:Will Gornall\n\nUniversity of British Columbia\n\nHow Short-Ten
 or Perpetual Futures Solved Crypt’s\n	Noise Trader Problem\n\nDate: Friday\
 , September 13\, 2024\n	Time: 10:30-11:45 am\n	Location: Bronfman Bldg. (100
 1 Sherbrooke St. West)\, Room 340\n\nAll are cordially invited to attend.
 \n\nAbstract:\n\nMost cryptocurrency trading uses perpetual futures contra
 cts. We show empirically and theoretically that these contracts outcompete
 d standard futures by reducing noise trader risk. Standard futures contrac
 ts worked poorly in cryptocurrency markets because liquidations and price-
 insensitive speculators pushed futures prices far from their underlying's.
  Perpetual futures reduced this noise trader risk by strengthening arbitra
 ge pressure using funding rate payments. This form of contract quickly dom
 inated the crypto market\, increased liquidity\, and caused noise trader r
 isk to become non-priced. We argue that this mechanism of relaxing limits 
 to arbitrage could reduce tail-risk for conventional futures products subj
 ect to volatile\, price-insensitive demand shocks.\n
DTSTART:20240913T143000Z
DTEND:20240913T154500Z
LOCATION:Room 340\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Desmarais Global Finance Research Centre (DGFRC) Seminar: Will Gorn
 all
URL:/desautels/channels/event/desmarais-global-finance
 -research-centre-dgfrc-seminar-will-gornall-359458
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