The attached academic paper, dated 10/28/2025, explores non-arbitrage conditions for perpetual forwards, particularly in the context of crypto perpetuals and their relation to equity perpetual oracles. It highlights that trade.xyz's design captures dividends in the form of funding payments to longs. With the advent of liquid equity perpetual NASDAQ contracts, understanding these non-arbitrage conditions becomes crucial for investors.

By defi_monk
Sunny | Research @Messaricrypto | Prev Hedge Fund Monkey | NFA | Check Highlights for Threads | https://t.co/Qu6XiH0KHK