My younger brother works at a traditional brokerage. He came to visit me last week and was shocked speechless when he heard about Changxin's 17% funding fee over 2 weeks. Not only do you not have to pay interest on margin financing, but you can also collect huge funding fees, plus there's a discount. It's basically an endlessly rising put—truly a dimensionality reduction blow to traditional brokerages. The cool thing about perpetual contracts in the crypto world is that the funding fees for going long and going short, which would normally go to brokerages, are resolved directly between users.