CEX has gone from being a casino to a pig-slaughtering game. The current mechanisms are way too biased toward the market makers. Especially the funding rate mechanism, which was originally designed to keep contract prices from deviating too much from spot prices. Now, with settlements happening every hour, it’s completely turned into a market maker’s ammo depot. On top of that, 90% of the spot market is highly concentrated in the hands of the market makers—pulling money out of thin air while handing out ammunition. In the case of highly manipulated altcoins, the funding rate mechanism has completely deviated from its original design. Instead of helping prices anchor back to spot, it’s just being used to scam people. Might as well go to a casino, what a joke.