Grvt's approach is quite different from other Perps, redefining capital efficiency. Many people focus on the 10% / 11% returns, but behind it is actually the margin + yield layer, which is essentially capital reuse, similar to investment banking logic. Because at its core, it's doing one thing: rehypothecation. To put it simply, using your money to make more money elsewhere. This is very common in traditional finance, like banks.