RWA Contract: Using an order book is not a problem, finding a competitor's order is the problem Too long without looking at the version: For PERP DEX with long tail RWA assets on the chain, it is meaningless to argue whether this DEX is an order book or a CFD brokerage model Because the pricing power itself is not on the chain and cannot be on the chain. But for users on the chain, all they need is real-time quotes and sufficient liquidity to trade these assets. Therefore, both models only transmit off chain asset prices, and the real problem is how to find counterparty liquidity for these prices 2. How to provide liquidity for long tail RWA -Order book (Hyperliquid/Light): Provide subsidies directly or indirectly to MM (financial subsidies or indirect advantages to maker) -CFD mode (Variational): All orders are transacted with the platform's securities firms, and most orders result in losses. The remaining orders are hedged externally (i.e. A/B-book) -Prophet Machine Point to Pool Mode (@ hertzflow_xyz): Use the oracle machine to transfer RWA prices to the chain, and all orders and LPs will compete against each other 3. They are all bets, what is the biggest difference between CFD and oracle point to pool mode? The biggest difference is that: -Transparency: The CFD mode is opaque, and the platform can choose to fully bet with the user (100% B-book) or hedge on other platforms, but the user is unaware and cannot even see the order book; The oracle mode is fully chain verifiable, and the LP status is publicly available in real-time -Counterparty risk: Assets on CFD depend on whether there is another larger trading platform available for hedging. But hedge legs, especially RWA, are often a CEX or sovereign stock exchange If hedging is really necessary, then securities firms with local licenses need to be registered; At the same time, if there is a legal compliance dispute or security incident with the other party, resulting in the freezing of funds, the platform will shut down; The biggest risk of oracle mode lies in the credibility of the quotation source, which may encounter oracle attacks 4. From the perspective of sitting in power The off chain compliance market where long tail RWAs are located often has poor liquidity and low profits from sitting in the market If you want to find liquidity in on chain contracts, then the Orderbook and CFD models are far inferior to the oracle model in terms of cost and controllability Because the quote for the oracle mode can be completely derived from spot prices, there is no need for additional order book placement costs, trusted brokerage black boxes, or license compliance time costs. If RWA has low circulation, then you can definitely play with it