Teacher Ni pointed out two key issues with current trading: 1. Non trading time holding costs 2. As a derivative, the contract has not played a true role in hedging risks for Tradfi In the future, all in one exchanges will definitely do their tradefi business like this: 1. Launch 1:1 RWA spot trading on Tradfi 2. Include RWA spot assets in a unified account with a high collateral ratio (at least 50%) to support assets 3. In a unified account, use Spot&Margin to purchase Tradefi spot, and then open a contract during non trading hours if you want to hedge, achieving delta nectral (which also implements arbitrage strategies at positive funding rates)