Continue talking about SPCX and critically evaluate different exchanges 「 Binance/OKX: Rampage Bybit / Bitget：NPC Hyperliquid: Finished pulling '' First of all, Binance and OKX both chose Rebase That is to say, price adjustment and synchronous adjustment of position quantity, in order to maintain the continuous value of user positions as much as possible Of course, there are also differences in the Rebase rules OKX has made adjustments based on 12.52 billion shares this time, and according to the latest 130.8, it still caused losses to some long positions However, Binance has also done similar things, and there was no Rebase in the previous QNTX incident But this time on SPCX, Binance and OKX at least proved that they have this ability This processing direction is the most correct Even if TradFi loses a few points in the stock market this time, it can still be considered a game But Rebase needs to have the ability to handle problems As long as the platform has Rebase capability, there is no need to worry about stock splits, capital adjustments, or class stock conversions in the future So Binance/OKX gave it a boost this time Besides Bybit and Bitget They chose Delist's old contract and later re launched a new contract This approach is essentially giving up But this plan also has obvious problems. I noticed that Bybit's SPCX contract was essentially unanchored before being taken down, and theoretically should have been settled according to 118.7 But the liquidation price just now actually dropped by 10%, which is a common case of delisting contracts becoming unanchored When Bitget was taken down, I didn't observe the complete market, so I'm not sure if there was a similar detachment yesterday At least it's considered a failure. As CEX has improved its technical level, it still has the ability to Rebase in the future So Bybit/Bitget is giving to NPCs this time Finally, Hyperliquid's TradeXYZ TradeXYZ has chosen not to Rebase and will continue to hard chase the price of Class A common stock The bulls have to bear the price gap that should have been handled by Rebase, with an additional discount of nearly 10% The real thunder hasn't exploded yet. What if we encounter a destructive force later? The biggest problem is that HIP-3 does not have the ability to Rebase, which is why I think this is a big issue SPCX itself is just an individual case