1/ The OMG basis is a good example of how much easier it is to understand things in retrospect. There seemed to be lots of confusion on CT about what would happen – would there be a short squeeze cos of all the ppl shorting perps to hedge their OMG long?
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The spot/perp basis gave the market implied valuation of the airdrop token (with some careful adjustment for funding payments and probably a bit of risk premium)
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(I completely agree that it is much easier to see all this in retrospect)
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