That's what we call convex, right? I can win a lot, but I can only lose so much.

This is a very, very attractive concept for retail. And when you see the, you know,

perps trade hundreds of billions of dollars every day, a lot of its retail participation.

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If you're new here on this show, we cover everything to do with the crypto markets.

We analyze market movements, big news headlines, and try to make sense of new headwinds

when it comes to this emerging asset class.

But to truly understand what's going on, we need to set a strong foundation.

And so moving forward on markets daily, we are going to regularly explore some of the products and concepts driving the crypto markets.

Today, we're taking a look at perpetual futures contracts with head of product and research at CoinDesk Indices.

Andy Bear, welcome to Markets Daily.

Jen, great to see you as always.

You are my favorite guest.

I think everyone on the show knows it, but love to say it.

Love to have you here. And we're doing our first crypto 201 episode where we dive deep into a topic

that comes up often on this show. Now, I think there are people who listen to the show, Andy,

...