Imagine spending an hour with the world's greatest traders. Imagine learning from their experiences,

their successes, and their failures. Imagine no more. Welcome to Top Traders Roundtable,

the place where you can learn from the best hedge fund managers and investors in the world,

so you can take your manager due diligence or investment career

to the next level. Before we begin today's conversation, remember to keep two things in mind.

All the discussion that will have about investment performance is about the past, and past

performance does not guarantee or even infer anything about future performance. Also understand

that there's a significant risk of

financial loss with all investment strategies, and you need to request and understand the specific

risks from the investment manager about their products before you make investment decisions.

Now here's your host, veteran hedge fund manager, Nealz Kostrup Larson.

Welcome back to Top Traders Roundtable, a podcast series on managed futures brought to you by

CME Group, where our guest host today, Chris Solars, continues his conversation with James

Kutulas, Roy Niederhofer, and Tim McCourt, where they

discussed the current state of the crypto space.

So without further ado, let's rejoin the conversation.

When I see the spectrum of products available for offer on the crypto, on the hedge fund side now,

the media says there's over 300 crypto hedge funds, perhaps trading $10 billion.

I put them on a spectrum from very short term to very long term.

So at the very short term, we have the arbitrage guys, the exchange arbs guys that we're seeing now. The arb perhaps is so well squeezed that now they're doing triangular arbs.

Maybe they're doing Bitcoin dollar on one exchange versus Bitcoin Ether on another

exchange versus Ether on another exchange versus Ether

...