The State Of Crypto Derivatives With Shiliang Tang and Josh Lim

Jun 16, 2025

Join Josh Lim, Co-founder of Arbelos and Head of Strategy at FalconX, and Shiliang Tang, Co-founder of Arbelos and Head of Trading at FalconX, as they dive into the intriguing world of crypto derivatives. They discuss the significant lessons learned from the chaotic 2022 crypto market and the impact of decentralized finance on market dynamics. Discover their insights on navigating risk and regulatory challenges, the evolving role of Bitcoin, and emerging investment strategies in a rapidly changing landscape.

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INSIGHT

Public Crypto Vehicles Drive Capital Flows

Crypto capital now flows into public crypto vehicles like corporate treasury buys and IPOs, influencing new L1 rotation.
Deals like Plasma and Pump.Fund reflect efficient, large-scale liquidity reallocations in crypto ecosystem.

INSIGHT

Public Funds Support Crypto Valuations

Public funds trading at NAV premium incentivize more inflows supporting crypto valuations and altcoin cycles.
These funds represent a shift from private ICOs to regulated, publicly accessible investing vehicles.

ADVICE

Build Utility for Long-Term Value

Projects should focus on building utility-driven products with durable value to attract long-term investors.
Simply launching public vehicles is less important than creating real, productive on-chain business use cases.

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This week, Jason is joined by Shiliang and Josh to discuss derivatives, perps, trade ideas, the state of the overall market and Public Crypto Vehicles’ impact on the market.

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Chapters:

(00:00) Intro

(02:47) Arbelos Founding Story

(09:25) Still One Big Trade?

(12:14) Ads (Skale)

(13:07) Derivatives Market Explained

(18:26) Perps Explained

(20:53) Venture & Liquid Funds

(23:41) Inefficiencies In Crypto Market

(24:56) State Of The Market

(29:49) Impact Of Liquidity Drains

(32:54) Ads (Skale)

(33:46) Public Crypto Vehicles + Risks

(48:27) Ads (Falcon x,LEDN)

(50:15) Does The Cycle Still Exist?

(51:38) Deribit Deal

(57:38) Bitcoin ETFs

(01:03:34) Hyperliquid

(01:07:42) Trade Ideas

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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.