Uploaded June 2025 | Updated September 2026, 2 days ago
This week, Jason is joined by Shiliang Tang and Josh Lim to discuss derivatives, perps, trade ideas, the state of the overall market and Public Crypto Vehicles’ impact on the market.
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Start your day with crypto news, analysis and data from Katherine Ross.
Subscribe to the Empire newsletter: blockworks.co/newsletter/empire?utm_source=podcasts
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Follow Shiliang: https://x.com/ShiliangTang
Follow Josh: https://x.com/joshua_j_lim
Follow Santi: https://x.com/santiagoroel
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: twitter.com/theempirepod
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Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
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Crypto never sleeps. So we built an Al analyst that never blinks.
Meet Focal by FalconX: a GenAI insights engine built for institutional crypto.
Already used by 80+ funds managing $10B+ in AUM.
- Screen, chart, and analyze 1300+ tokens
- Summarize market-moving news instantly
- Integrates data from CoinGecko, Kaito, Token Terminal, Tokenomist, The Tie
Get started today: askfocal.com
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SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees.
SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork
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Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.
Visit ledn.io to learn more.
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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
01:03:334 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.
This week, Jason is joined by Shiliang Tang and Josh Lim to discuss derivatives, perps, trade ideas, the state of the overall market and Public Crypto Vehicles’ impact on the market.
--
Start your day with crypto news, analysis and data from Katherine Ross.
Subscribe to the Empire newsletter: blockworks.co/newsletter/empire?utm_source=podcasts
--
Follow Shiliang: https://x.com/ShiliangTang
Follow Josh: https://x.com/joshua_j_lim
Follow Santi: https://x.com/santiagoroel
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: twitter.com/theempirepod
--
Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
--
Crypto never sleeps. So we built an Al analyst that never blinks.
Meet Focal by FalconX: a GenAI insights engine built for institutional crypto.
Already used by 80+ funds managing $10B+ in AUM.
- Screen, chart, and analyze 1300+ tokens
- Summarize market-moving news instantly
- Integrates data from CoinGecko, Kaito, Token Terminal, Tokenomist, The Tie
Get started today: askfocal.com
--
SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees.
SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork
--
Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.
Visit ledn.io to learn more.
--
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
01:03:334 Hyperliquid
01:07:42 Trade Ideas
—
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.
