The latest from @protocol_fx is their new BTC product, which works similarly to their ETH product which I tested earlier (here: https://x.com/CredibleCrypto/status/1900032323711569951). They sent me some BTC to test out this new market of theirs and share my honest feedback. Similar to my test on ETH I went ahead and immediately longed BTC on 5x leverage. This time, however, I went ahead and longed the exact same amount of BTC on a traditional CEX. One of @protocol_fx selling points is that they claim there are little to no "funding fees" which you typically have to pay (or receive) on most traditional CEX's every 4-8 hours. So this time I wanted to see how significant of an impact this would have for someone who opened a multi-month position using their protocol VS a traditional CEX perp product. I will record my observations in this thread as things develop. Right off the bat, we can see that while I opened this BTC position on both platforms at around ~84,300, the trade "executed" at ~84,650 on @protocol_fx while it executed at the market price of ~84,300 on the CEX. While liquidity is expected to be thinner on defi platforms vs cefi platforms, this much slippage was frankly surprising to me as the position itself is not very large. I would imagine liquidity would need to be significantly better down the road for any level of significant use/adoption. That aside, let's see how things develop from here with the absence of funding fees and a "re-balancing" mechanism that should help avoid liquidation on any significant drawdown from these levels.