Coinbase's derivatives have updated a powerful feature today, offering tiered USDC subsidies based on your open positions, directly benchmarking against capital cost products such as BFUSD and USDE. In the current era of low rates, rewards have already been reversed. For example, if you deposit 100w USDC and open multiple BTC orders worth 200w, the 100w USDC you deposit will naturally generate an annualized return of 8%; If you have a margin of 1000w USDC and open a 2000w contract, then your 1000w USDC will receive an annualized return of 12%. In the increasingly fierce competition of derivatives, Circle has partnered with Coinbase to provide direct cash subsidies for the large market, with the former seeking USDC in the derivatives market. This move has significant strategic significance and immediately pulls the entire capital market into the red ocean battlefield. Finally, please find attached the invitation link for Coinbase: https://advanced. (coinbase.com)/join/47THNEY