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Their synthetic USD is perfectly fine and I would say is better than Bitmex, Bitmex has memes made about how bad their platform is. They were just the first movers/innovators who invented the financial product and now have really good network effects. These other exchanges trade billions in notional synthetic USD per day.

Some of the big Chinese synthetic USD exchanges don't require any ID verification.

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Ha, we have must very different experiences then. Volatile funding rates, frequent claw-backs and thin order books doesn't make for a perfectly fine USD; but maybe it's just me.

Huobi and Okex synthetic quarterlies are fine. Not identical to bitmex perp but pretty much the same.

Clawback is a negative but so is the mex insurance fund, specific users end up paying for it (more in aggregate because the size of the fund has to be massive) through stops.

Anyway who has the best synthetic isnt central to the discussion

Frequent clawback? I don't think there has been any clawback this year nor last.

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