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How the perpetual's implied valuation detaches from the real listing then re-converges at debut
synthetic market
Synthetic access
access w/o ownership
Leverage amp
5-10x, trades 24/7
Thin order book
few orders move the mark
Perp book
no share
delivery
STAR share
listed at IPO on STAR Mkt
listed reference
perp mark
gap - detached
re-converged
Long liquidation
leveraged longs forced out
USDT settlement
cash claim, no shares
perp mark - synthetic
listed reference
long liquidation