Friday’s flash crash didn’t just wipe out longs—it also hit delta-neutral funds and market makers who thought they were properly hedged using perps.

Carlos Guzman of GSR and YQ of AltLayer explain why perps failed so dramatically as hedging instruments, how Auto-Deleveraging (ADL) and oracle issues caused widespread forced liquidations, and why many professional traders are now questioning the viability of using perps for anything beyond directional exposure.

Here’s the full episode: https://www.youtube.com/watch?v=N85y748-w3w