Dust on Crust

We are entering what is called the “dust on crust” segment of the ski season. If Bitcoin is worth $0.5, then the Bitcoin value of the perpetual swap is 2 BTC, $1 / $0.5. This Bitcoin + Bitcoin / USD Inverse Perpetual Swap relationship is so fundamental and important that I must go through the maths every time I talk about it. NUSD would trade at an explicit (e.g., NUSD / USD) or implicit (e.g., BTC / NUSD that is at a premium or discount to BTC / USD) value vs. a fiat USD. As you can see, creating and redeeming moves NUSD, BTC, and swaps between the AP, the DAO, and their respective accounts on the member exchanges.