Episode Details

Recorded April 23, 2026.

In the second CF Benchmarks live X Space, Head of Research Gabe Selby is joined by Kraken Chief Economist Thomas Perfumo, CF Benchmarks Head of Product Thomas Erdosi, and Research Analyst Mark Pilipczuk for another packed markets discussion. The team breaks down Kevin Warsh's Senate confirmation hearing and what a shift away from forward guidance could mean for rate volatility. They dive into Strategy's accelerating Bitcoin purchases - now at a 16-month high - and whether the NAV premium can sustain the buying machine. The conversation turns to CME's landmark move to 24/7 crypto futures trading from May 29th, and Kraken's acquisition of Bitnomial, giving it the full CFTC license stack that brings regulated perpetual futures to the U.S. for the first time. A deep dive into the Kelp DAO's $292M bridge exploit opens up a broader discussion on AI's dual role as both threat and defence in DeFi security. The team closes with their Q1 factor performance breakdown and a look at the key catalysts ahead.

Chapters:

• 00:00 – Intro & Team Welcome
• 02:27 – Warsh's Confirmation Hearing: What Did We Learn?
• 05:58 – Killing the Dot Plot? The Forward Guidance Debate
• 09:07 – Why Less Transparency Could Backfire on Rates
• 10:06 – Balance Sheet Reduction: Tough Talk, Tougher Execution
• 12:19 – Strategy's Bitcoin Buying Spree Hits a 16-Month High
• 14:52 – NAV Premiums, STRF & the Sustainability Question
• 18:00 – CME Goes 24/7: A Watershed Moment for Crypto Futures
• 21:40 – The Weekend Gap Problem
• 24:27 – Kraken's CFTC License Stack: Spot, Margin & Perps Under One Roof
• 26:21 – Perpetual Futures Go Regulated in the U.S.
• 29:31 – Will Perps Eat Fixed-Term Futures' Lunch?
• 31:51 – On-Chain Innovation: CF Benchmarks Oracles & Tokenised Indices
• 34:15 – Deep Dive: The Kelp DAO $292M Bridge Exploit
• 38:36 – DeFi's Hidden Counterparty Risk Problem
• 43:00 – AI as Defence: Patching Vulnerabilities Before the Hackers Do
• 44:19 – Q1 Factor Performance: What Worked & What Didn't
• 48:14 – Week Ahead: PCE, GDP, Fund Flows & the Clarity Act
• 52:28 – Closing Remarks