1<!DOCTYPE html> 2<html lang="en" class="scroll-smooth"> 3<head><meta charset="utf-8"> 4<meta name="viewport" content="width=device-width, initial-scale=1"> 5<title>Lucas Schuermann â Swapping Out Perpetual Futures (S7E34) - Flirting with Models</title> 6<link rel="icon" type="image/png" href="https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/cover-1c456e84.jpg"> 7<link rel="canonical" href="https://www.flirtingwithmodels.com/episodes/zFG4ybMGoY9"> 8<meta name="og:site_name" content="Flirting with Models"> 9<meta name="description" content="Corey Hoffstein and Lucas Schuermann dive into trading venues and infrastructure evolution, highlighting Omni's growth and benefits like tighter spreads and zero fees. Lucas discusses liquidity quality, flow segmentation, and hedging challenges across venues. They explore APIs, real-world asset perps (RWA), and the differences between traditional and on-chain liquidity. The episode examines building liquidity from scratch versus aggregation, swaps, their advantages, and user choices between perps and swaps. Financing rates and constraints for on-chain RWAs are also covered. Lucas shares insights on institutional platform ambitions and his interests beyond work."> 10<meta name="og:title" content="Lucas Schuermann â Swapping Out Perpetual Futures (S7E34) - Flirting with Models"> 11<meta name="og:description" content="Corey Hoffstein and Lucas Schuermann dive into trading venues and infrastructure evolution, highlighting Omni's growth and benefits like tighter spreads and zero fees. Lucas discusses liquidity quality, flow segmentation, and hedging challenges across venues. They explore APIs, real-world asset perps (RWA), and the differences between traditional and on-chain liquidity. The episode examines building liquidity from scratch versus aggregation, swaps, their advantages, and user choices between perps and swaps. Financing rates and constraints for on-chain RWAs are also covered. Lucas shares insights on institutional platform ambitions and his interests beyond work."> 12<meta name="og:image" content="https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/cover-1c456e84.jpg"> 13<style>.grain[data-v-9df3c89c]:before{background-image:url("data:image/svg+xml;utf8,<svg xmlns='http://www.w3.org/2000/svg' width='160' height='160'><filter id='n'><feTurbulence type='fractalNoise' baseFrequency='0.9' numOctaves='2'/></filter><rect width='160' height='160' filter='url(%23n)' opacity='0.05'/></svg>");content:"";inset:0;pointer-events:none;position:absolute}</style> 14<style>
14.serif[data-v-0e168b64]{font-family:Fraunces,Georgia,Times New Roman,serif}.card[data-v-0e168b64]{background:var(--card)}.wash[data-v-0e168b64]:before{background:radial-gradient(70% 40% at 50% 0,var(--wash) 0,transparent 100%);content:"";inset:0;pointer-events:none;position:absolute;z-index:-1}@media (prefers-color-scheme:dark){.card[data-v-0e168b64]{background:var(--card-dark)}.wash[data-v-0e168b64]:before{background:radial-gradient(70% 40% at 50% 0,var(--wash-dark) 0,transparent 100%)}}</style> 15<style>.markdown-override h1,.markdown-override h2,.markdown-override h3,.markdown-override h4{color:#111827}@media (prefers-color-scheme:dark){.markdown-override h1,.markdown-override h2,.markdown-override h3,.markdown-override h4{color:#fff}}.markdown-override h1{font-size:2em}.markdown-override h2{font-size:1.5em}.markdown-override h3{font-size:16px}.markdown-override h4{font-size:1em}.markdown-override ol,.markdown-override ul{margin-top:0}</style> 16<style>/*! tailwindcss v3.3.2 | MIT License | https://tailwindcss.com*/*,:after,:before{border:0 solid #e5e7eb;box-sizing:border-box}:after,:before{--tw-content:""}html{-webkit-text-size-adjust:100%;font-feature-settings:normal;font-family:ui-sans-serif,system-ui,-apple-system,BlinkMacSystemFont,Segoe UI,Roboto,Helvetica Neue,Arial,Noto Sans,sans-serif,Apple Color Emoji,Segoe UI Emoji,Segoe UI Symbol,Noto Color Emoji;font-variation-settings:normal;line-height:1.5;-moz-tab-size:4;-o-tab-size:4;tab-size:4}body{line-height:inherit;margin:0}hr{border-top-width:1px;color:inherit;height:0}abbr:where([title]){-webkit-text-decoration:underline dotted;text-decoration:underline dotted}h1,h2,h3,h4,h5,h6{font-size:inherit;font-weight:inherit}a{color:inherit;text-decoration:inherit}b,strong{font-weight:bolder}code,kbd,pre,samp{font-family:ui-monospace,SFMono-Regular,Menlo,Monaco,Consolas,Liberation Mono,Courier New,monospace;font-size:1em}small{font-size:80%}sub,sup{font-size:75%;line-height:0;position:relative;vertical-align:baseline}sub{bottom:-.25em}sup{top:-.5em}table{border-collapse:collapse;border-color:inherit;text-indent:0}button,input,optgroup,select,textarea{color:inherit;font-family:inherit;font-size:100%;font-weight:inherit;line-height:inherit;margin:0;padding:0}button,select{text-transform:none}[type=button],[type=reset],[type=submit],button{-webkit-appearance:button;background-color:transparent;background-image:none}:-moz-focusring{outline:auto}:-moz-ui-invalid{box-shadow:none}progress{vertical-align:baseline}::-webkit-inner-spin-button,::-webkit-outer-spin-button{height:auto}[type=search]{-webkit-appearance:textfield;outline-offset:-2px}::-webkit-search-decoration{-webkit-appearance:none}::-webkit-file-upload-button{-webkit-appearance:button;font:inherit}summary{display:list-item}blockquote,dd,dl,figure,h1,h2,h3,h4,h5,h6,hr,p,pre{margin:0}fieldset{margin:0}fieldset,legend{padding:0}menu,ol,ul{list-style:none;margin:0;padding:0}textarea{resize:vertical}input::-moz-placeholder,textarea::-moz-placeholder{color:#9ca3af;opacity:1}input::placeholder,textarea::placeholder{color:#9ca3af;opacity:1}
16[role=button],button{cursor:pointer}:disabled{cursor:default}audio,canvas,embed,iframe,img,object,svg,video{display:block;vertical-align:middle}img,video{height:auto;max-width:100%}[hidden]{display:none}[multiple],[type=date],[type=datetime-local],[type=email],[type=month],[type=number],[type=password],[type=search],[type=tel],[type=text],[type=time],[type=url],[type=week],select,textarea{--tw-shadow:0 0 #0000;-webkit-appearance:none;-moz-appearance:none;appearance:none;background-color:#fff;border-color:#6b7280;border-radius:0;border-width:1px;font-size:1rem;line-height:1.5rem;padding:.5rem .75rem}[multiple]:focus,[type=date]:focus,[type=datetime-local]:focus,[type=email]:focus,[type=month]:focus,[type=number]:focus,[type=password]:focus,[type=search]:focus,[type=tel]:focus,[type=text]:focus,[type=time]:focus,[type=url]:focus,[type=week]:focus,select:focus,textarea:focus{--tw-ring-inset:var(--tw-empty,/*!*/ /*!*/);--tw-ring-offset-width:0px;--tw-ring-offset-color:#fff;--tw-ring-color:#2563eb;--tw-ring-offset-shadow:var(--tw-ring-inset) 0 0 0 var(--tw-ring-offset-width) var(--tw-ring-offset-color);--tw-ring-shadow:var(--tw-ring-inset) 0 0 0 calc(1px + var(--tw-ring-offset-width)) var(--tw-ring-color);border-color:#2563eb;box-shadow:var(--tw-ring-offset-shadow),var(--tw-ring-shadow),var(--tw-sha
16dow);outline:2px solid transparent;outline-offset:2px}input::-moz-placeholder,textarea::-moz-placeholder{color:#6b7280;opacity:1}input::placeholder,textarea::placeholder{color:#6b7280;opacity:1}::-webkit-datetime-edit-fields-wrapper{padding:0}::-webkit-date-and-time-value{min-height:1.5em}::-webkit-datetime-edit,::-webkit-datetime-edit-day-field,::-webkit-datetime-edit-hour-field,::-webkit-datetime-edit-meridiem-field,::-webkit-datetime-edit-millisecond-field,::-webkit-datetime-edit-minute-field,::-webkit-datetime-edit-month-field,::-webkit-datetime-edit-second-field,::-webkit-datetime-edit-year-field{padding-bottom:0;padding-top:0}select{background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' fill='none' viewBox='0 0 20 20'%3E%3Cpath stroke='%236b7280' stroke-linecap='round' stroke-linejoin='round' stroke-width='1.5' d='m6 8 4 4 4-4'/%3E%3C/svg%3E");background-position:right .5rem center;background-repeat:no-repeat;background-size:1.5em 1.5em;padding-right:2.5rem;-webkit-print-color-adjust:exact;print-color-adjust:exact}[multiple]{background-image:none;background-position:0 0;background-repeat:unset;background-size:initial;padding-right:.75rem;-webkit-print-color-adjust:unset;print-color-adjust:unset}[type=checkbox],[type=radio]{--tw-shadow:0 0 #0000;-webkit-appearance:none;-moz-appearance:none;appearance:none;background-color:#fff;background-origin:border-box;border-color:#6b7280;border-width:1px;color:#2563eb;display:inline-block;flex-shrink:0;height:1rem;padding:0;-webkit-print-color-adjust:exact;print-color-adjust:exact;-webkit-user-select:none;-moz-user-select:none;user-select:none;vertical-align:middle;width:1rem}[type=checkbox]{border-radius:0}[type=radio]{border-radius:100%}[type=checkbox]:focus,[type=radio]:focus{--tw-ring-inset:var(--tw-empty,/*!*/ /*!*/);--tw-ring-offset-width:2px;--tw-ring-offset-color:#fff;--tw-ring-color:#2563eb;--tw-ring-offset-shadow:var(--tw-ring-inset) 0 0 0 var(--tw-ring-offset-width) var(--tw-ring-offset-color);--tw-ring-shadow:var(--tw-ring-inset) 0 0 0 calc(2px + var(--tw-ring-offset-width)) var(--tw-ring-color);box-shadow:var(--tw-ring-offset-shadow),var(--tw-ring-shadow),var(--tw-sha
16dow);outline:2px solid transparent;outline-offset:2px}[type=checkbox]:checked,[type=radio]:checked{background-color:currentColor;background-position:50%;background-repeat:no-repeat;background-size:100% 100%;border-color:transparent}[type=checkbox]:checked{background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' fill='%23fff' viewBox='0 0 16 16'%3E%3Cpath d='M12.207 4.793a1 1 0 0 1 0 1.414l-5 5a1 1 0 0 1-1.414 0l-2-2a1 1 0 0 1 1.414-1.414L6.5 9.086l4.293-4.293a1 1 0 0 1 1.414 0z'/%3E%3C/svg%3E")}[type=radio]:checked{background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' fill='%23fff' viewBox='0 0 16 16'%3E%3Ccircle cx='8' cy='8' r='3'/%3E%3C/svg%3E")}[type=checkbox]:checked:focus,[type=checkbox]:checked:hover,[type=radio]:checked:focus,[type=radio]:checked:hover{background-color:currentColor;border-color:transparent}[type=checkbox]:indeterminate{background-color:currentColor;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' fill='none' viewBox='0 0 16 16'%3E%3Cpath stroke='%23fff' stroke-linecap='round' stroke-linejoin='round' stroke-width='2' d='M4 8h8'/%3E%3C/svg%3E");background-position:50%;background-repeat:no-repeat;background-size:100% 100%;border-color:transparent}[type=checkbox]:indeterminate:focus,[type=checkbox]:indeterminate:hover{background-color:currentColor;border-color:transparent}[type=file]{background:unset;border-color:inherit;border-radius:0;border-width:0;font-size:unset;line-height:inherit;padding:0}[type=file]:focus{outline:1px solid ButtonText;outline:1px auto -webkit-focus-ring-color}*,:after,:before{--tw-border-spacing-x:0;--tw-border-spacing-y:0;--tw-translate-x:0;--tw-translate-y:0;--tw-rotate:0;--tw-skew-x:0;--tw-skew-y:0;--tw-scale-x:1;--tw-scale-y:1;--tw-pan-x: ;--tw-pan-y: ;--tw-pinch-zoom: ;--tw-scroll-snap-strictness:proximity;--tw-gradient-from-position: ;--tw-gradient-via-position: ;--tw-gradient-to-position: ;--tw-ordinal: ;--tw-slashed-zero: ;--tw-numeric-figure: ;--tw-numeric-spacing: ;--tw-numeric-fraction: ;--tw-ring-inset: ;--tw-ring-offset-width:0px;--tw-ring-offset-color:#fff;--tw-ring-color:rgba(59,130,246,.5);--tw-ring-offset-shadow:0 0 #0000;--tw-ring-shadow:0 0 #0000;--tw-shadow:0 0 #0000;--tw-shadow-colored:0 0 #0000;--tw-blur: ;--tw-brightness: ;--tw-contrast: ;--tw-grayscale: ;--tw-hue-rotate: ;--tw-invert: ;--tw-saturate: ;--tw-sepia: ;--tw-drop-shadow: ;--tw-backdrop-blur: ;--tw-backdrop-brightness: ;--tw-backdrop-contrast: ;--tw-backdrop-grayscale: ;--tw-backdrop-hue-rotate: ;--tw-backdrop-invert: ;--tw-backdrop-opacity: ;--tw-backdrop-saturate: ;--tw-backdrop-sepia: }::backdrop{--tw-border-spacing-x:0;--tw-border-spacing-y:0;--tw-translate-x:0;--tw-translate-y:0;--tw-rotate:0;--tw-skew-x:0;--tw-skew-y:0;--tw-scale-x:1;--tw-scale-y:1;--tw-pan-x: ;--tw-pan-y: ;--tw-pinch-zoom: ;--tw-scroll-snap-strictness:proximity;--tw-gradient-from-position: ;--tw-gradient-via-position: ;--tw-gradient-to-position: ;--tw-ordinal: ;--tw-slashed-zero: ;--tw-numeric-figure: ;--tw-numeric-spacing: ;--tw-numeric-fraction: ;--tw-ring-inset: ;--tw-ring-offset-width:0px;--tw-ring-offset-color:#fff;--tw-ring-color:rgba(59,130,246,.5);--tw-ring-offset-shadow:0 0 #0000;--tw-ring-shadow:0 0 #0000;--tw-shadow:0 0 #0000;--tw-shadow-colored:0 0 #0000;--tw-blur: ;--tw-brightness: ;--tw-contrast: ;--tw-grayscale: ;--tw-hue-rotate: ;--tw-invert: ;--tw-saturate: ;--tw-sepia: ;--tw-drop-shadow: ;--tw-backdrop-blur: ;--tw-backdrop-brightness: ;--tw-backdrop-contrast: ;--tw-backdrop-grayscale: ;--tw-backdrop-hue-rotate: ;--tw-backdrop-invert: ;--tw-backdrop-opacity: ;--tw-backdrop-saturate: ;--tw-backdrop-sepia: }.sr-only{clip:rect(0,0,0,0);border-width:0;height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;white-space:nowrap;width:1px}.pointer-events-none{pointer-events:none}.pointer-events-auto{pointer-events:auto}.fixed{position:fixed}.absolute{position:absolute}.relative{position:relative}.-inset-10{inset:-2.5rem}.inset-0{inset:0}.inset-x-0{left:0;right:0}.inset-x-4{left:1rem;right:1rem}.-bottom-2{bottom:-.5rem}.bottom-0{bottom:0}.bottom-2{bottom:.5rem}.bottom-4{bottom:1rem}.bottom-6{bottom:1.5rem}.bottom-\[210px\]{bottom:210px}.left-0{left:0}.left-2{left:.5rem}.left-4{left:1rem}.left-\[13px\]{left:13px}.right-0{right:0}.right-2{right:.5rem}.right-4{right:1rem}.top-0{top:0}.top-3{top:.75rem}.top-3\.5{top:.875rem}.top-4{top:1rem}.top-\[49px\]{top:49px}.isolate{isolation:isolate}.-z-10{z-index:-10}.z-10{z-index:10}.z-20{z-index:20}.z-50{z-index:50}.col-span-2{grid-column:span 2/span 2}.float-right{float:right}.-m-2{margin:-.5rem}.m-1{margin:.25rem}.-mx-3{margin-left:-.75rem;margin-right:-.75rem}.-mx-4{margin-left:-1rem;margin-right:-1rem}.-my-1{margin-bottom:-.25rem;margin-top:-.25rem}.-my-1\.5{margin-bottom:-.375rem;margin-top:-.375rem}.-my-3{margin-bottom:-.75rem;margin-top:-.75rem}.mx-1{margin-left:.25rem;margin-right:.25rem}.mx-5{margin-left:1.25rem;margin-right:1.25rem}.mx-auto{margin-left:auto;margin-right:auto}.my-3{margin-bottom:.75rem;margin-top:.75rem}.my-6{margin-bottom:1.5rem;margin-top:1.5rem}.my-auto{margin-bottom:auto;margin-top:auto}.-mb-1{margin-bottom:-.25rem}.-ml-1{margin-left:-.25rem}.-ml-px{margin-left:-1px}.-mr-1{margin-right:-.25rem}.-mr-1\.5{margin-right:-.375rem}.-mr-2{margin-right:-.5rem}.-mr-2\.5{margin-right:-.625rem}.-mr-\[7px\]{margin-right:-7px}.-mt-1{margin-top:-.25rem}.-mt-2{margin-top:-.5rem}.-mt-\[1px\]{margin-top:-1px}.mb-1{margin-bottom:.25rem}.mb-1\.5{margin-bottom:.375rem}.mb-2{margin-bottom:.5rem}.mb-2\.5{margin-bottom:.625rem}.mb-3{margin-bottom:.75rem}.mb-3\.5{margin-bottom:.875rem}.mb-4{margin-bottom:1rem}.mb-5{margin-bottom:1.25rem}.mb-8{margin-bottom:2rem}.mb-auto{margin-bottom:auto}.ml-0{margin-left:0}.ml-0\.5{margin-left:.125rem}.ml-1{margin-left:.25rem}.ml-1\.5{margin-left:.375rem}.ml-2{margin-left:.5rem}.ml-3{margin-left:.75rem}.ml-4{margin-left:1rem}.ml-\[18px\]{margin-left:18px}.ml-auto{margin-left:auto}.mr-0{margin-right:0}.mr-0\.5{margin-right:.125rem}.mr-1{margin-right:.25rem}.mr-2{margin-right:.5rem}.mr-3{margin-right:.75rem}.mr-4{margin-right:1rem}.mr-auto{margin-right:auto}.mt-0{margin-top:0}.mt-0\.5{margin-top:.125rem}.mt-1{margin-top:.25rem}.mt-1\.5{margin-top:.375rem}.mt-12{margin-top:3rem}.mt-2{margin-top:.5rem}.mt-2\.5{margin-top:.625rem}.mt-3{margin-top:.75rem}.mt-3\.5{margin-top:.875rem}.mt-4{margin-top:1rem}.mt-5{margin-top:1.25rem}.mt-6{margin-top:1.5rem}.mt-7{margin-top:1.75rem}.mt-8{margin-top:2rem}.mt-\[11px\]{margin-top:11px}.mt-\[18px\]{margin-top:18px}.mt-\[22px\]{margin-top:22px}.mt-\[3px\]{margin-top:3px}.mt-\[9px\]{margin-top:9px}.mt-auto{margin-top:auto}.line-clamp-1{-webkit-line-clamp:1}.line-clamp-1,.line-clamp-2{-webkit-box-orient:vertical;display:-webkit-box;overflow:hidden}.line-clamp-2{-webkit-line-clamp:2}.line-clamp-3{-webkit-line-clamp:3}.line-clamp-3,.line-clamp-4{-webkit-box-orient:vertical;display:-webkit-box;overflow:hidden}.line-clamp-4{-webkit-line-clamp:4}.block{display:block}.inline-block{display:inline-block}.inline{display:inline}
16.flex{display:flex}.inline-flex{display:inline-flex}.table{display:table}.grid{display:grid}.contents{display:contents}.hidden{display:none}.aspect-\[4\]{aspect-ratio:4}.aspect-square{aspect-ratio:1/1}.aspect-video{aspect-ratio:16/9}.h-1{height:.25rem}.h-1\.5{height:.375rem}.h-10{height:2.5rem}.h-11{height:2.75rem}.h-12{height:3rem}.h-14{height:3.5rem}.h-2{height:.5rem}.h-2\.5{height:.625rem}.h-24{height:6rem}.h-3{height:.75rem}.h-3\.5{height:.875rem}.h-36{height:9rem}.h-4{height:1rem}.h-48{height:12rem}.h-5{height:1.25rem}.h-6{height:1.5rem}.h-7{height:1.75rem}.h-8{height:2rem}.h-9{height:2.25rem}.h-\[104px\]{height:104px}.h-\[12px\]{height:12px}.h-\[13px\]{height:13px}.h-\[15px\]{height:15px}.h-\[17px\]{height:17px}.h-\[18px\]{height:18px}.h-\[19px\]{height:19px}.h-\[22px\]{height:22px}.h-\[26px\]{height:26px}.h-\[34px\]{height:34px}.h-\[50\%\]{height:50%}.h-\[54px\]{height:54px}.h-\[7px\]{height:7px}.h-\[84px\]{height:84px}.h-\[calc\(100\%\+80px\)\]{height:calc(100% + 80px)}.h-full{height:100%}.min-h-\[28px\]{min-height:28px}.min-h-\[32px\]{min-height:32px}.min-h-\[34px\]{min-height:34px}.min-h-\[38px\]{min-height:38px}.min-h-\[40px\]{min-height:40px}.min-h-\[44px\]{min-height:44px}.min-h-full{min-height:100%}.min-h-screen{min-height:100vh}.w-0{width:0}.w-10{width:2.5rem}.w-12{width:3rem}.w-14{width:3.5rem}.w-16{width:4rem}.w-2{width:.5rem}.w-2\.5{width:.625rem}.w-24{width:6rem}.w-28{width:7rem}.w-3{width:.75rem}.w-3\.5{width:.875rem}.w-32{width:8rem}.w-4{width:1rem}.w-5{width:1.25rem}.w-6{width:1.5rem}.w-7{width:1.75rem}.w-8{width:2rem}.w-9{width:2.25rem}.w-\[104px\]{width:104px}.w-\[135px\]{width:135px}.w-\[13px\]{width:13px}.w-\[15px\]{width:15px}.w-\[17px\]{width:17px}.w-\[18px\]{width:18px}.w-\[19px\]{width:19px}.w-\[22px\]{width:22px}.w-\[26px\]{width:26px}.w-\[34px\]{width:34px}.w-\[50\%\]{width:50%}.w-\[54px\]{width:54px}.w-\[7px\]{width:7px}.w-\[84px\]{width:84px}.w-\[calc\(100\%\+80px\)\]{width:calc(100% + 80px)}.w-full{width:100%}.w-max{width:-moz-max-content;width:max-content}.min-w-0{min-width:0}.max-w-7xl{max-width:80rem}.max-w-\[200px\]{max-width:200px}.max-w-\[24ch\]{max-width:24ch}.max-w-\[420px\]{max-width:420px}.max-w-\[52ch\]{max-width:52ch}.max-w-\[58ch\]{max-width:58ch}.max-w-\[60ch\]{max-width:60ch}.max-w-\[62ch\]{max-width:62ch}.max-w-\[70ch\]{max-width:70ch}.max-w-\[72ch\]{max-width:72ch}.max-w-sm{max-width:24rem}.max-w-xs{max-width:20rem}.flex-1{flex:1 1 0%}.flex-initial{flex:0 1 auto}.flex-shrink-0,.shrink-0{flex-shrink:0}.grow{flex-grow:1}.border-collapse{border-collapse:collapse}.translate-x-1{--tw-translate-x:0.25rem}.translate-x-1,.translate-y-0{transform:translate(var(--tw-translate-x),var(--tw-translate-y)) rotate(var(--tw-rotate)) skewX(var(--tw-skew-x)) skewY(var(--tw-skew-y)) scaleX(var(--tw-scale-x)) scaleY(var(--tw-scale-y))}.translate-y-0{--tw-translate-y:0px}.translate-y-1{--tw-translate-y:0.25rem}.translate-y-1,.translate-y-2{transform:translate(var(--tw-translate-x),var(--tw-translate-y)) rotate(var(--tw-rotate)) skewX(var(--tw-skew-x)) skewY(var(--tw-skew-y)) scaleX(var(--tw-scale-x)) scaleY(var(--tw-scale-y))}.translate-y-2{--tw-translate-y:0.5rem}.translate-y-24{--tw-translate-y:6rem}.translate-y-24,.translate-y-4{transform:translate(var(--tw-translate-x),var(--tw-translate-y)) rotate(var(--tw-rotate)) skewX(var(--tw-skew-x)) skewY(var(--tw-skew-y)) scaleX(var(--tw-scale-x)) scaleY(var(--tw-scale-y))}.translate-y-4{--tw-translate-y:1rem}.-rotate-180{--tw-rotate:-180deg}.-rotate-180,.-scale-y-100{transform:translate(var(--tw-translate-x),var(--tw-translate-y)) rotate(var(--tw-rotate)) skewX(var(--tw-skew-x)) skewY(var(--tw-skew-y)) scaleX(var(--tw-scale-x)) scaleY(var(--tw-scale-y))}.-scale-y-100{--tw-scale-y:-1}.transform{transform:translate(var(--tw-translate-x),var(--tw-translate-y)) rotate(var(--tw-rotate)) skewX(var(--tw-skew-x)) skewY(var(--tw-skew-y)) scaleX(var(--tw-scale-x)) scaleY(var(--tw-scale-y))}@keyframes spin{to{transform:rotate(1turn)}}.animate-spin{animation:spin 1s linear infinite}.cursor-pointer{cursor:pointer}.select-none{-webkit-user-select:none;-moz-user-select:none;user-select:none}.resize-none{resize:none}.scroll-mt-6{scroll-margin-top:1.5rem}.list-disc{list-style-type:disc}.grid-flow-col{grid-auto-flow:column}.grid-cols-1{grid-template-columns:repeat(1,minmax(0,1fr))}.grid-cols-2{grid-template-columns:repeat(2,minmax(0,1fr))}.grid-cols-\[auto_minmax\(0\2c 1fr\)\]{grid-template-columns:auto minmax(0,1fr)}.grid-rows-1{grid-template-rows:repeat(1,minmax(0,1fr))}.flex-row{flex-direction:row}.flex-col{flex-direction:column}.flex-col-reverse{flex-direction:column-reverse}.flex-wrap{flex-wrap:wrap}.content-start{align-content:flex-start}.items-start{align-items:flex-start}.items-end{align-items:flex-end}.items-center{align-items:center}
16.items-baseline{align-items:baseline}.justify-normal{justify-content:normal}.justify-start{justify-content:flex-start}.justify-end{justify-content:flex-end}.justify-center{justify-content:center}.justify-between{justify-content:space-between}.gap-0{gap:0}.gap-1{gap:.25rem}.gap-1\.5{gap:.375rem}.gap-2{gap:.5rem}.gap-2\.5{gap:.625rem}.gap-3{gap:.75rem}.gap-4{gap:1rem}.gap-5{gap:1.25rem}.gap-\[7px\]{gap:7px}.gap-x-1{-moz-column-gap:.25rem;column-gap:.25rem}.gap-x-11{-moz-column-gap:2.75rem;column-gap:2.75rem}.gap-x-14{-moz-column-gap:3.5rem;column-gap:3.5rem}.gap-x-2{-moz-column-gap:.5rem;column-gap:.5rem}.gap-x-2\.5{-moz-column-gap:.625rem;column-gap:.625rem}.gap-x-3{-moz-column-gap:.75rem;column-gap:.75rem}.gap-x-3\.5{-moz-column-gap:.875rem;column-gap:.875rem}.gap-x-4{-moz-column-gap:1rem;column-gap:1rem}.gap-x-5{-moz-column-gap:1.25rem;column-gap:1.25rem}.gap-x-6{-moz-column-gap:1.5rem;column-gap:1.5rem}.gap-x-\[7px\]{-moz-column-gap:7px;column-gap:7px}.gap-y-1{row-gap:.25rem}.gap-y-2{row-gap:.5rem}.gap-y-2\.5{row-gap:.625rem}.gap-y-3{row-gap:.75rem}.gap-y-3\.5{row-gap:.875rem}.gap-y-4{row-gap:1rem}.gap-y-5{row-gap:1.25rem}.gap-y-6{row-gap:1.5rem}.gap-y-8{row-gap:2rem}.-space-x-1>:not([hidden])~:not([hidden]){--tw-space-x-reverse:0;margin-left:calc(-.25rem*(1 - var(--tw-space-x-reverse)));margin-right:calc(-.25rem*var(--tw-space-x-reverse))}.space-x-1>:not([hidden])~:not([hidden]){--tw-space-x-reverse:0;margin-left:calc(.25rem*(1 - var(--tw-space-x-reverse)));margin-right:calc(.25rem*var(--tw-space-x-reverse))}.space-x-2>:not([hidden])~:not([hidden]){--tw-space-x-reverse:0;margin-left:calc(.5rem*(1 - var(--tw-space-x-reverse)));margin-right:calc(.5rem*var(--tw-space-x-reverse))}.space-x-3>:not([hidden])~:not([hidden]){--tw-space-x-reverse:0;margin-left:calc(.75rem*(1 - var(--tw-space-x-reverse)));margin-right:calc(.75rem*var(--tw-space-x-reverse))}.space-x-4>:not([hidden])~:not([hidden]){--tw-space-x-reverse:0;margin-left:calc(1rem*(1 - var(--tw-space-x-reverse)));margin-right:calc(1rem*var(--tw-space-x-reverse))}.space-x-8>:not([hidden])~:not([hidden]){--tw-space-x-reverse:0;margin-left:calc(2rem*(1 - var(--tw-space-x-reverse)));margin-right:calc(2rem*var(--tw-space-x-reverse))}.space-y-1>:not([hidden])~:not([hidden]){--tw-space-y-reverse:0;margin-bottom:calc(.25rem*var(--tw-space-y-reverse));margin-top:calc(.25rem*(1 - var(--tw-space-y-reverse)))}.space-y-2>:not([hidden])~:not([hidden]){--tw-space-y-reverse:0;margin-bottom:calc(.5rem*var(--tw-space-y-reverse));margin-top:calc(.5rem*(1 - var(--tw-space-y-reverse)))}.space-y-4>:not([hidden])~:not([hidden]){--tw-space-y-reverse:0;margin-bottom:calc(1rem*var(--tw-space-y-reverse));margin-top:calc(1rem*(1 - var(--tw-space-y-reverse)))}.divide-y>:not([hidden])~:not([hidden]){--tw-divide-y-reverse:0;border-bottom-width:calc(1px*var(--tw-divide-y-reverse));border-top-width:calc(1px*(1 - var(--tw-divide-y-reverse)))}.divide-gray-100>:not([hidden])~:not([hidden]){--tw-divide-opacity:1;border-color:rgb(243 244 246/var(--tw-divide-opacity))}.divide-gray-200>:not([hidden])~:not([hidden]){--tw-divide-opacity:1;border-color:rgb(229 231 235/var(--tw-divide-opacity))}.self-center{align-self:center}.overflow-hidden{overflow:hidden}.overflow-y-auto{overflow-y:auto}.scroll-smooth{scroll-behavior:smooth}.truncate{overflow:hidden;white-space:nowrap}.text-ellipsis,.truncate{text-overflow:ellipsis}.break-words{overflow-wrap:break-word}.break-all{word-break:break-all}.rounded{border-radius:.25rem}.rounded-2xl{border-radius:1rem}.rounded-\[10px\]{border-radius:10px}.rounded-\[11px\]{border-radius:11px}.rounded-\[14px\]{border-radius:14px}.rounded-\[3px\]{border-radius:3px}.rounded-\[5px\]{border-radius:5px}.rounded-full{border-radius:9999px}
16.rounded-lg{border-radius:.5rem}.rounded-md{border-radius:.375rem}.rounded-sm{border-radius:.125rem}.rounded-xl{border-radius:.75rem}.rounded-l-md{border-bottom-left-radius:.375rem;border-top-left-radius:.375rem}.rounded-r-md{border-bottom-right-radius:.375rem;border-top-right-radius:.375rem}.rounded-t-lg{border-top-left-radius:.5rem;border-top-right-radius:.5rem}.border{border-width:1px}.border-0{border-width:0}.border-2{border-width:2px}.border-b{border-bottom-width:1px}.border-b-2{border-bottom-width:2px}.border-t{border-top-width:1px}.border-t-2{border-top-width:2px}.border-\[\#0a0a10\]\/80{border-color:rgba(10,10,16,.8)}.border-\[\#171512\]{--tw-border-opacity:1;border-color:rgb(23 21 18/var(--tw-border-opacity))}.border-\[\#171512\]\/\[\.13\]{border-color:rgba(23,21,18,.13)}.border-\[\#FAFAFA\]{--tw-border-opacity:1;border-color:rgb(250 250 250/var(--tw-border-opacity))}.border-black\/10{border-color:rgba(0,0,0,.1)}.border-gray-300{--tw-border-opacity:1;border-color:rgb(209 213 219/var(--tw-border-opacity))}.border-gray-900\/\[\.08\]{border-color:rgba(17,24,39,.08)}.border-gray-900\/\[\.12\]{border-color:rgba(17,24,39,.12)}.border-white{--tw-border-opacity:1;border-color:rgb(255 255 255/var(--tw-border-opacity))}.border-white\/\[\.14\]{border-color:hsla(0,0%,100%,.14)}.border-white\/\[\.32\]{border-color:hsla(0,0%,100%,.32)}.bg-\[\#101018\]{--tw-bg-opacity:1;background-color:rgb(16 16 24/var(--tw-bg-opacity))}.bg-\[\#171512\]{--tw-bg-opacity:1;background-color:rgb(23 21 18/var(--tw-bg-opacity))}.bg-\[\#18191b\]{--tw-bg-opacity:1;background-color:rgb(24 25 27/var(--tw-bg-opacity))}.bg-\[\#241d2b\]{--tw-bg-opacity:1;background-color:rgb(36 29 43/var(--tw-bg-opacity))}.bg-\[\#24242a\]{--tw-bg-opacity:1;background-color:rgb(36 36 42/var(--tw-bg-opacity))}.bg-\[\#F7F7F8\]{--tw-bg-opacity:1;background-color:rgb(247 247 248/var(--tw-bg-opacity))}.bg-\[\#FAFAFA\]{--tw-bg-opacity:1;background-color:rgb(250 250 250/var(--tw-bg-opacity))}.bg-\[\#FBFAF7\]{--tw-bg-opacity:1;background-color:rgb(251 250 247/var(--tw-bg-opacity))}.bg-\[\#f5f3ed\]{--tw-bg-opacity:1;background-color:rgb(245 243 237/var(--tw-bg-opacity))}.bg-amber-400{--tw-bg-opacity:1;background-color:rgb(251 191 36/var(--tw-bg-opacity))}.bg-black{--tw-bg-opacity:1;background-color:rgb(0 0 0/var(--tw-bg-opacity))}.bg-black\/5{background-color:rgba(0,0,0,.05)}.bg-black\/50{background-color:rgba(0,0,0,.5)}.bg-blue-400{--tw-bg-opacity:1;background-color:rgb(96 165 250/var(--tw-bg-opacity))}.bg-fuchsia-400{--tw-bg-opacity:1;background-color:rgb(232 121 249/var(--tw-bg-opacity))}.bg-gray-100{--tw-bg-opacity:1;background-color:rgb(243 244 246/var(--tw-bg-opacity))}.bg-gray-200{--tw-bg-opacity:1;background-color:rgb(229 231 235/var(--tw-bg-opacity))}.bg-gray-50{--tw-bg-opacity:1;background-color:rgb(249 250 251/var(--tw-bg-opacity))}.bg-gray-500{--tw-bg-opacity:1;background-color:rgb(107 114 128/var(--tw-bg-opacity))}.bg-gray-900{--tw-bg-opacity:1;background-color:rgb(17 24 39/var(--tw-bg-opacity))}.bg-green-100{--tw-bg-opacity:1;background-color:rgb(220 252 231/var(--tw-bg-opacity))}.bg-green-400{--tw-bg-opacity:1;background-color:rgb(74 222 128/var(--tw-bg-opacity))}.bg-indigo-200{--tw-bg-opacity:1;background-color:rgb(199 210 254/var(--tw-bg-opacity))}.bg-indigo-400{--tw-bg-opacity:1;background-color:rgb(129 140 248/var(--tw-bg-opacity))}.bg-indigo-600{--tw-bg-opacity:1;background-color:rgb(79 70 229/var(--tw-bg-opacity))}.bg-indigo-600\/10{background-color:rgba(79,70,229,.1)}.bg-indigo-600\/20{background-color:rgba(79,70,229,.2)}.bg-neutral-100{--tw-bg-opacity:1;background-color:rgb(245 245 245/var(--tw-bg-opacity))}.bg-neutral-100\/90{background-color:hsla(0,0%,96%,.9)}.bg-neutral-400{--tw-bg-opacity:1;background-color:rgb(163 163 163/var(--tw-bg-opacity))}.bg-neutral-900{--tw-bg-opacity:1;background-color:rgb(23 23 23/var(--tw-bg-opacity))}.bg-neutral-900\/20{background-color:hsla(0,0%,9%,.2)}.bg-rose-100{--tw-bg-opacity:1;background-color:rgb(255 228 230/var(--tw-bg-opacity))}.bg-rose-400{--tw-bg-opacity:1;background-color:rgb(251 113 133/var(--tw-bg-opacity))}.bg-rose-600{--tw-bg-opacity:1;background-color:rgb(225 29 72/var(--tw-bg-opacity))}.bg-teal-400{--tw-bg-opacity:1;background-color:rgb(45 212 191/var(--tw-bg-opacity))}.bg-transparent{background-color:transparent}.bg-white{--tw-bg-opacity:1;background-color:rgb(255 255 255/var(--tw-bg-opacity))}.bg-white\/5{background-color:hsla(0,0%,100%,.05)}.bg-white\/\[\.06\]{background-color:hsla(0,0%,100%,.06)}.bg-white\/\[\.16\]{background-color:hsla(0,0%,100%,.16)}.bg-white\/\[\.92\]{background-color:hsla(0,0%,100%,.92)}.bg-opacity-75{--tw-bg-opacity:0.75}.bg-\[radial-gradient\(circle_at_top\2c _var\(--tw-gradient-stops\)\)\]{background-image:radial-gradient(circle at top,var(--tw-gradient-stops))}.from-gray-100\/90{--tw-gradient-from:rgba(243,244,246,.9) var(--tw-gradient-from-position);--tw-gradient-to:rgba(243,244,246,0) var(--tw-gradient-to-position);--tw-gradient-stops:var(--tw-gradient-from),var(--tw-gradient-to)}.to-gray-100{--tw-gradient-to:#f3f4f6 var(--tw-gradient-to-position)}.fill-amber-400{fill:#fbbf24}.fill-black\/20{fill:rgba(0,0,0,.2)}.fill-blue-400{fill:#60a5fa}.fill-current{fill:currentColor}.fill-fuchsia-400{fill:#e879f9}.fill-indigo-400{fill:#818cf8}.fill-neutral-400{fill:#a3a3a3}.fill-rose-400{fill:#fb7185}.fill-teal-400{fill:#2dd4bf}.object-cover{-o-object-fit:cover;object-fit:cover}.p-0{padding:0}.p-1{padding:.25rem}.p-1\.5{padding:.375rem}.p-2{padding:.5rem}.p-2\.5{padding:.625rem}.p-3{padding:.75rem}.p-3\.5{padding:.875rem}.p-4{padding:1rem}.p-\[18px\]{padding:18px}.px-0{padding-left:0;padding-right:0}.px-1{padding-left:.25rem;padding-right:.25rem}.px-1\.5{padding-left:.375rem;padding-right:.375rem}.px-2{padding-left:.5rem;padding-right:.5rem}.px-2\.5{padding-left:.625rem;padding-right:.625rem}.px-3{padding-left:.75rem;padding-right:.75rem}.px-3\.5{padding-left:.875rem;padding-right:.875rem}.px-4{padding-left:1rem;padding-right:1rem}.px-5{padding-left:1.25rem;padding-right:1.25rem}.px-6{padding-left:1.5rem;padding-right:1.5rem}.px-\[11px\]{padding-left:11px;padding-right:11px}.px-\[18px\]{padding-left:18px;padding-right:18px}.py-0{padding-bottom:0;padding-top:0}.py-0\.5{padding-bottom:.125rem;padding-top:.125rem}.py-1{padding-bottom:.25rem;padding-top:.25rem}.py-1\.5{padding-bottom:.375rem;padding-top:.375rem}.py-2{padding-bottom:.5rem;padding-top:.5rem}.py-2\.5{padding-bottom:.625rem;padding-top:.625rem}.py-3{padding-bottom:.75rem;padding-top:.75rem}.py-3\.5{padding-bottom:.875rem;padding-top:.875rem}.py-4{padding-bottom:1rem;padding-top:1rem}.py-5{padding-bottom:1.25rem;padding-top:1.25rem}.py-6{padding-bottom:1.5rem;padding-top:1.5rem}.py-\[18px\]{padding-bottom:18px;padding-top:18px}.py-\[22px\]{padding-bottom:22px;padding-top:22px}
16.py-\[26px\]{padding-bottom:26px;padding-top:26px}.py-\[5px\]{padding-bottom:5px;padding-top:5px}.py-px{padding-bottom:1px;padding-top:1px}.pb-20{padding-bottom:5rem}.pb-4{padding-bottom:1rem}.pb-5{padding-bottom:1.25rem}.pb-6{padding-bottom:1.5rem}.pb-7{padding-bottom:1.75rem}.pb-\[22px\]{padding-bottom:22px}.pl-11{padding-left:2.75rem}.pl-3{padding-left:.75rem}.pl-6{padding-left:1.5rem}.pr-10{padding-right:2.5rem}.pr-2{padding-right:.5rem}.pr-3{padding-right:.75rem}.pr-3\.5{padding-right:.875rem}.pr-4{padding-right:1rem}.pt-0{padding-top:0}.pt-0\.5{padding-top:.125rem}.pt-2{padding-top:.5rem}.pt-4{padding-top:1rem}.pt-5{padding-top:1.25rem}.pt-6{padding-top:1.5rem}.pt-\[22px\]{padding-top:22px}.pt-\[34px\]{padding-top:34px}.pt-\[58px\]{padding-top:58px}.pt-\[62px\]{padding-top:62px}.text-left{text-align:left}.text-center{text-align:center}.text-right{text-align:right}.align-top{vertical-align:top}.text-3xl{font-size:1.875rem;line-height:2.25rem}.text-\[10\.5px\]{font-size:10.5px}.text-\[11\.5px\]{font-size:11.5px}.text-\[11px\]{font-size:11px}.text-\[12\.5px\]{font-size:12.5px}.text-\[13\.5px\]{font-size:13.5px}.text-\[13px\]{font-size:13px}.text-\[14\.5px\]{font-size:14.5px}.text-\[15px\]{font-size:15px}.text-\[17px\]{font-size:17px}.text-\[19px\]{font-size:19px}.text-\[21px\]{font-size:21px}.text-\[22px\]{font-size:22px}.text-\[23px\]{font-size:23px}.text-\[26px\]{font-size:26px}.text-\[27px\]{font-size:27px}.text-\[28px\]{font-size:28px}.text-\[30px\]{font-size:30px}.text-\[38px\]{font-size:38px}.text-base{font-size:1rem;line-height:1.5rem}.text-lg{font-size:1.125rem;line-height:1.75rem}.text-sm{font-size:.875rem;line-height:1.25rem}.text-xl{font-size:1.25rem;line-height:1.75rem}.text-xs{font-size:.75rem;line-height:1rem}.font-bold{font-weight:700}.font-medium{font-weight:500}.font-normal{font-weight:400}.font-semibold{font-weight:600}.uppercase{text-transform:uppercase}.italic{font-style:italic}.tabular-nums{--tw-numeric-spacing:tabular-nums;font-variant-numeric:var(--tw-ordinal) var(--tw-slashed-zero) var(--tw-numeric-figure) var(--tw-numeric-spacing) var(--tw-numeric-fraction)}.leading-10{line-height:2.5rem}.leading-4{line-height:1rem}.leading-6{line-height:1.5rem}.leading-7{line-height:1.75rem}.leading-8{line-height:2rem}.leading-\[1\.02\]{line-height:1.02}.leading-\[1\.08\]{line-height:1.08}.leading-\[1\.12\]{line-height:1.12}.leading-\[1\.16\]{line-height:1.16}.leading-\[1\.25\]{line-height:1.25}.leading-\[1\.2\]{line-height:1.2}.leading-\[1\.45\]{line-height:1.45}.leading-\[1\.55\]{line-height:1.55}.leading-\[1\.65\]{line-height:1.65}.leading-\[1\.6\]{line-height:1.6}.leading-\[1\.75\]{line-height:1.75}.leading-\[1\.7\]{line-height:1.7}.leading-\[1\.8\]{line-height:1.8}.leading-\[2\.1\]{line-height:2.1}.leading-\[26px\]{line-height:26px}.leading-none{line-height:1}.leading-tight{line-height:1.25}.tracking-\[-0\.005em\]{letter-spacing:-.005em}.tracking-\[-0\.015em\]{letter-spacing:-.015em}.tracking-\[-0\.01em\]{letter-spacing:-.01em}.tracking-\[-0\.025em\]{letter-spacing:-.025em}.tracking-\[-0\.02em\]{letter-spacing:-.02em}.tracking-\[-0\.035em\]{letter-spacing:-.035em}.tracking-\[-0\.03em\]{letter-spacing:-.03em}.tracking-\[0\.02em\]{letter-spacing:.02em}.tracking-\[0\.08em\]{letter-spacing:.08em}.tracking-\[0\.12em\]{letter-spacing:.12em}.tracking-\[0\.14em\]{letter-spacing:.14em}.tracking-tight{letter-spacing:-.025em}.text-\[\#171512\]{--tw-text-opacity:1;color:rgb(23 21 18/var(--tw-text-opacity))}.text-\[\#57534E\]{--tw-text-opacity:1;color:rgb(87 83 78/var(--tw-text-opacity))}.text-\[\#8A8580\]{--tw-text-opacity:1;color:rgb(138 133 128/var(--tw-text-opacity))}.text-\[\#FBFAF7\]{--tw-text-opacity:1;color:rgb(251 250 247/var(--tw-text-opacity))}.text-black{--tw-text-opacity:1;color:rgb(0 0 0/var(--tw-text-opacity))}.text-blue-400{--tw-text-opacity:1;color:rgb(96 165 250/var(--tw-text-opacity))}.text-gray-300{--tw-text-opacity:1;color:rgb(209 213 219/var(--tw-text-opacity))}.text-gray-400{--tw-text-opacity:1;color:rgb(156 163 175/var(--tw-text-opacity))}.text-gray-500{--tw-text-opacity:1;color:rgb(107 114 128/var(--tw-text-opacity))}.text-gray-600{--tw-text-opacity:1;color:rgb(75 85 99/var(--tw-text-opacity))}.text-gray-700{--tw-text-opacity:1;color:rgb(55 65 81/var(--tw-text-opacity))}.text-gray-800{--tw-text-opacity:1;color:rgb(31 41 55/var(--tw-text-opacity))}.text-gray-900{--tw-text-opacity:1;color:rgb(17 24 39/var(--tw-text-opacity))}.text-green-400{--tw-text-opacity:1;color:rgb(74 222 128/var(--tw-text-opacity))}.text-green-800{--tw-text-opacity:1;color:rgb(22 101 52/var(--tw-text-opacity))}.text-indigo-600{--tw-text-opacity:1;color:rgb(79 70 229/var(--tw-text-opacity))}.text-neutral-100{--tw-text-opacity:1;color:rgb(245 245 245/var(--tw-text-opacity))}.text-red-400{--tw-text-opacity:1;color:rgb(248 113 113/var(--tw-text-opacity))}.text-rose-600{--tw-text-opacity:1;color:rgb(225 29 72/var(--tw-text-opacity))}.text-rose-800{--tw-text-opacity:1;
16color:rgb(159 18 57/var(--tw-text-opacity))}.text-white{--tw-text-opacity:1;color:rgb(255 255 255/var(--tw-text-opacity))}.text-white\/75{color:hsla(0,0%,100%,.75)}.text-white\/80{color:hsla(0,0%,100%,.8)}.text-white\/\[\.78\]{color:hsla(0,0%,100%,.78)}.underline{text-decoration-line:underline}.opacity-0{opacity:0}.opacity-100{opacity:1}.opacity-25{opacity:.25}.opacity-50{opacity:.5}.shadow{--tw-shadow:0 1px 3px 0 rgba(0,0,0,.1),0 1px 2px -1px rgba(0,0,0,.1);--tw-shadow-colored:0 1px 3px 0 var(--tw-shadow-color),0 1px 2px -1px var(--tw-shadow-color);box-shadow:var(--tw-ring-offset-shadow,0 0 #0000),var(--tw-ring-shadow,0 0 #0000),var(--tw-shadow)}.shadow-\[0_18px_44px_rgba\(0\2c 0\2c 0\2c \.55\)\2c 0_0_0_1px_rgba\(255\2c 255\2c 255\2c \.16\)\]{--tw-shadow:0 18px 44px rgba(0,0,0,.55),0 0 0 1px hsla(0,0%,100%,.16);--tw-shadow-colored:0 18px 44px var(--tw-shadow-color),0 0 0 1px var(--tw-shadow-color);box-shadow:var(--tw-ring-offset-shadow,0 0 #0000),var(--tw-ring-shadow,0 0 #0000),var(--tw-shadow)}.shadow-\[0_24px_60px_rgba\(10\2c 8\2c 30\2c \.5\)\2c 0_0_0_1px_rgba\(255\2c 255\2c 255\2c \.18\)\]{--tw-shadow:0 24px 60px rgba(10,8,30,.5),0 0 0 1px hsla(0,0%,100%,.18);
16--tw-shadow-colored:0 24px 60px var(--tw-shadow-color),0 0 0 1px var(--tw-shadow-color);box-shadow:var(--tw-ring-offset-shadow,0 0 #0000),var(--tw-ring-shadow,0 0 #0000),var(--tw-shadow)}.shadow-\[inset_0_1px_1px_rgba\(0\2c 0\2c 0\2c 0\.15\)\]{--tw-shadow:inset 0 1px 1px rgba(0,0,0,.15);--tw-shadow-colored:inset 0 1px 1px var(--tw-shadow-color)}.shadow-\[inset_0_1px_1px_rgba\(0\2c 0\2c 0\2c 0\.15\)\],.shadow-lg{box-shadow:var(--tw-ring-offset-shadow,0 0 #0000),var(--tw-ring-shadow,0 0 #0000),var(--tw-shadow)}.shadow-lg{--tw-shadow:0 10px 15px -3px rgba(0,0,0,.1),0 4px 6px -4px rgba(0,0,0,.1);--tw-shadow-colored:0 10px 15px -3px var(--tw-shadow-color),0 4px 6px -4px var(--tw-shadow-color)}.shadow-md{--tw-shadow:0 4px 6px -1px rgba(0,0,0,.1),0 2px 4px -2px rgba(0,0,0,.1);--tw-shadow-colored:0 4px 6px -1px var(--tw-shadow-color),0 2px 4px -2px var(--tw-shadow-color)}.shadow-md,.shadow-sm{box-shadow:var(--tw-ring-offset-shadow,0 0 #0000),var(--tw-ring-shadow,0 0 #0000),var(--tw-shadow)}.shadow-sm{--tw-shadow:0 1px 2px 0 rgba(0,0,0,.05);
16--tw-shadow-colored:0 1px 2px 0 var(--tw-shadow-color)}.shadow-xl{--tw-shadow:0 20px 25px -5px rgba(0,0,0,.1),0 8px 10px -6px rgba(0,0,0,.1);--tw-shadow-colored:0 20px 25px -5px var(--tw-shadow-color),0 8px 10px -6px var(--tw-shadow-color);box-shadow:var(--tw-ring-offset-shadow,0 0 #0000),var(--tw-ring-shadow,0 0 #0000),var(--tw-shadow)}.ring-1{--tw-ring-offset-shadow:var(--tw-ring-inset) 0 0 0 var(--tw-ring-offset-width) var(--tw-ring-offset-color);--tw-ring-shadow:var(--tw-ring-inset) 0 0 0 calc(1px + var(--tw-ring-offset-width)) var(--tw-ring-color)}.ring-1,.ring-2{box-shadow:var(--tw-ring-offset-shadow),var(--tw-ring-shadow),var(--tw-shadow,0 0 #0000)}.ring-2{--tw-ring-offset-shadow:var(--tw-ring-inset) 0 0 0 var(--tw-ring-offset-width) var(--tw-ring-offset-color);--tw-ring-shadow:var(--tw-ring-inset) 0 0 0 calc(2px + var(--tw-ring-offset-width)) var(--tw-ring-color)}.ring-inset{--tw-ring-inset:inset}.ring-black{--tw-ring-opacity:1;--tw-ring-color:rgb(0 0 0/var(--tw-ring-opacity))}.ring-black\/10{--tw-ring-color:rgba(0,0,0,.1)}.ring-gray-100{--tw-ring-opacity:1;--tw-ring-color:rgb(243 244 246/var(--tw-ring-opacity))}.ring-gray-300{--tw-ring-opacity:1;--tw-ring-color:rgb(209 213 219/var(--tw-ring-opacity))}.ring-gray-500\/10{--tw-ring-color:hsla(220,9%,46%,.1)}.ring-indigo-500{--tw-ring-opacity:1;--tw-ring-color:rgb(99 102 241/var(--tw-ring-opacity))}.ring-white{--tw-ring-opacity:1;--tw-ring-color:rgb(255 255 255/var(--tw-ring-opacity))}.ring-opacity-10{--tw-ring-opacity:0.1}.ring-opacity-5{--tw-ring-opacity:0.05}.ring-offset-1{--tw-ring-offset-width:1px}.blur{--tw-blur:blur(8px)}.blur,.drop-shadow{filter:var(--tw-blur) var(--tw-brightness) var(--tw-contrast) var(--tw-grayscale) var(--tw-hue-rotate) var(--tw-invert) var(--tw-saturate) var(--tw-sepia) var(--tw-drop-shadow)}.drop-shadow{--tw-drop-shadow:drop-shadow(0 1px 2px rgba(0,0,0,.1)) drop-shadow(0 1px 1px rgba(0,0,0,.06))}.drop-shadow-sm{--tw-drop-shadow:drop-shadow(0 1px 1px rgba(0,0,0,.05))}.drop-shadow-sm,.filter{filter:var(--tw-blur) var(--tw-brightness) var(--tw-contrast) var(--tw-grayscale) var(--tw-hue-rotate) var(--tw-invert) var(--tw-saturate) var(--tw-sepia) var(--tw-drop-shadow)}.backdrop-blur{--tw-backdrop-blur:blur(8px)}.backdrop-blur,.backdrop-blur-\[4px\]{-webkit-backdrop-filter:var(--tw-backdrop-blur) var(--tw-backdrop-brightness) var(--tw-backdrop-contrast) var(--tw-backdrop-grayscale) var(--tw-backdrop-hue-rotate) var(--tw-backdrop-invert) var(--tw-backdrop-opacity) var(--tw-backdrop-saturate) var(--tw-backdrop-sepia);backdrop-filter:var(--tw-backdrop-blur) var(--tw-backdrop-brightness) var(--tw-backdrop-contrast) var(--tw-backdrop-grayscale) var(--tw-backdrop-hue-rotate) var(--tw-backdrop-invert) var(--tw-backdrop-opacity) var(--tw-backdrop-saturate) var(--tw-backdrop-sepia)}.backdrop-blur-\[4px\]{--tw-backdrop-blur:blur(4px)}.backdrop-blur-\[6px\]{--tw-backdrop-blur:blur(6px);-webkit-backdrop-filter:var(--tw-backdrop-blur) var(--tw-backdrop-brightness) var(--tw-backdrop-contrast) var(--tw-backdrop-grayscale) var(--tw-backdrop-hue-rotate) var(--tw-backdrop-invert) var(--tw-backdrop-opacity) var(--tw-backdrop-saturate) var(--tw-backdrop-sepia);backdrop-filter:var(--tw-backdrop-blur) var(--tw-backdrop-brightness) var(--tw-backdrop-contrast) var(--tw-backdrop-grayscale) var(--tw-backdrop-hue-rotate) var(--tw-backdrop-invert) var(--tw-backdrop-opacity) var(--tw-backdrop-saturate) var(--tw-backdrop-sepia)}.transition{transition-duration:.15s;transition-property:color,background-color,border-color,text-decoration-color,fill,stroke,opacity,box-shadow,transform,filter,-webkit-backdrop-filter;transition-property:color,background-color,border-color,text-decoration-color,fill,stroke,opacity,box-shadow,transform,filter,backdrop-filter;transition-property:color,background-color,border-color,text-decoration-color,fill,stroke,opacity,box-shadow,transform,filter,backdrop-filter,-webkit-backdrop-filter;transition-timing-function:cubic-bezier(.4,0,.2,1)}.transition-all{transition-duration:.15s;transition-property:all;transition-timing-function:cubic-bezier(.4,0,.2,1)}.transition-colors{transition-duration:.15s;transition-property:color,background-color,border-color,text-decoration-color,fill,stroke;transition-timing-function:cubic-bezier(.4,0,.2,1)}.transition-opacity{transition-duration:.15s;transition-property:opacity;transition-timing-function:cubic-bezier(.4,0,.2,1)}.duration-100{transition-duration:.1s}.duration-200{transition-duration:.2s}.duration-300{transition-duration:.3s}.ease-in{transition-timing-function:cubic-bezier(.4,0,1,1)}.ease-in-out{transition-timing-function:cubic-bezier(.4,0,.2,1)}.ease-out{transition-timing-function:cubic-bezier(0,0,.2,1)}.\[overflow-wrap\:anywhere\]{overflow-wrap:anywhere}.placeholder\:text-\[\#8A8580\]::-moz-placeholder{--tw-text-opacity:1;color:rgb(138 133 128/var(--tw-text-opacity))}.placeholder\:text-\[\#8A8580\]::placeholder{--tw-text-opacity:1;color:rgb(138 133 128/var(--tw-text-opacity))}.placeholder\:text-gray-400::-moz-placeholder{--tw-text-opacity:1;color:rgb(156 163 175/var(--tw-text-opacity))}.placeholder\:text-gray-400::placeholder{--tw-text-opacity:1;color:rgb(156 163 175/var(--tw-text-opacity))}.placeholder\:text-gray-500::-moz-placeholder{--tw-text-opacity:1;color:rgb(107 114 128/var(--tw-text-opacity))}.placeholder\:text-gray-500::placeholder{--tw-text-opacity:1;color:rgb(107 114 128/var(--tw-text-opacity))}.first\:mt-0:first-child{margin-top:0}.last\:mb-0:last-child{margin-bottom:0}.focus-within\:ring-2:focus-within{--tw-ring-offset-shadow:var(--tw-ring-inset) 0 0 0 var(--tw-ring-offset-width) var(--tw-ring-offset-color);--tw-ring-shadow:var(--tw-ring-inset) 0 0 0 calc(2px + var(--tw-ring-offset-width)) var(--tw-ring-color);box-shadow:var(--tw-ring-offset-shadow),var(--tw-ring-shadow),var(--tw-sha
16dow,0 0 #0000)}.focus-within\:ring-indigo-600:focus-within{--tw-ring-opacity:1;--tw-ring-color:rgb(79 70 229/var(--tw-ring-opacity))}.hover\:bg-gray-50:hover{--tw-bg-opacity:1;background-color:rgb(249 250 251/var(--tw-bg-opacity))}.hover\:bg-gray-900\/10:hover{background-color:rgba(17,24,39,.1)}.hover\:bg-gray-950\/5:hover{background-color:rgba(3,7,18,.05)}.hover\:bg-indigo-500:hover{--tw-bg-opacity:1;background-color:rgb(99 102 241/var(--tw-bg-opacity))}.hover\:bg-neutral-700:hover{--tw-bg-opacity:1;background-color:rgb(64 64 64/var(--tw-bg-opacity))}.hover\:bg-rose-500:hover{--tw-bg-opacity:1;background-color:rgb(244 63 94/var(--tw-bg-opacity))}.hover\:text-gray-500:hover{--tw-text-opacity:1;color:rgb(107 114 128/var(--tw-text-opacity))}.hover\:text-gray-600:hover{--tw-text-opacity:1;color:rgb(75 85 99/var(--tw-text-opacity))}.hover\:text-gray-700:hover{--tw-text-opacity:1;color:rgb(55 65 81/var(--tw-text-opacity))}.hover\:text-gray-900:hover{--tw-text-opacity:1;color:rgb(17 24 39/var(--tw-text-opacity))}.hover\:text-white:hover{--tw-text-opacity:1;color:rgb(255 255 255/var(--tw-text-opacity))}.hover\:underline:hover{text-decoration-line:underline}.focus\:z-10:focus{z-index:10}.focus\:outline-none:focus{outline:2px solid transparent;outline-offset:2px}.focus\:ring-0:focus{--tw-ring-offset-shadow:var(--tw-ring-inset) 0 0 0 var(--tw-ring-offset-width) var(--tw-ring-offset-color);--tw-ring-shadow:var(--tw-ring-inset) 0 0 0 calc(var(--tw-ring-offset-width)) var(--tw-ring-color)}.focus\:ring-0:focus,.focus\:ring-2:focus{box-shadow:var(--tw-ring-offset-shadow),var(--tw-ring-shadow),var(--tw-sha
16dow,0 0 #0000)}.focus\:ring-2:focus{--tw-ring-offset-shadow:var(--tw-ring-inset) 0 0 0 var(--tw-ring-offset-width) var(--tw-ring-offset-color);--tw-ring-shadow:var(--tw-ring-inset) 0 0 0 calc(2px + var(--tw-ring-offset-width)) var(--tw-ring-color)}.focus\:ring-inset:focus{--tw-ring-inset:inset}.focus\:ring-indigo-500:focus{--tw-ring-opacity:1;--tw-ring-color:rgb(99 102 241/var(--tw-ring-opacity))}.focus\:ring-indigo-600:focus{--tw-ring-opacity:1;--tw-ring-color:rgb(79 70 229/var(--tw-ring-opacity))}.focus\:ring-offset-2:focus{--tw-ring-offset-width:2px}.focus-visible\:outline:focus-visible{outline-style:solid}.focus-visible\:outline-2:focus-visible{outline-width:2px}.focus-visible\:outline-offset-2:focus-visible{outline-offset:2px}.focus-visible\:outline-indigo-600:focus-visible{outline-color:#4f46e5}.focus-visible\:outline-rose-600:focus-visible{outline-color:#e11d48}.active\:bg-gray-100:active{--tw-bg-opacity:1;background-color:rgb(243 244 246/var(--tw-bg-opacity))}.active\:bg-indigo-700:active{--tw-bg-opacity:1;background-color:rgb(67 56 202/var(--tw-bg-opacity))}.active\:bg-rose-700:active{--tw-bg-opacity:1;background-color:rgb(190 18 60/var(--tw-bg-opacity))}.disabled\:cursor-default:disabled{cursor:default}.disabled\:opacity-50:disabled{opacity:.5}.group:hover .group-hover\:opacity-100{opacity:1}@media (prefers-color-scheme:dark){.dark\:block{display:block}.dark\:hidden{display:none}.dark\:divide-neutral-100\/10>:not([hidden])~:not([hidden]){border-color:hsla(0,0%,96%,.1)}.dark\:divide-neutral-900>:not([hidden])~:not([hidden]){--tw-divide-opacity:1;border-color:rgb(23 23 23/var(--tw-divide-opacity))}.dark\:border-\[\#0B0B0F\]{--tw-border-opacity:1;border-color:rgb(11 11 15/var(--tw-border-opacity))}.dark\:border-\[\#F1EFE9\]{--tw-border-opacity:1;border-color:rgb(241 239 233/var(--tw-border-opacity))}.dark\:border-\[\#F1EFE9\]\/\[\.15\]{border-color:hsla(45,22%,93%,.15)}.dark\:border-neutral-100\/10{border-color:hsla(0,0%,96%,.1)}.dark\:border-neutral-800{--tw-border-opacity:1;border-color:rgb(38 38 38/var(--tw-border-opacity))}.dark\:border-white\/10{border-color:hsla(0,0%,100%,.1)}.dark\:border-white\/20{border-color:hsla(0,0%,100%,.2)}.dark\:border-white\/\[\.09\]{border-color:hsla(0,0%,100%,.09)}.dark\:bg-\[\#0B0B0F\]{--tw-bg-opacity:1;background-color:rgb(11 11 15/var(--tw-bg-opacity))}.dark\:bg-\[\#0E0E11\]{--tw-bg-opacity:1;background-color:rgb(14 14 17/var(--tw-bg-opacity))}.dark\:bg-\[\#141311\]{--tw-bg-opacity:1;background-color:rgb(20 19 17/var(--tw-bg-opacity))}.dark\:bg-\[\#1C1B18\]{--tw-bg-opacity:1;background-color:rgb(28 27 24/var(--tw-bg-opacity))}.dark\:bg-\[\#F1EFE9\]{--tw-bg-opacity:1;background-color:rgb(241 239 233/var(--tw-bg-opacity))}.dark\:bg-green-600\/10{background-color:rgba(22,163,74,.1)}.dark\:bg-indigo-400{--tw-bg-opacity:1;background-color:rgb(129 140 248/var(--tw-bg-opacity))}.dark\:bg-indigo-400\/10{background-color:rgba(129,140,248,.1)}.dark\:bg-neutral-100\/10{background-color:hsla(0,0%,96%,.1)}.dark\:bg-neutral-100\/5{background-color:hsla(0,0%,96%,.05)}.dark\:bg-neutral-400\/10{background-color:hsla(0,0%,64%,.1)}.dark\:bg-neutral-500{--tw-bg-opacity:1;background-color:rgb(115 115 115/var(--tw-bg-opacity))}.dark\:bg-neutral-700{--tw-bg-opacity:1;background-color:rgb(64 64 64/var(--tw-bg-opacity))}.dark\:bg-neutral-800{--tw-bg-opacity:1;background-color:rgb(38 38 38/var(--tw-bg-opacity))}.dark\:bg-neutral-900{--tw-bg-opacity:1;background-color:rgb(23 23 23/var(--tw-bg-opacity))}.dark\:bg-neutral-900\/90{background-color:hsla(0,0%,9%,.9)}.dark\:bg-neutral-950{--tw-bg-opacity:1;background-color:rgb(10 10 10/var(--tw-bg-opacity))}.dark\:bg-rose-600\/10{background-color:rgba(225,29,72,.1)}.dark\:bg-white{--tw-bg-opacity:1;background-color:rgb(255 255 255/var(--tw-bg-opacity))}.dark\:bg-white\/10{background-color:hsla(0,0%,100%,.1)}.dark\:bg-white\/20{background-color:hsla(0,0%,100%,.2)}.dark\:bg-white\/5{background-color:hsla(0,0%,100%,.05)}.dark\:from-neutral-900\/90{--tw-gradient-from:hsla(0,0%,9%,.9) var(--tw-gradient-from-position);--tw-gradient-to:hsla(0,0%,9%,0) var(--tw-gradient-to-position);--tw-gradient-stops:var(--tw-gradient-from),var(--tw-gradient-to)}.dark\:to-neutral-950{--tw-gradient-to:#0a0a0a var(--tw-gradient-to-position)}.dark\:fill-neutral-500{fill:#737373}.dark\:fill-white\/20{fill:hsla(0,0%,100%,.2)}.dark\:text-\[\#141311\]{--tw-text-opacity:1;color:rgb(20 19 17/var(--tw-text-opacity))}.dark\:text-\[\#78716C\]{--tw-text-opacity:1;color:rgb(120 113 108/var(--tw-text-opacity))}.dark\:text-\[\#A8A29E\]{--tw-text-opacity:1;color:rgb(168 162 158/var(--tw-text-opacity))}.dark\:text-\[\#F1EFE9\]{--tw-text-opacity:1;color:rgb(241 239 233/var(--tw-text-opacity))}.dark\:text-gray-900{--tw-text-opacity:1;color:rgb(17 24 39/var(--tw-text-opacity))}.dark\:text-green-600{--tw-text-opacity:1;color:rgb(22 163 74/var(--tw-text-opacity))}.dark\:text-indigo-400{--tw-text-opacity:1;color:rgb(129 140 248/var(--tw-text-opacity))}.dark\:text-neutral-100{--tw-text-opacity:1;color:rgb(245 245 245/var(--tw-text-opacity))}.dark\:text-neutral-100\/40{color:hsla(0,0%,96%,.4)}.dark\:text-neutral-400{--tw-text-opacity:1;color:rgb(163 163 163/var(--tw-text-opacity))}.dark\:text-neutral-500{--tw-text-opacity:1;color:rgb(115 115 115/var(--tw-text-opacity))}.dark\:text-neutral-800{--tw-text-opacity:1;color:rgb(38 38 38/var(--tw-text-opacity))}.dark\:text-rose-400{--tw-text-opacity:1;color:rgb(251 113 133/var(--tw-text-opacity))}.dark\:text-rose-600{--tw-text-opacity:1;color:rgb(225 29 72/var(--tw-text-opacity))}.dark\:text-white{--tw-text-opacity:1;color:rgb(255 255 255/var(--tw-text-opacity))}.dark\:text-white\/50{color:hsla(0,0%,100%,.5)}.dark\:text-white\/80{color:hsla(0,0%,100%,.8)}.dark\:shadow-\[inset_0_1px_1px_rgba\(255\2c 255\2c 255\2c 0\.15\)\]{--tw-shadow:inset 0 1px 1px hsla(0,0%,100%,.15);
16--tw-shadow-colored:inset 0 1px 1px var(--tw-shadow-color);box-shadow:var(--tw-ring-offset-shadow,0 0 #0000),var(--tw-ring-shadow,0 0 #0000),var(--tw-shadow)}.dark\:ring-neutral-100\/10{--tw-ring-color:hsla(0,0%,96%,.1)}.dark\:ring-neutral-400\/20{--tw-ring-color:hsla(0,0%,64%,.2)}.dark\:ring-neutral-700{--tw-ring-opacity:1;--tw-ring-color:rgb(64 64 64/var(--tw-ring-opacity))}.dark\:ring-neutral-800{--tw-ring-opacity:1;--tw-ring-color:rgb(38 38 38/var(--tw-ring-opacity))}.dark\:ring-neutral-900{--tw-ring-opacity:1;--tw-ring-color:rgb(23 23 23/var(--tw-ring-opacity))}.dark\:ring-white\/10{--tw-ring-color:hsla(0,0%,100%,.1)}.dark\:ring-white\/20{--tw-ring-color:hsla(0,0%,100%,.2)}.dark\:ring-offset-neutral-800{--tw-ring-offset-color:#262626}.dark\:invert{--tw-invert:invert(100%);filter:var(--tw-blur) var(--tw-brightness) var(--tw-contrast) var(--tw-grayscale) var(--tw-hue-rotate) var(--tw-invert) var(--tw-saturate) var(--tw-sepia) var(--tw-drop-shadow)}.dark\:selection\:bg-neutral-50\/20 ::-moz-selection{background-color:hsla(0,0%,98%,.2)}.dark\:selection\:bg-neutral-50\/20 ::selection{background-color:hsla(0,0%,98%,.2)}.dark\:selection\:text-white ::-moz-selection{--tw-text-opacity:1;color:rgb(255 255 255/var(--tw-text-opacity))}.dark\:selection\:text-white ::selection{--tw-text-opacity:1;color:rgb(255 255 255/var(--tw-text-opacity))}.dark\:selection\:bg-neutral-50\/20::-moz-selection{background-color:hsla(0,0%,98%,.2)}.dark\:selection\:bg-neutral-50\/20::selection{background-color:hsla(0,0%,98%,.2)}.dark\:selection\:text-white::-moz-selection{--tw-text-opacity:1;color:rgb(255 255 255/var(--tw-text-opacity))}.dark\:selection\:text-white::selection{--tw-text-opacity:1;color:rgb(255 255 255/var(--tw-text-opacity))}.dark\:placeholder\:text-\[\#78716C\]::-moz-placeholder{--tw-text-opacity:1;color:rgb(120 113 108/var(--tw-text-opacity))}.dark\:placeholder\:text-\[\#78716C\]::placeholder{--tw-text-opacity:1;color:rgb(120 113 108/var(--tw-text-opacity))}.dark\:placeholder\:text-neutral-500::-moz-placeholder{--tw-text-opacity:1;color:rgb(115 115 115/var(--tw-text-opacity))}.dark\:placeholder\:text-neutral-500::placeholder{--tw-text-opacity:1;color:rgb(115 115 115/var(--tw-text-opacity))}.dark\:hover\:bg-neutral-700:hover{--tw-bg-opacity:1;background-color:rgb(64 64 64/var(--tw-bg-opacity))}.dark\:hover\:bg-neutral-700\/90:hover{background-color:rgba(64,64,64,.9)}.dark\:hover\:bg-white\/10:hover{background-color:hsla(0,0%,100%,.1)}.dark\:hover\:bg-white\/20:hover{background-color:hsla(0,0%,100%,.2)}.dark\:hover\:text-neutral-300:hover{--tw-text-opacity:1;color:rgb(212 212 212/var(--tw-text-opacity))}.dark\:hover\:text-white:hover{--tw-text-opacity:1;color:rgb(255 255 255/var(--tw-text-opacity))}.dark\:hover\:text-white\/70:hover{color:hsla(0,0%,100%,.7)}@media (prefers-color-scheme:dark){.dark\:hover\:dark\:ring-white\/10:hover{--tw-ring-color:hsla(0,0%,100%,.1)}}.dark\:focus\:ring-offset-neutral-800:focus{--tw-ring-offset-color:#262626}.dark\:active\:bg-neutral-900:active{--tw-bg-opacity:1;background-color:rgb(23 23 23/var(--tw-bg-opacity))}}@media (min-width:640px){.sm\:inset-x-6{left:1.5rem;right:1.5rem}.sm\:bottom-6{bottom:1.5rem}.sm\:bottom-\[215px\]{bottom:215px}.sm\:left-0{left:0}.sm\:right-0{right:0}.sm\:top-6{top:1.5rem}.sm\:col-span-4{grid-column:span 4/span 4}.sm\:mx-0{margin-left:0;margin-right:0}.sm\:my-8{margin-bottom:2rem;margin-top:2rem}.sm\:-mb-1{margin-bottom:-.25rem}.sm\:-ml-1{margin-left:-.25rem}.sm\:-mt-2{margin-top:-.5rem}.sm\:ml-1{margin-left:.25rem}.sm\:ml-1\.5{margin-left:.375rem}.sm\:ml-4{margin-left:1rem}.sm\:mt-0{margin-top:0}.sm\:mt-1{margin-top:.25rem}.sm\:mt-3{margin-top:.75rem}.sm\:line-clamp-4{-webkit-box-orient:vertical;-webkit-line-clamp:4;display:-webkit-box;overflow:hidden}.sm\:block{display:block}.sm\:inline-block{display:inline-block}.sm\:flex{display:flex}.sm\:h-10{height:2.5rem}.sm\:w-10{width:2.5rem}.sm\:w-32{width:8rem}.sm\:w-36{width:9rem}.sm\:w-\[600px\]{width:600px}.sm\:w-auto{width:auto}.sm\:w-full{width:100%}.sm\:max-w-lg{max-width:32rem}.sm\:max-w-sm{max-width:24rem}.sm\:translate-x-0{--tw-translate-x:0px}.sm\:translate-x-0,.sm\:translate-x-2{transform:translate(var(--tw-translate-x),var(--tw-translate-y)) rotate(var(--tw-rotate)) skewX(var(--tw-skew-x)) skewY(var(--tw-skew-y)) scaleX(var(--tw-scale-x)) scaleY(var(--tw-scale-y))}.sm\:translate-x-2{--tw-translate-x:0.5rem}.sm\:translate-y-0{--tw-translate-y:0px}.sm\:scale-100,.sm\:translate-y-0{transform:translate(var(--tw-translate-x),var(--tw-translate-y)) rotate(var(--tw-rotate)) skewX(var(--tw-skew-x)) skewY(var(--tw-skew-y)) scaleX(var(--tw-scale-x)) scaleY(var(--tw-scale-y))}.sm\:scale-100{--tw-scale-x:1;--tw-scale-y:1}.sm\:scale-95{--tw-scale-x:.95;--tw-scale-y:.95;transform:translate(var(--tw-translate-x),var(--tw-translate-y)) rotate(var(--tw-rotate)) skewX(var(--tw-skew-x)) skewY(var(--tw-skew-y)) scaleX(var(--tw-scale-x)) scaleY(var(--tw-scale-y))}.sm\:grid-cols-2{grid-template-columns:repeat(2,minmax(0,1fr))}.sm\:grid-cols-3{grid-template-columns:repeat(3,minmax(0,1fr))}.sm\:grid-cols-6{grid-template-columns:repeat(6,minmax(0,1fr))}.sm\:flex-row-reverse{flex-direction:row-reverse}.sm\:items-start{align-items:flex-start}.sm\:items-end{align-items:flex-end}.sm\:items-center{align-items:center}.sm\:gap-x-2{-moz-column-gap:.5rem;column-gap:.5rem}.sm\:space-y-0>:not([hidden])~:not([hidden]){--tw-space-y-reverse:0;margin-bottom:calc(0px*var(--tw-space-y-reverse));margin-top:calc(0px*(1 - var(--tw-space-y-reverse)))}.sm\:rounded-md{border-radius:.375rem}.sm\:rounded-b-md{border-bottom-left-radius:.375rem;border-bottom-right-radius:.375rem}.sm\:rounded-t-md{border-top-left-radius:.375rem;border-top-right-radius:.375rem}.sm\:p-0{padding:0}.sm\:p-6{padding:1.5rem}.sm\:px-2{padding-left:.5rem;padding-right:.5rem}.sm\:px-6{padding-left:1.5rem;padding-right:1.5rem}.sm\:py-6{padding-bottom:1.5rem;padding-top:1.5rem}.sm\:pb-4{padding-bottom:1rem}.sm\:text-left{text-align:left}.sm\:text-2xl{font-size:1.5rem;line-height:2rem}.sm\:text-base{font-size:1rem;line-height:1.5rem}.sm\:text-sm{font-size:.875rem;line-height:1.25rem}.sm\:text-xl{font-size:1.25rem;line-height:1.75rem}.sm\:leading-6{line-height:1.5rem}.sm\:ring-offset-2{--tw-ring-offset-width:2px}}@media (min-width:768px){.md\:fixed{position:fixed}.md\:inset-y-0{bottom:0;top:0}.md\:bottom-\[34px\]{bottom:34px}.md\:left-0{left:0}.md\:right-6{right:1.5rem}.md\:order-1{order:1}.md\:order-2{order:2}.md\:order-3{order:3}.md\:col-span-1{grid-column:span 1/span 1}.md\:col-span-3{grid-column:span 3/span 3}.md\:col-start-1{grid-column-start:1}.md\:col-start-2{grid-column-start:2}.md\:row-span-2{grid-row:span 2/span 2}.md\:row-end-1{grid-row-end:1}.md\:row-end-2{grid-row-end:2}.md\:mx-0{margin-left:0;margin-right:0}.md\:mx-14{margin-left:3.5rem;margin-right:3.5rem}.md\:mb-0{margin-bottom:0}.md\:mb-7{margin-bottom:1.75rem}.md\:ml-0{margin-left:0}.md\:ml-\[300px\]{margin-left:300px}.md\:mt-0{margin-top:0}.md\:mt-2{margin-top:.5rem}.md\:mt-2\.5{margin-top:.625rem}.md\:mt-3{margin-top:.75rem}.md\:mt-3\.5{margin-top:.875rem}.md\:mt-4{margin-top:1rem}.md\:mt-5{margin-top:1.25rem}.md\:mt-6{margin-top:1.5rem}.md\:mt-\[18px\]{margin-top:18px}.md\:mt-auto{margin-top:auto}.md\:line-clamp-none{-webkit-box-orient:horizontal;-webkit-line-clamp:none;display:block;overflow:visible}.md\:block{display:block}.md\:inline{display:inline}.md\:flex{display:flex}.md\:grid{display:grid}.md\:hidden{display:none}.md\:h-11{height:2.75rem}.md\:h-12{height:3rem}.md\:h-3{height:.75rem}.md\:h-40{height:10rem}.md\:h-\[132px\]{height:132px}.md\:h-\[184px\]{height:184px}.md\:h-\[42px\]{height:42px}.md\:h-\[76px\]{height:76px}.md\:min-h-\[30px\]{min-height:30px}.md\:min-h-\[32px\]{min-height:32px}.md\:min-h-\[34px\]{min-height:34px}.md\:min-h-\[36px\]{min-height:36px}.md\:min-h-\[38px\]{min-height:38px}.md\:min-h-\[48px\]{min-height:48px}.md\:w-11{width:2.75rem}.md\:w-12{width:3rem}.md\:w-3{width:.75rem}.md\:w-40{width:10rem}.md\:w-48{width:12rem}.md\:w-\[132px\]{width:132px}.md\:w-\[184px\]{width:184px}.md\:w-\[300px\]{width:300px}.md\:w-\[42px\]{width:42px}.md\:w-\[76px\]{width:76px}.md\:w-full{width:100%}.md\:max-w-none{max-width:none}.md\:grid-cols-2{grid-template-columns:repeat(2,minmax(0,1fr))}.md\:grid-cols-3{grid-template-columns:repeat(3,minmax(0,1fr))}.md\:grid-cols-4{grid-template-columns:repeat(4,minmax(0,1fr))}.md\:grid-cols-\[1fr_264px\]{grid-template-columns:1fr 264px}.md\:grid-cols-\[1fr_300px\]{grid-template-columns:1fr 300px}.md\:grid-cols-\[200px_1fr\]{grid-template-columns:200px 1fr}.md\:flex-row{flex-direction:row}.md\:flex-col{flex-direction:column}.md\:items-end{align-items:flex-end}.md\:justify-center{justify-content:center}.md\:gap-7{gap:1.75rem}.md\:gap-9{gap:2.25rem}.md\:gap-x-5{-moz-column-gap:1.25rem;column-gap:1.25rem}.md\:gap-x-8{-moz-column-gap:2rem;column-gap:2rem}.md\:gap-y-4{row-gap:1rem}.md\:space-y-3>:not([hidden])~:not([hidden]){--tw-space-y-reverse:0;margin-bottom:calc(.75rem*var(--tw-space-y-reverse));margin-top:calc(.75rem*(1 - var(--tw-space-y-reverse)))}.md\:self-end{align-self:flex-end}.md\:rounded-2xl{border-radius:1rem}.md\:rounded-\[18px\]{border-radius:18px}.md\:p-2{padding:.5rem}.md\:p-3{padding:.75rem}.md\:p-3\.5{padding:.875rem}.md\:p-5{padding:1.25rem}.md\:p-\[18px\]{padding:18px}.md\:px-11{padding-left:2.75rem;padding-right:2.75rem}.md\:px-14{padding-left:3.5rem;padding-right:3.5rem}.md\:px-3{padding-left:.75rem;padding-right:.75rem}.md\:px-3\.5{padding-left:.875rem;padding-right:.875rem}.md\:px-4{padding-left:1rem;padding-right:1rem}.md\:px-6{padding-left:1.5rem;padding-right:1.5rem}.md\:px-8{padding-left:2rem;padding-right:2rem}.md\:px-9{padding-left:2.25rem;padding-right:2.25rem}.md\:px-\[18px\]{padding-left:18px;padding-right:18px}.md\:px-\[22px\]{padding-left:22px;padding-right:22px}.md\:px-\[26px\]{padding-left:26px;padding-right:26px}.md\:py-10{padding-bottom:2.5rem;padding-top:2.5rem}.md\:py-3{padding-bottom:.75rem;padding-top:.75rem}.md\:py-3\.5{padding-bottom:.875rem;padding-top:.875rem}.md\:py-4{padding-bottom:1rem;padding-top:1rem}.md\:py-6{padding-bottom:1.5rem;padding-top:1.5rem}.md\:py-7{padding-bottom:1.75rem;padding-top:1.75rem}.md\:py-8{padding-bottom:2rem;padding-top:2rem}.md\:py-9{padding-bottom:2.25rem;padding-top:2.25rem}.md\:py-\[18px\]{padding-bottom:18px;padding-top:18px}.md\:pb-12{padding-bottom:3rem}.md\:pb-7{padding-bottom:1.75rem}.md\:pb-9{padding-bottom:2.25rem}.md\:pb-\[30px\]{padding-bottom:30px}.md\:pt-14{padding-top:3.5rem}.md\:pt-24{padding-top:6rem}.md\:pt-8{padding-top:2rem}.md\:pt-\[110px\]{padding-top:110px}.md\:text-center{text-align:center}.md\:text-2xl{font-size:1.5rem;line-height:2rem}.md\:text-3xl{font-size:1.875rem;line-height:2.25rem}.md\:text-\[12\.5px\]{font-size:12.5px}.md\:text-\[13\.5px\]{font-size:13.5px}.md\:text-\[13px\]{font-size:13px}.md\:text-\[14\.5px\]{font-size:14.5px}.md\:text-\[15px\]{font-size:15px}.md\:text-\[17px\]{font-size:17px}.md\:text-\[19px\]{font-size:19px}.md\:text-\[22px\]{font-size:22px}.md\:text-\[23px\]{font-size:23px}.md\:text-\[27px\]{font-size:27px}.md\:text-\[30px\]{font-size:30px}.md\:text-\[34px\]{font-size:34px}.md\:text-\[40px\]{font-size:40px}.md\:text-\[58px\]{font-size:58px}.md\:text-\[76px\]{font-size:76px}.md\:text-base{font-size:1rem;line-height:1.5rem}.md\:text-xl{font-size:1.25rem;line-height:1.75rem}}@media (min-width:1024px){.lg\:mt-0{margin-top:0}.lg\:grid-cols-3{grid-template-columns:repeat(3,minmax(0,1fr))}.lg\:grid-cols-4{grid-template-columns:repeat(4,minmax(0,1fr))}.lg\:gap-x-8{-moz-column-gap:2rem;column-gap:2rem}.lg\:gap-y-8{row-gap:2rem}.lg\:px-8{padding-left:2rem;padding-right:2rem}.lg\:py-8{padding-bottom:2rem;padding-top:2rem}.lg\:text-2xl{font-size:1.5rem;line-height:2rem}}@media (min-width:1280px){.xl\:grid-cols-4{grid-template-columns:repeat(4,minmax(0,1fr))}}.\[\&\>div\.border-t\:first-child\]\:hidden>div.border-t:first-child{display:none}</style> 17<link rel="stylesheet" href="/_nuxt/Markdown.df60ac89.css"> 18<link rel="stylesheet" href="/_nuxt/PortalCollection.4f434a55.css"> 19<link rel="stylesheet" href="/_nuxt/PortalSideBar.9214ea1b.css"> 20<link rel="modulepreload" as="script" crossorigin href="/_nuxt/entry.7e9c818d.js"> 21<link rel="modulepreload" as="script" crossorigin href="/_nuxt/default.8761cb1d.js"> 22<link rel="modulepreload" as="script" crossorigin href="/_nuxt/SocialIcon.39a3f9ee.js"> 23<link rel="modulepreload" as="script" crossorigin href="/_nuxt/player.ccf411cd.js"> 24<link rel="modulepreload" as="script" crossorigin href="/_nuxt/index.2278ff53.js"> 25<link rel="modulepreload" as="script" crossorigin href="/_nuxt/DefaultUserIcon.46e8c7fe.js"> 26<link rel="modulepreload" as="script" crossorigin href="/_nuxt/nuxt-link.f3a183e1.js"> 27<link rel="modulepreload" as="script" crossorigin href="/_nuxt/Markdown.73960264.js"> 28<link rel="modulepreload" as="script" crossorigin href="/_nuxt/PortalCollection.vue.b84cab8d.js"> 29<link rel="modulepreload" as="script" crossorigin href="/_nuxt/PortalSideBar.d0eb34a6.js"> 30<link rel="modulepreload" as="script" crossorigin href="/_nuxt/useFetchAPI.da8f0cf0.js"> 31<link rel="modulepreload" as="script" crossorigin href="/_nuxt/index.766e1e64.js"> 32<link rel="modulepreload" as="script" crossorigin href="/_nuxt/PButton.f25ebc77.js"> 33<link rel="modulepreload" as="script" crossorigin href="/_nuxt/youtube.50bc273c.js"> 34<link rel="modulepreload" as="script" crossorigin href="/_nuxt/ChevronLeftIcon.55e81189.js">
35<script type="module" src="/_nuxt/entry.7e9c818d.js" crossorigin></script>
35</head> 36<body class="dark:selection:text-white dark:selection:bg-neutral-50/20 bg-gray-100 dark:bg-neutral-950"><div id="__nuxt"><!--[--><!----><main class=""><!--[--><!--[--><!--[--><!----><!--]--><div class="absolute top-0 -z-10 w-full aspect-square bg-[radial-gradient(circle_at_top,_var(--tw-gradient-stops))] from-gray-100/90 dark:from-neutral-900/90 to-gray-100 dark:to-neutral-950" style="background-color: #ffffff"> </div><div class="py-4 md:py-6 lg:py-8 min-h-screen"><div class="mx-auto max-w-7xl px-4 md:px-6 lg:px-8"><div class="mx-auto grid grid-cols-1 grid-rows-1 items-start gap-x-6 gap-y-6 lg:gap-x-8 lg:gap-y-8 md:mx-0 md:max-w-none md:grid-cols-4"><div class="md:col-start-1 md:row-end-1"><!--[--><div class="flex flex-row md:flex-col gap-x-4 gap-y-5"><div class="flex-shrink-0"><picture><img src="https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/episodes/zFG4ybMGoY9/artwork-8a4c8b41.jpg" class="bg-black w-28 sm:w-36 md:w-full aspect-square rounded-lg drop-shadow" alt="Lucas Schuermann â Swapping Out Perpetual Futures (S7E34)"></picture></div><div class="text-left md:text-center"><div class="text-lg md:text-xl lg:text-2xl text-gray-900 dark:text-white font-semibold">Flirting with Models</div><div class="mt-0 sm:mt-1 text-xs sm:text-sm text-gray-600 dark:text-neutral-400 line-clamp-3 sm:line-clamp-4 md:line-clamp-none">Flirting with Models is the show that aims to pull back the curtain and meet the investors who research, design, develop, and manage quantitative investment strategies.</div><div class="mt-2 sm:mt-3 flex-shrink-0"><div class="flex -space-x-1 justify-left md:justify-center"><!--[--><a href="/hosts/i49VHnDhXPy" class=""><picture><img class="inline-block h-6 w-6 rounded-full ring-2 ring-gray-100 dark:ring-neutral-800" src="https://data-1.podcastai.com/hosts/i49VHnDhXPy/display-2f8dac22.jpg" alt="Corey Hoffstein"></picture></a>
36<!--]--></div></div></div></div><div class="my-6 justify-center"><!--[--><a href="https://www.returnstacked.com" target="_new"><button class="relative overflow-hidden ring-black dark:ring-white/20 dark:hover:dark:ring-white/10 bg-black hover:bg-neutral-700 dark:hover:bg-white/20 text-neutral-100 transition-colors duration-200 flex w-full justify-center rounded-md px-2 py-2 ring-1 ring-inset shadow-sm text-center text-sm mb-2">Return Stacked® Portfolio Solutions <span class="shine"></span></button></a><a href="https://x.com/choffstein" target="_new"><button class="ring-gray-300 dark:ring-white/10 bg-white dark:bg-white/10 text-gray-900 dark:text-neutral-100 hover:bg-gray-950/5 dark:hover:bg-white/20 transition-colors duration-200 flex w-full justify-center rounded-md px-2 py-2 ring-1 ring-inset shadow-sm text-center text-sm mb-2">Corey's X/Twitter <!----></button></a><!--]--></div><div class="flex gap-1 flex-wrap mt-6 justify-center"><a href="https://podcasts.apple.com/podcast/id1402620531" target="_new" aria-label="Apple Podcasts"><svg version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0" y="0" width="16" height="16" viewbox="0, 0, 16, 16" class="h-8 w-8 p-2 text-black dark:text-white"><g id="Layer_1"><path d="M7.574,-0.004 C7.84,-0.004 8.105,-0.004 8.371,-0.004 C9.963,0.092 11.377,0.64 12.613,1.641 C14.078,2.878 14.949,4.445 15.227,6.34 C15.253,6.556 15.27,6.772 15.277,6.988 C15.277,7.186 15.277,7.384 15.277,7.582 C15.22,8.892 14.837,10.103 14.129,11.215 C13.221,12.597 11.989,13.574 10.434,14.145 C10.395,14.155 10.355,14.155 10.316,14.145 C10.3,14.131 10.286,14.115 10.273,14.098 C10.269,14.032 10.272,13.967 10.281,13.902 C10.312,13.694 10.342,13.484 10.371,13.273 C10.387,13.19 10.431,13.128 10.504,13.086 C11.933,12.441 12.998,11.417 13.699,10.016 C14.326,8.689 14.479,7.294 14.16,5.832 C13.794,4.352 13.012,3.149 11.816,2.223 C10.327,1.13 8.663,0.738 6.824,1.047 C5.24,1.374 3.952,2.175 2.961,3.449 C1.999,4.744 1.577,6.208 1.695,7.84 C1.877,9.559 2.62,10.985 3.926,12.117 C4.295,12.421 4.692,12.685 5.117,12.91 C5.244,12.969 5.37,13.028 5.496,13.086 C5.556,13.127 5.597,13.182 5.621,13.25 C5.654,13.516 5.693,13.781 5.738,14.043 C5.719,14.133 5.665,14.169 5.574,14.148 C4.538,13.775 3.628,13.201 2.844,12.426 C1.467,11.014 0.757,9.314 0.715,7.324 C0.715,7.27 0.715,7.215 0.715,7.16 C0.768,5.26 1.446,3.614 2.75,2.223 C3.761,1.188 4.974,0.5 6.391,0.16 C6.781,0.076 7.176,0.022 7.574,-0.004 z" fill="currentColor" opacity="0.973"></path><path d="M7.699,2.395 C9.155,2.342 10.4,2.814 11.434,3.809 C12.489,4.893 12.963,6.191 12.855,7.703 C12.733,8.915 12.235,9.949 11.363,10.805 C11.165,10.993 10.953,11.163 10.727,11.316 C10.651,11.342 10.599,11.319 10.57,11.246 C10.578,10.925 10.585,10.603 10.59,10.281 C10.603,10.248 10.619,10.215 10.637,10.184 C11.667,9.192 12.072,7.979 11.852,6.543 C11.672,5.668 11.254,4.934 10.598,4.34 C9.854,3.692 8.987,3.361 7.996,3.348 C6.866,3.371 5.909,3.788 5.125,4.598 C4.285,5.531 3.949,6.63 4.117,7.895 C4.272,8.793 4.684,9.556 5.355,10.184 C5.372,10.209 5.386,10.235 5.398,10.262 C5.409,10.556 5.414,10.85 5.414,11.145 C5.441,11.283 5.385,11.341 5.246,11.316 C4.295,10.651 3.649,9.762 3.309,8.648 C2.96,7.403 3.08,6.195 3.668,5.023 C4.232,3.981 5.058,3.224 6.145,2.754 C6.504,2.615 6.874,2.512 7.254,2.445 C7.465,2.412 7.698,2.399 7.699,2.395 z" fill="currentColor" opacity="0.972"></path><path d="M7.848,4.965 C8.479,4.941 8.986,5.176 9.371,5.668 C9.717,6.171 9.789,6.713 9.586,7.293 C9.343,7.879 8.908,8.236 8.281,8.363 C7.759,8.437 7.295,8.311 6.887,7.984 C6.412,7.552 6.22,7.02 6.309,6.387 C6.425,5.814 6.741,5.393 7.258,5.129 C7.479,5.016 7.847,4.97 7.848,4.965 z" fill="currentColor" opacity="0.985"></path><path d="M8.152,15.996 C8.043,15.996 7.934,15.996 7.824,15.996 C7.465,15.98 7.167,15.839 6.93,15.574 C6.857,15.477 6.803,15.37 6.766,15.254 C6.677,14.914 6.605,14.569 6.551,14.219 C6.425,13.402 6.322,12.591 6.242,11.785 C6.223,11.55 6.207,11.314 6.191,11.078 C6.175,10.766 6.183,10.455 6.215,10.145 C6.242,9.988 6.299,9.845 6.387,9.715 C6.524,9.532 6.696,9.39 6.902,9.289 C7.18,9.158 7.472,9.08 7.777,9.055 C8.254,9.018 8.704,9.104 9.129,9.312 C9.239,9.373 9.34,9.444 9.434,9.527 C9.633,9.706 9.747,9.93 9.777,10.199 C9.809,10.506 9.8
3616,10.813 9.797,11.121 C9.783,11.293 9.769,11.467 9.754,11.641 C9.662,12.583 9.542,13.52 9.395,14.453 C9.341,14.742 9.277,15.027 9.203,15.309 C9.104,15.556 8.935,15.738 8.695,15.855 C8.523,15.936 8.342,15.982 8.152,15.996 z" fill="currentColor" opacity="0.989"></path></g></svg></a><a href="https://open.spotify.com/show/1IXldCXztfTaZeHbtcDRQI" target="_new" aria-label="Spotify"><svg version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0" y="0" width="16" height="16" viewbox="0, 0, 16, 16" class="h-8 w-8 p-2 text-black dark:text-white"><g id="Layer_1"><path d="M12.732,7.092 C10.154,5.561 5.9,5.42 3.438,6.167 C3.043,6.287 2.625,6.064 2.505,5.669 C2.385,5.273 2.608,4.855 3.004,4.735 C5.83,3.877 10.527,4.043 13.496,5.805 C13.852,6.016 13.968,6.476 13.758,6.831 C13.547,7.186 13.087,7.303 12.732,7.092 z M12.648,9.36 C12.467,9.654 12.083,9.746 11.79,9.566 C9.64,8.244 6.362,7.861 3.818,8.634 C3.488,8.733 3.14,8.547 3.04,8.218 C2.94,7.888 3.126,7.54 3.456,7.44 C6.361,6.558 9.973,6.985 12.443,8.503 C12.736,8.684 12.828,9.068 12.648,9.36 z M11.669,11.539 C11.525,11.775 11.218,11.848 10.983,11.705 C9.105,10.557 6.74,10.297 3.955,10.933 C3.687,10.995 3.42,10.827 3.358,10.558 C3.297,10.29 3.465,10.023 3.733,9.961 C6.781,9.265 9.395,9.565 11.503,10.853 C11.739,10.997 11.813,11.304 11.669,11.539 z M8,-0 C3.582,-0 -0,3.582 -0,8 C-0,12.419 3.582,16 8,16 C12.418,16 16,12.419 16,8 C16,3.582 12.418,-0 8,-0" fill="currentColor"></path></g></svg></a><!--[--><a href="https://www.youtube.com/@flirtingwithmodels" target="_new" aria-label="YouTube"><svg version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0" y="0" width="24" height="16" viewbox="0, 0, 24, 16" class="h-8 w-8 p-2 text-black dark:text-white"><g id="Layer_1"><path d="M9.677,11.377 L9.677,4.623 L15.613,8 L9.677,11.377 z M22.88,2.498 C22.619,1.515 21.85,0.741 20.873,0.478 C19.102,0 12,0 12,0 C12,0 4.898,0 3.127,0.478 C2.15,0.741 1.381,1.515 1.12,2.498 C0.645,4.281 0.645,8 0.645,8 C0.645,8 0.645,11.719 1.12,13.502 C1.381,14.485 2.15,15.259 3.127,15.522 C4.898,16 12,16 12,16 C12,16 19.102,16 20.873,15.522 C21.85,15.259 22.619,14.485 22.88,13.502 C23.355,11.719 23.355,8 23.355,8 C23.355,8 23.355,4.281 22.88,2.498" fill="currentColor"></path></g></svg></a><a href="https://x.com/choffstein" target="_new" aria-label="X"><svg version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0" y="0" width="16" height="16" viewbox="0, 0, 16, 16" class="h-8 w-8 p-2 text-black dark:text-white"><g id="Layer_1"><path d="M9.524,6.776 L15.481,-0 L14.07,-0 L8.895,5.882 L4.765,-0 L0,-0 L6.247,8.896 L0,16 L1.411,16 L6.873,9.787 L11.235,16 L16,16 M1.921,1.041 L4.089,1.041 L14.069,15.01 L11.9,15.01" fill="currentColor"></path></g></svg></a><!--]--></div><div class="mt-6"><a href="https://podcastai.com" rel="noopener noreferrer" target="_new"><div class="flex justify-center mb-3"><img class="w-[135px] h-[12px] dark:hidden" src="/img/podcastai-powered-by-light.svg" alt="PodcastAI"><img class="w-[135px] h-[12px] hidden dark:block" src="/img/podcastai-powered-by-dark.svg" alt="PodcastAI"></div><picture><source srcset="/img/podcastai-icon.avif" type="image/avif"><img class="w-8 h-8 rounded-lg drop-shadow mx-auto" src="/img/podcastai-icon.jpg" alt="PodcastAI"></picture></a></div><!--]--></div><div class="md:col-span-3 md:row-span-2 md:row-end-2 space-y-4"><header><div class="mb-2"><nav class="flex" aria-label="Back"><a href="/episodes" class="flex items-center text-sm font-medium text-gray-600 dark:text-neutral-400 hover:text-gray-700 dark:hover:text-neutral-300"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" aria-hidden="true" class="-ml-1 mr-1 h-5 w-5 flex-shrink-0 text-gray-500 dark:text-neutral-500"><path fill-rule="evenodd" d="M12.79 5.23a.75.75 0 01-.02 1.06L8.832 10l3.938 3.71a.75.75 0 11-1.04 1.08l-4.5-4.25a.75.75 0 010-1.08l4.5-4.25a.75.75 0 011.06.02z" clip-rule="evenodd"></path></svg> All Episodes </a></nav></div><div class="min-w-0 flex-1"><h1 class="flex gap-x-3 text-xl sm:text-2xl md:text-3xl leading-tight tracking-tight text-gray-900 dark:text-white"><span class="font-bold">Lucas Schuermann â Swapping Out Perpetual Futures (S7E34)</span></h1></div></header><span class="flex items-center text-xs text-gray-600 dark:text-neutral-400"><!--[-->S7 E34 ⢠<!--]--> Sep 14, 2026 ⢠73 mins</span><!--[--><!--]--><p class="text-gray-600 dark:text-neutral-400 text-left">Corey Hoffstein and Lucas Schuermann dive into trading venues and infrastru
36cture evolution, highlighting Omni's growth and benefits like tighter spreads and zero fees. Lucas discusses liquidity quality, flow segmentation, and hedging challenges across venues. They explore APIs, real-world asset perps (RWA), and the differences between traditional and on-chain liquidity. The episode examines building liquidity from scratch versus aggregation, swaps, their advantages, and user choices between perps and swaps. Financing rates and constraints for on-chain RWAs are also covered. Lucas shares insights on institutional platform ambitions and his interests beyond work.</p><!----><!----><div class="flex gap-2 flex-wrap"><a href="https://podcasts.apple.com/podcast/id1402620531?i=1000789485237" target="_new"><img class="h-10 aspect-[4]" src="/img/listen-on/apple-podcasts.svg" alt="Listen on Apple Podcasts"></a><a href="https://open.spotify.com/episode/3czq2cQ3v4WPKcy5yQwLS4" target="_new"><img class="h-10 aspect-[4]" src="/img/listen-on/spotify.svg" alt="Listen on Spotify"></a><a href="https://youtube.com/watch?v=_5bYsyJUx68" target="_new"><img class="h-10 aspect-[4]" src="/img/listen-on/youtube.svg" alt="Listen on YouTube"></a></div><div class="overflow-hidden bg-white dark:bg-neutral-100/10 text-gray-600 dark:text-neutral-400 shadow sm:rounded-md -mx-4 sm:mx-0 [&>div.border-t:first-child]:hidden"><div class="px-4 sm:px-6 py-6"><div class="flex items-center justify-end gap-x-2"><h2 class="text-base font-semibold leading-7 text-gray-900 dark:text-white mr-auto">Speakers</h2><a href="/episodes/zFG4ybMGoY9/chat" class=""><button type="button" class="bg-indigo-600 hover:bg-indigo-500 active:bg-indigo-700 text-white focus-visible:outline-indigo-600 transition-colors duration-200 relative inline-flex items-center justify-center rounded-md shadow-[inset_0_1px_1px_rgba(0,0,0,0.15)] dark:shadow-[inset_0_1px_1px_rgba(255,255,255,0.15)] px-3 py-2 text-sm font-semibold shadow-sm focus-visible:outline focus-visible:outline-2 focus-visible:outline-offset-2 disabled:opacity-50 select-none cursor-pointer disabled:cursor-default"><!----><!--[--><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" stroke-width="1.5" stroke="currentColor" aria-hidden="true" class="inline w-5 h-5"><path stroke-linecap="round" stroke-linejoin="round" d="M20.25 8.511c.884.284 1.5 1.128 1.5 2.097v4.286c0 1.136-.847 2.1-1.98 2.193-.34.027-.68.052-1.02.072v3.091l-3-3c-1.354 0-2.694-.055-4.02-.163a2.115 2.115 0 01-.825-.242m9.345-8.334a2.126 2.126 0 00-.476-.095 48.64 48.64 0 00-8.048 0c-1.131.094-1.976 1.057-1.976 2.192v4.286c0 .837.46 1.58 1.155 1.951m9.345-8.334V6.637c0-1.621-1.152-3.026-2.76-3.235A48.455 48.455 0 0011.25 3c-2.115 0-4.198.137-6.24.402-1.608.209-2.76 1.614-2.76 3.235v6.226c0 1.621 1.152 3.026 2.76 3.235.577.075 1.157.14 1.74.194V21l4.155-4.155"></path></svg><span class="hidden sm:inline-block sm:ml-1">AI Chat</span><!--]--></button></a></div><div class="grid grid-cols-1 gap-4 sm:grid-cols-2 mt-3"><!--[--><div class="relative flex items-center rounded-lg border border-gray-300 dark:border-neutral-100/10 bg-white dark:bg-neutral-100/5 pl-6 pr-2 py-5 shadow-sm"><div class="flex-shrink-0"><a href="/hosts/i49VHnDhXPy" class="" aria-label="Corey Hoffstein"><picture><img class="h-10 w-10 rounded-full" src="https://data-1.podcastai.com/hosts/i49VHnDhXPy/display-2f8dac22.jpg" alt></picture></a></div><div class="min-w-0 flex-1 ml-3"><p class="text-sm font-medium text-gray-900 dark:text-white">Corey Hoffstein</p><p class="truncate text-sm text-gray-600 dark:text-neutral-400">Host ⢠23%</p></div><!----></div><div class="relative flex items-center rounded-lg border border-gray-300 dark:border-neutral-100/10 bg-white dark:bg-neutral-100/5 pl-6 pr-2 py-5 shadow-sm"><div class="flex-shrink-0"><a aria-current="page" href="/episodes/zFG4ybMGoY9#" class="router-link-active router-link-exact-active" aria-label="Lucas Schuermann"><span class="overflow-hidden rounded-full bg-gray-100 dark:bg-neutral-700 text-gray-300 dark:text-neutral-400 block h-10 w-10 rounded-full"><svg class="h-full w-full" fill="currentColor" viewBox="0 0 24 24">
36<path d="M24 20.993V24H0v-2.996A14.977 14.977 0 0112.004 15c4.904 0 9.26 2.354 11.996 5.993zM16.002 8.999a4 4 0 11-8 0 4 4 0 018 0z"></path></svg></span></a></div><div class="min-w-0 flex-1 ml-3"><p class="text-sm font-medium text-gray-900 dark:text-white">Lucas Schuermann</p><p class="truncate text-sm text-gray-600 dark:text-neutral-400">Guest ⢠77%</p></div><!----></div><div class="hidden relative flex items-center rounded-lg border border-gray-300 dark:border-neutral-100/10 bg-white dark:bg-neutral-100/5 pl-6 pr-2 py-5 shadow-sm"><div class="flex-shrink-0"><a aria-current="page" href="/episodes/zFG4ybMGoY9#" class="router-link-active router-link-exact-active"><span class="overflow-hidden rounded-full bg-gray-100 dark:bg-neutral-700 text-gray-300 dark:text-neutral-400 block h-10 w-10 rounded-full"><svg class="h-full w-full" fill="currentColor" viewBox="0 0 24 24"><path d="M24 20.993V24H0v-2.996A14.977 14.977 0 0112.004 15c4.904 0 9.26 2.354 11.996 5.993zM16.002 8.999a4 4 0 11-8 0 4 4 0 018 0z"></path></svg></span></a></div><div class="min-w-0 flex-1 ml-3"><p class="text-sm font-medium text-gray-900 dark:text-white"></p><p class="truncate text-sm text-gray-600 dark:text-neutral-400">Unidentified</p></div><!----></div><!--]--></div></div><!----><!--[--><div class="w-full border-t border-gray-300 dark:border-neutral-100/10"></div><div class="px-4 sm:px-6 py-6"><h2 class="text-base font-semibold leading-7 text-gray-900 dark:text-white">Chapters</h2><table class="mt-3"><tbody><!--[--><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">0:00</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-0">Introduction and guest overview </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">2:42</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-1">Lucas Sherman and Variational background </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">5:14</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-2">Growth and benefits of Omni </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">5:45</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-3">How Omni offers tighter spreads and zero fees </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">9:35</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-4">Flow segmentation and liquidity quality </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">14:05</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-5">Hedging challenges on other venues </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">17:06</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-6">Evolution of trading venues and infrastructure </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">18:27</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-7">APIs and handling toxic flow </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">21:00</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-8">Growth and inefficiencies in real world asset perps (RWA) </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">23:37</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-9">Comparing traditional and on-chain liquidity </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">25:29</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-10">Challenges of building liquidity from scratch </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">27:31</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-11">Aggregation vs rebuilding liquidity </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">28:35</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-12">Hedging strategies across crypto and TradFi </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">31:16</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-13">Phases of RWA rollout on Omni </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">36:39</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-14">Introduction to swaps and their advantages </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">37:57</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-15">Setting funding rates for perps </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">41:03</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-16">Index change modes and design decisions </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">44:49</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-17">Introduction and comparison of swaps </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">48:11</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-18">Swaps vs perps, CFDs, and TRSs </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">50:43</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-19">User decisions between perps and swaps </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">53:39</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-20">Financing rates for swaps </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">58:40</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-21">TradFi dealer capacity and asset classes </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">1:01:53</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-22">On-chain vs crypto asset exposure </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">1:02:45</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-23">Constraints to long-term vision for RWAs on-chain </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">1:04:11</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-24">Global market expansion and connectivity </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">1:06:25</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-25">Institutional platform ambitions </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">1:08:11</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-26">Institutional benefits of on-chain swaps </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">1:10:28</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-27">Outside of work obsessions </a></div></td></tr><tr class="text-sm leading-6 align-top"><td class="text-gray-600 dark:text-neutral-400 text-right">1:13:05</td><td class="text-gray-900 dark:text-white"><div class="ml-2"><a href="#transcript-chapter-28">Closing remarks</a></div></td></tr><!--]--></tbody></table></div><!--]--><!--[--><div class="w-full border-t border-gray-300 dark:border-neutral-100/10"></div><div class="px-4 sm:px-6 py-6"><div class="flex items-center justify-end gap-x-2"><h2 class="text-base font-semibold leading-7 text-gray-900 dark:text-white mr-auto">Transcript</h2><button type="button" class="bg-indigo-600 hover:bg-indigo-500 active:bg-indigo-700 text-white focus-visible:outline-indigo-600 transition-colors duration-200 relative inline-flex items-center justify-center rounded-md shadow-[inset_0_1px_1px_rgba(0,0,0,0.15)] dark:shadow-[inset_0_1px_1px_rgba(255,255,255,0.15)] px-3 py-2 text-sm font-semibold shadow-sm focus-visible:outline focus-visible:outline-2 focus-visible:outline-offset-2 disabled:opacity-50 select-none cursor-pointer disabled:cursor-default"><!----><!--[--><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" stroke-width="1.5" stroke="currentColor" aria-hidden="true" class="inline w-5 h-5"><path stroke-linecap="round" stroke-linejoin="round" d="M7.848 8.25l1.536.887M7.848 8.25a3 3 0 11-5.196-3 3 3 0 015.196 3zm1.536.887a2.165 2.165 0 011.083 1.839c.005.351.054.695.14 1.024M9.384 9.137l2.077 1.199M7.848 15.75l1.536-.887m-1.536.887a3 3 0 11-5.196 3 3 3 0 015.196-3zm1.536-.887a2.165 2.165 0 001.083-1.838c.005-.352.054-.695.14-1.025m-1.223 2.863l2.077-1.199m0-3.328a4.323 4.323 0 012.068-1.379l5.325-1.628a4.5 4.5 0 012.48-.044l.803.215-7.794 4.5m-2.882-1.664A4.331 4.331 0 0010.607 12m3.736 0l7.794 4.5-.802.215a4.5 4.5 0 01-2.48-.043l-5.326-1.629a4.324 4.324 0 01-2.068-1.379M14.343 12l-2.882 1.664"></path></svg><span class="hidden sm:inline-block sm:ml-1">Clip</span><!--]--></button></div><p class="text-sm leading-6 text-gray-600 dark:text-neutral-400">Loading transcript...</p><!----></div><!--]--></div></div></div></div></div><!----><!--]--><!--]--><div class="translate-y-24 opacity-0 transition ease-in-out fixed z-50 bottom-2 sm:bottom-6 left-2 sm:left-0 right-2 sm:right-0 sm:w-[600px] mx-auto bg-neutral-100/90 dark:bg-neutral-900/90 backdrop-blur text-white border border-black/10 ring-1 ring-inset ring-white ring-opacity-10 shadow-md rounded-xl"><audio></audio><div class="flex justify-normal items-center p-2"><div class="justify-start mr-2 hidden sm:block"><div class="aspect-square ring-1 ring-inset ring-black/10 dark:ring-white/10 rounded-md drop-shadow-sm relative h-14 cursor-pointer" style="background: url(https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/cover-1c456e84.jpg), black; background-size: contain; background-repeat: no-repeat; background-position: center;"></div></div><div class="text-xs w-full mr-2 select-none relative text-gray-900 dark:text-white"><!----><div class="line-clamp-2 text-ellipsis text-gray-900 dark:text-white mr-3"></div><!----><div class="flex text-gray-600 dark:text-neutral-400 text-ellipsis"><div class="flex-1"></div><div class="shrink-0 ml-auto tabular-nums">- / -</div></div><div class="h-1 mt-1 rounded bg-neutral-900/20 dark:bg-white/20 overflow-hidden"><div class="h-1 bg-neutral-900 dark:bg-white" style="width: 0.00%;"></div></div></div><div class="opacity-25 rounded-md my-3 py-1 px-1.5 text-gray-900 dark:text-white shrink-0"><svg class="h-6 w-6" alt="Reverse 30s" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0" y="0" width="64" height="64" viewBox="0, 0, 64, 64"><g id="Layer_1"><path d="M32,0 C49.644,0 64,14.356 64,32 C64,49.644 49.644,64 32,64 C14.356,64 0,49.644 0,32 C0,31.727 0.002,31.453 0.009,31.181 C0.043,29.856 1.145,28.809 2.47,28.842 C3.796,28.876 4.843,29.978 4.809,31.303 C4.803,31.533 4.8,31.767 4.8,32 C4.8,47.05 16.95,59.2 32,59.2 C47.05,59.2 59.2,47.05 59.2,32 C59.2,16.95 47.05,4.8 32,4.8 C23.391,4.8 15.746,8.794 10.766,15.016 L12.856,14.647 C14.162,14.416 15.407,15.288 15.638,16.594 C15.868,17.899 14.996,19.145 13.691,19.375 L5.812,20.762 C4.507,20.993 3.261,20.121 3.031,18.816 L1.644,10.938 C1.507,10.219 1.706,9.477 2.183,8.922 C2.661,8.368 3.366,8.062 4.097,8.091 C5.237,8.137 6.187,8.98 6.369,10.106 L6.766,12.353 C12.625,4.841 21.753,0 32,0 z M40.8,24.8 C42.565,24.8 44,26.235 44,28 L44,36 C44,37.765 42.565,39.2 40.8,39.2 C39.035,39.2 37.6,37.765 37.6,36 L37.6,28 C37.6,26.237 39.035,24.8 40.8,24.8 z M40.8,20.8 C36.83,20.8 33.6,24.03 33.6,28 L33.6,36 C33.6,39.97 36.83,43.2 40.8,43.2 C44.77,43.2 48,39.97 48,36 L48,28 C48,24.03 44.77,20.8 40.8,20.8 z M23.619,20.847 C20.685,20.847 18.138,21.977 16.55,23.872 C16.074,24.417 15.929,25.178 16.173,25.86 C16.416,26.542 17.01,27.039 17.724,27.16 C18.438,27.28 19.162,27.005 19.616,26.441 C20.351,25.564 21.702,24.847 23.619,24.847 C24.402,24.847 25.206,25.087 25.7,25.475 C26.194,25.863 26.528,26.318 26.528,27.481 C26.528,28.674 25.63,29.943 23.366,30.009 C23.321,30.009 23.28,29.994 23.234,29.994 C22.13,29.994 21.234,30.889 21.234,31.994 L21.234,32.053 C21.234,33.158 22.13,34.053 23.234,34.053 C23.282,34.053 23.319,34.029 23.366,34.028 C24.611,34.056 25.677,34.361 26.291,34.8 C26.931,35.259 27.206,35.697 27.206,36.566 C27.206,37.715 26.9,38.118 26.341,38.519 C25.781,38.919 24.786,39.203 23.622,39.203 C22.018,39.203 20.02,38.193 19.625,37.631 C19.221,37.029 18.523,36.692 17.8,36.751 C17.077,36.81 16.443,37.256 16.143,37.916 C15.842,38.576 15.923,39.347 16.353,39.931 C17.984,42.252 20.832,43.203 23.622,43.203 C25.37,43.203 27.164,42.846 28.669,41.769 C30.173,40.692 31.206,38.776 31.206,36.566 C31.206,34.552 30.182,32.785 28.738,31.684 C29.825,30.519 30.528,29.062 30.528,27.481 C30.528,25.284 29.56,23.421 28.175,22.331 C26.79,21.242 25.14,20.847 23.619,20.847 z" fill="currentColor"></path></g></svg></div><div class="opacity-25 rounded-md my-3 py-1 px-1.5 text-gray-900 dark:text-white"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" aria-hidden="true" class="h-6 w-6"><path d="M6.3 2.841A1.5 1.5 0 004 4.11V15.89a1.5 1.5 0 002.3 1.269l9.344-5.89a1.5 1.5 0 000-2.538L6.3 2.84z"></path></svg></div><div class="opacity-25 rounded-md my-3 py-1 px-1.5 text-gray-900 dark:text-white shrink-0"><svg class="h-6 w-6" alt="Forward 30s" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0" y="0" width="64" height="64" viewBox="0, 0, 64, 64"><g id="Layer_1"><path d="M32,0 C14.356,0 0,14.356 0,32 C0,49.644 14.356,64 32,64 C49.644,64 64,49.644 64,32 C64,31.727 63.998,31.453 63.991,31.181 C63.957,29.856 62.855,28.809 61.53,28.842 C60.204,28.876 59.157,29.978 59.191,31.303 C59.197,31.533 59.2,31.767 59.2,32 C59.2,47.05 47.05,59.2 32,59.2 C16.95,59.2 4.8,47.05 4.8,32 C4.8,16.95 16.95,4.8 32,4.8 C40.609,4.8 48.254,8.794 53.234,15.016 L51.144,14.647 C49.838,14.416 48.593,15.288 48.362,16.594 C48.132,17.899 49.004,19.145 50.309,19.375 L58.188,20.762 C59.493,20.993 60.739,20.121 60.969,18.816 L62.356,10.938 C62.493,10.219 62.294,9.477 61.817,8.922 C61.339,8.368 60.634,8.062 59.903,8.091 C58.763,8.137 57.813,8.98 57.631,10.106 L57.234,12.353 C51.375,4.841 42.247,0 32,0 z M40.8,20.8 C36.83,20.8 33.6,24.03 33.6,28 L33.6,36 C33.6,39.97 36.83,43.2 40.8,43.2 C44.77,43.2 48,39.97 48,36 L48,28 C48,24.03 44.77,20.8 40.8,20.8 z M23.619,20.847 C20.685,20.847 18.138,21.977 16.55,23.872 C16.074,24.417 15.929,25.178 16.173,25.86 C16.416,26.542 17.01,27.039 17.724,27.16 C18.438,27.28 19.162,27.005 19.616,26.441 C20.351,25.564 21.702,24.847
3623.619,24.847 C24.402,24.847 25.206,25.087 25.7,25.475 C26.194,25.863 26.528,26.318 26.528,27.481 C26.528,28.674 25.63,29.943 23.366,30.009 C23.321,30.009 23.28,29.994 23.234,29.994 C22.13,29.994 21.234,30.889 21.234,31.994 L21.234,32.053 C21.234,33.158 22.13,34.053 23.234,34.053 C23.282,34.053 23.319,34.029 23.366,34.028 C24.611,34.056 25.677,34.361 26.291,34.8 C26.931,35.259 27.206,35.697 27.206,36.566 C27.206,37.715 26.9,38.118 26.341,38.519 C25.781,38.919 24.786,39.203 23.622,39.203 C22.018,39.203 20.02,38.193 19.625,37.631 C19.221,37.029 18.523,36.692 17.8,36.751 C17.077,36.81 16.443,37.256 16.143,37.916 C15.842,38.576 15.923,39.347 16.353,39.931 C17.984,42.252 20.832,43.203 23.622,43.203 C25.37,43.203 27.164,42.846 28.669,41.769 C30.173,40.692 31.206,38.776 31.206,36.566 C31.206,34.552 30.182,32.785 28.738,31.684 C29.825,30.519 30.528,29.062 30.528,27.481 C30.528,25.284 29.56,23.421 28.175,22.331 C26.79,21.242 25.14,20.847 23.619,20.847 z M40.8,24.8 C42.565,24.8 44,26.235 44,28 L44,36 C44,37.765 42.565,39.2 40.8,39.2 C39.035,39.2 37.6,37.765 37.6,36 L37.6,28 C37.6,26.237 39.035,24.8 40.8,24.8 z" fill="currentColor"></path></g></svg></div><!----></div></div></main><!--]--></div>
36<script type="application/json" id="__NUXT_DATA__" data-ssr="true">[["Reactive",1],{"data":2,"state":130,"_errors":164,"serverRendered":104,"path":165,"pinia":166},{"XKZEpH8msj":3},{"videoLength":4,"handle":5,"showHandle":6,"guid":4,"title":7,"description":8,"tags":4,"type":9,"seasonNumber":10,"episodeNumber":11,"uploaded":12,"imported":12,"dubbed":12,"aiGenerated":12,"audioURL":13,"audioLength":14,"videoURL":4,"videoTranscodingJob":4,"duration":15,"keyPoints":4,"quotes":4,"tableOfContents":16,"showNotes":4,"transcribed":104,"transcriptURL":105,"originalTranscriptURL":4,"memorized":104,"explicit":12,"language":4,"publishedAt":106,"appleEpisodeID":107,"spotifyEpisodeID":108,"ytVideoHandle":109,"imageURL":110,"videoImageURL":111,"socialPosts":4,"adLocations":4,"createdAt":112,"updatedAt":113,"id":114,"speakers":115},null,"zFG4ybMGoY9","KN7y5ayc1iNKVCjnXS0kNM","Lucas Schuermann â Swapping Out Perpetual Futures (S7E34)","Corey Hoffstein and Lucas Schuermann dive into trading venues and infrastructure evolution, highlighting Omni's growth and benefits like tighter spreads and zero fees. Lucas discusses liquidity quality, flow segmentation, and hedging challenges across venues. They explore APIs, real-world asset perps (RWA), and the differences between traditional and on-chain liquidity. The episode examines building liquidity from scratch versus aggregation, swaps, their advantages, and user choices between perps and swaps. Financing rates and constraints for on-chain RWAs are also covered. Lucas shares insights on institutional platform ambitions and his interests beyond work.","full",7,34,false,"https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/episodes/zFG4ybMGoY9/audio-8577bdf9.mp3",72296025,4398,[17,21,24,27,30,33,36,39,42,45,48,51,54,57,60,63,66,69,72,75,78,81,84,87,90,93,96,99,102],{"start":18,"title":19,"end":20},0,"Introduction and guest overview ",162,{"start":20,"title":22,"end":23},"Lucas Sherman and Variational background ",314,{"start":23,"title":25,"end":26},"Growth and benefits of Omni ",345,{"start":26,"title":28,"end":29},"How Omni offers tighter spreads and zero fees ",575,{"start":29,"title":31,"end":32},"Flow segmentation and liquidity quality ",845,{"start":32,"title":34,"end":35},"Hedging challenges on other venues ",1026,{"start":35,"title":37,"end":38},"Evolution of trading venues and infrastructure ",1107,{"start":38,"title":40,"end":41},"APIs and handling toxic flow ",1260,{"start":41,"title":43,"end":44},"Growth and inefficiencies in real world asset perps (RWA) ",1417,{"start":44,"title":46,"end":47},"Comparing traditional and on-chain liquidity ",1529,{"start":47,"title":49,"end":50},"Challenges of building liquidity from scratch ",1651,{"start":50,"title":52,"end":53},"Aggregation vs rebuilding liquidity ",1715,{"start":53,"title":55,"end":56},"Hedging strategies across crypto and TradFi ",1876,{"start":56,"title":58,"end":59},"Phases of RWA rollout on Omni ",2199,{"start":59,"title":61,"end":62},"Introduction to swaps and their advantages ",2277,{"start":62,"title":64,"end":65},"Setting funding rates for perps ",2463,{"start":65,"title":67,"end":68},"Index change modes and design decisions ",2689,{"start":68,"title":70,"end":71},"Introduction and comparison of swaps ",2891,{"start":71,"title":73,"end":74},"Swaps vs perps, CFDs, and TRSs ",3043,{"start":74,"title":76,"end":77},"User decisions between perps and swaps ",3219,{"start":77,"title":79,"end":80},"Financing rates for swaps ",3520,{"start":80,"title":82,"end":83},"TradFi dealer capacity and asset classes ",3713,{"start":83,"title":85,"end":86},"On-chain vs crypto asset exposure ",3765,{"start":86,"title":88,"end":89},"Constraints to long-term vision for RWAs on-chain ",3851,{"start":89,"title":91,"end":92},"Global market expansion and connectivity ",3985,{"start":92,"title":94,"end":95},"Institutional platform ambitions ",4091,{"start":95,"title":97,"end":98},"Institutional benefits of on-chain swaps ",4228,{"start":98,"title":100,"end":101},"Outside of work obsessions ",4385,{"start":101,"title":103,"end":15},"Closing remarks",true,"https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/episodes/zFG4ybMGoY9/transcript-133db57b.json","202
366-09-14T04:00:00.000Z","1402620531?i=1000789485237","3czq2cQ3v4WPKcy5yQwLS4","_5bYsyJUx68","https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/episodes/zFG4ybMGoY9/artwork-8a4c8b41.jpg","https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/episodes/zFG4ybMGoY9/video-cover-f97b7ba4.jpg","2026-09-14T02:27:09.856Z","2026-09-14T13:11:39.053Z",63073,[116,123,127],{"name":117,"order":18,"duration":118,"host":119},"Corey Hoffstein",989,{"handle":120,"name":117,"bio":121,"imageURL":122,"socials":4},"i49VHnDhXPy","Corey Hoffstein is the CEO and CIO of Newfound Research and co-founder of Return Stacked® ETFs. Corey is an active researcher and his work has been published in the Journal of Indexing and the Journal of Alternative Investments. Corey holds a Master of Science in Computational Finance from Carnegie Mellon University and a Bachelor of Science in Computer Science, cum laude, from Cornell University.","https://data-1.podcastai.com/hosts/i49VHnDhXPy/display-2f8dac22.jpg",{"name":124,"order":125,"duration":126,"host":4},"Lucas Schuermann",1,3343,{"name":4,"order":128,"duration":129,"host":4},2,27,{"$scanonicalHostname":131,"$ssubdomain":131,"$sshow":132,"$ssite-config":160},"www.flirtingwithmodels.com",{"handle":6,"slug":133,"title":134,"publisher":4,"description":135,"imageURL":136,"logoURL":4,"accentColor":4,"language":137,"portalDomain":131,"portalPageRules":4,"portalSettings":4,"links":138,"socials":145,"externalWebsiteURL":4,"episodeTitlePattern":4,"episodeCount":151,"explicit":12,"feedURL":4,"feedGeneratedAt":4,"nextPublishedAt":4,"defaultPublicationTime":152,"externalFeedURL":153,"redirectFeed":12,"ownerName":4,"ownerEmail":4,"primaryCategory":4,"secondaryCategory":4,"applePodcastsID":154,"spotifyShowID":155,"country":4,"rankings":4,"rankingsUpdatedAt":4,"googleTag":4,"gtmContainerID":4,"editor":4,"trackers":4,"introURL":4,"outroURL":4,"aiEpisodeSettings":4,"aiEpisodeNextGeneratedAt":4,"viralMomentsSettings":4,"dubPodSettings":4,"radioStudioSettings":4,"planSlotType":4,"pinned":12,"createdAt":156,"updatedAt":157,"hosts":158},"flirting-with-models","Flirting with Models","Flirting with Models is the show that aims to pull back the curtain and meet the investors who research, design, develop, and manage quantitative investment strategies.","https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/cover-1c456e84.jpg","en",[139,142],{"title":140,"url":141,"special":104},"Return Stacked® Portfolio Solutions","https://www.returnstacked.com",{"title":143,"url":144,"special":12},"Corey's X/Twitter","https://x.com/choffstein",[146,149],{"type":147,"url":148},"youtube","https://www.youtube.com/@flirtingwithmodels",{"type":150,"url":144},"x",127,"04:00:00","https://feeds.captivate.fm/flirting-with-models/","1402620531","1IXldCXztfTaZeHbtcDRQI","2025-02-07T15:28:37.063Z","2026-09-14T13:11:39.068Z",[159],{"handle":120,"name":117,"imageURL":122,"socials":4},{"defaultLocale":137,"env":161,"indexable":104,"name":162,"trailingSlash":12,"url":163},"production","podcastai-portal","https://www.flirtingwithmodels.com/",{"XKZEpH8msj":4,"tH8krIzk2P":4},"/episodes/zFG4ybMGoY9",{"player":167},{"requestedSeconds":168},["EmptyRef",169],"0"]</script>
vendor: 1 bytes, line 36
36
37<script>window.__NUXT__={};window.__NUXT__.config={public:{apiBaseURL:"https://app.podcastai.com/api/v1",baseURL:"https://onpodcastai.com",nodeEnv:"production",content:{locales:[],defaultLocale:"",integrity:1790351077051,experimental:{stripQueryParameters:false,clientDB:false},api:{baseURL:"/api/_content"},navigation:{fields:[]},tags:{p:"prose-p",a:"prose-a",blockquote:"prose-blockquote","code-inline":"prose-code-inline",code:"prose-code",em:"prose-em",h1:"prose-h1",h2:"prose-h2",h3:"prose-h3",h4:"prose-h4",h5:"prose-h5",h6:"prose-h6",hr:"prose-hr",img:"prose-img",ul:"prose-ul",ol:"prose-ol",li:"prose-li",strong:"prose-strong",table:"prose-table",thead:"prose-thead",tbody:"prose-tbody",td:"prose-td",th:"prose-th",tr:"prose-tr"},highlight:false,wsUrl:"",documentDriven:false,host:"",trailingSlash:false,anchorLinks:{depth:4,exclude:[1]}}},app:{baseURL:"/",buildAssetsDir:"/_nuxt/",cdnURL:""}}</script>
vendor: 1 bytes, line 37
37
38<script type="application/ld+json" id="schema-org-graph" data-hid="3437552">{"@context":"https://schema.org","@graph":[{"@type":"Episode","datePublished":"2026-09-14","description":"Corey Hoffstein and Lucas Schuermann dive into trading venues and infrastructure evolution, highlighting Omni's growth and benefits like tighter spreads and zero fees. Lucas discusses liquidity quality, flow segmentation, and hedging challenges across venues. They explore APIs, real-world asset perps (RWA), and the differences between traditional and on-chain liquidity. The episode examines building liquidity from scratch versus aggregation, swaps, their advantages, and user choices between perps and swaps. Financing rates and constraints for on-chain RWAs are also covered. Lucas shares insights on institutional platform ambitions and his interests beyond work.","episodeNumber":34,"url":"https://www.flirtingwithmodels.com/episodes/zFG4ybMGoY9","image":{"@id":"https://www.flirtingwithmodels.com/#/schema/image/27a23d6"},"partOfSeason":{"@type":"CreativeWorkSeason","seasonNumber":7},"partOfSeries":{"@type":"CreativeWorkSeries","name":"Flirting with Models","url":"https://www.flirtingwithmodels.com","image":"https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/cover-1c456e84.jpg"}},{"@type":"AudioObject","contentUrl":"https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/episodes/zFG4ybMGoY9/audio-8577bdf9.mp3","datePublished":"2026-09-14","description":"Corey Hoffstein and Lucas Schuermann dive into trading venues and infrastructure evolution, highlighting Omni's growth and benefits like tighter spreads and zero fees. Lucas discusses liquidity quality, flow segmentation, and hedging challenges across venues. They explore APIs, real-world asset perps (RWA), and the differences between traditional and on-chain liquidity. The episode examines building liquidity from scratch versus aggregation, swaps, their advantages, and user choices between perps and swaps. Financing rates and constraints for on-chain RWAs are also covered. Lucas shares insights on institutional platform ambitions and his interests beyond work.","duration":"PT1H13M18S","encodingFormat":"audio/mpeg","isPartOf":{"@type":"CreativeWork","name":"Flirting with Models","url":"https://www.flirtingwithmodels.com"}},{"@id":"https://www.flirtingwithmodels.com/#/schema/image/27a23d6","@type":"ImageObject","contentUrl":"https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/episodes/zFG4ybMGoY9/artwork-8a4c8b41.jpg","inLanguage":"en","url":"https://data-1.podcastai.com/shows/KN7y5ayc1iNKVCjnXS0kNM/episodes/zFG4ybMGoY9/artwork-8a4c8b41.jpg"}]}</script>
38</body> 39</html>
Line numbers count LF bytes from the start of the resource, as the search results do. Vendor segments are library code the classifier recognised; they are stored but not indexed. Bytes are shown as Latin1 characters, one per byte.