In the ever-volatile world of cryptocurrency, few stories capture the chaos quite like the recent explosion of the MYX token. Industry veteran Jordi Alexander, known for his sharp insights on game theory in crypto, recently took to X (formerly Twitter) to call out what he sees as the latest episode

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in crypto's "crime season." His thread shines a light on the MYX token's absurd rise and the systemic issues plaguing perpetual futures (perps) on major exchanges.

For those new to the term, perpetual futures are derivative contracts that allow traders to bet on the price of an asset without an expiration date. They're popular in crypto for leveraging positions—meaning you can amplify gains (or losses) with borrowed money. But as Alexander points out, they can turn disastrous when the underlying spot market lacks liquidity. Liquidity, simply put, is how easily you can buy or sell an asset without wildly affecting its price.

MYX Finance, the project behind the token, is actually a decentralized exchange specializing in on-chain perpetual contracts. It promises permissionless trading with zero slippage, backed by big names like Sequoia, Consensys, and Hack VC. You can check out their platform at myx.finance. Despite these credentials, Alexander describes MYX as a "random token" without major spot listings on tier-1 or tier-2 exchanges. Yet, it's trading at a mind-blowing fully diluted valuation (FDV) of around $14 billion, based on recent data from CoinMarketCap.

The chart above, shared in Alexander's post, illustrates the token's parabolic rise on Bitget's spot market. From near-zero levels, MYX has skyrocketed, with a 24-hour price increase of over 295% to about $14.12. This has led to massive trading volumes—over $714 million in the last day alone—and a market cap hovering around $2.78 billion. But with only about 197 million tokens in circulation out of a total supply of 1 billion, that FDV balloons to $14.13 billion.

Alexander's main gripe? On Binance, there's $200 million in open interest (the total value of outstanding perp contracts) stuck in positions paying negative funding rates. Funding rates are periodic payments between long and short traders to keep the perp price aligned with the spot price. Negative rates mean shorts are paying longs, which can signal an overheated market. With thin spot liquidity, traders can't easily unwind positions without massive slippage, leading to what Alexander calls users "getting rinsed."

He argues that exchanges like Binance and Bybit are raking in tens of millions in fees from the $9 billion in trading volume, while their customers bear the brunt of the losses. "Perps are fundamentally unsound when spot liquidity isn't there," he warns. This isn't a new issue—similar scenarios have played out with other hyped tokens—but Alexander questions if exchanges will learn or just dismiss it as "don't cry in the casino."

Replies to his post echo the sentiment. One user compares it to old "crime coins" like SEELE, suggesting heavy supply control by insiders. Another jokes about pivoting to platforms like Hyperliquid, though Alexander retorts there's "no difference." It's a stark reminder that even in a space backed by VCs, meme-like pumps can expose vulnerabilities.

For meme token enthusiasts and blockchain practitioners, this MYX saga underscores the importance of due diligence. While the token's surge might tempt quick flips, the lack of robust spot markets can turn perps into a trap. As Alexander implies, until exchanges address these imbalances, the cycle of hype, rinse, and repeat will continue.

If you're diving into meme tokens or DeFi perps, tools like CoinGecko can help track real-time data. Stay informed, trade smart, and remember: in crypto, game theory isn't just theory—it's survival.