Karl Chappe-Gatien (High Stakes Capital): "DEXs like Hyperliquid will gain in popularity".

The Big Whale: You are currently a trader at Bybit. What made you choose this particular platform, and what advantages do you find it has over other platforms?

Karl Chappe-Gatien: After the closure of FTX, I had to find a new "home". I first talked with Binance, but they no longer accept French people for derivatives trading. So I turned to Bybit, which was suitable at the time. The user interface is pretty good and the trading volume is satisfactory.

However, Bybit recently banned all French people from accessing it. Today, if you are French, even if you live abroad, you can no longer trade on Bybit (this provision is theoretical as it is not the case, editor's note). The situation is becoming increasingly complicated for French people. That's why I think that decentralised exchange platforms (DEX) will gain in popularity.

As you've already mentioned, you're based in Dubai, where regulation is less strict for platforms, particularly with regard to crypto derivatives trading and in general. What would you recommend to a European user, taking regulatory constraints into account?

It depends on your objectives. For spot trading or simply to buy and hold cryptos, Binance remains the best option. It offers a wide range of cryptocurrencies and probably the best liquidity on the market to date.

On the other hand, for leveraged trading, it's more complex as Binance and Bybit no longer accept French users. There are alternatives such as Bitget (which is not registered as a PSAN in France, editor's note).

You are one of the best independent traders in the world. How does Bybit manage to retain you? Are there any special programmes or an exclusive contract?

Not at all. I chose Bybit simply because I needed a platform that could handle large volumes. There are a lot of preconceived ideas about the relationship between traders and platforms, but in my case I have no particular advantage. As a top-level 'VIP' member, I get a partial refund of trading fees and priority treatment in the event of a specific problem. I could have advertised for them, but that doesn't really interest me.

You suffered the full brunt of FTX's bankruptcy. Do you keep your assets on the platforms?

Actually, I keep a large proportion of my assets on the platforms, as I often take long positions. However, I split my assets between several platforms. When FTX closed, only 35% of my total portfolio was exposed to it.

Currently, I mainly use two platforms: Binance for spot trading on altcoins, and Bybit for leveraged trading, mainly on Bitcoin and Ethereum.

Today, many traditional players are positioning themselves on crypto. We have Revolut in Europe, Robinhoodin the US, and various banks getting involved. What do you think of this trend?

Players like Revolut or Robinhood are positioning themselves on crypto, but they are not designed for sophisticated crypto users. It's good that they offer this service as a complement. Personally, I've discussed it with my bank, and I think that in the future I could trade via my bank if it offered this type of service.

After the FTX collapse, trust in platforms has become a major issue. Even if platforms like Binance publish their reserves transparently, you can never be 100% sure. A reputable Swiss bank can offer guarantees that crypto exchanges simply can't match.

Do you use decentralised platforms, particularly for derivatives?

Actually, no, because the volumes aren't sufficient. I mainly use them to buy memecoins or cryptocurrencies that are not listed on centralised exchange platforms. However, I think that in the future, DEXs like Hyperliquid will gain in popularity.

For now, the regulatory future remains uncertain. Take Uniswap, for example, which is facing significant challenges with the SEC (Securities and Exchange Commission). Personally, I'd like to use DEX more. It's truer to the spirit of crypto than trading with my bank. If a solution emerges that offers sufficient volume, I'd happily adopt it.