This week, @dragonfly filed a comment letter with the CFTC on compute derivatives. Compute is a swiftly growing expense for tech companies, yet the market for hedging its cost is still nascent. The challenge starts with defining what’s being traded. Not all GPU-hours are equal: hardware, performance, and availability can materially affect their value. Liquid derivatives markets need comparable units of compute and reliable price benchmarks. @HadickM @bryanmedelman @peteryshin and I advocate for technology-neutral standards, equal treatment of credible pricing sources, and support for perpetual futures to hedge ongoing compute costs. We applaud @CFTC for taking on these important questions and laying the groundwork for a liquid, competitive compute derivatives market.