RT Wendi Rothman (@wencohenrothman)Andre's dropping a subtle hint on Flying Tulip's edge with "TRS>Perps No ADL." So here is a quick context. In perps (perpetual futures), ADL (auto deleveraging) sucks when volatility hits hard, insurance funds run dry, and the exchange forces profitable traders to eat losing positions to balance the books. It's a rug on winners.But TRS (Total Return Swaps) in FT? Gives Synthetic exposure to assets' full returns (price + funding) without the ownership hassles, and crucially ...