Evgeny Gaevoy, founder of Wintermute, has criticized centralized and pseudo-decentralized exchanges, stating that the real issue lies not in the design of perpetual contracts but in the centralized nature of exchanges that combine execution brokers, central limit order books (CLOB), and custodial services. Gaevoy argues that traditional finance has already addressed these deficiencies, suggesting that the focus should be on the structural problems of these exchanges rather than the contracts themselves.