Every large exchange player today is looking to onboard institutions
The problem you will see play out in realtime, is that todays exchange doesn't cater to the type of user profile they are looking to attract
In crypto today, institutions are already forced to to change their usual trading from futures and options, to perps.
The larger issue here is that every exchange in crypto doesn't support the style of margining that enables a unified and portfolio aware system to where capital efficiency thrives
You see this in the fragmented liquidity accross lend/borrow, perps, options and spot... Where more often than not, the need for 1:1 margin to notional is needed across multiple protocols
If a big player wants to run basis trades, hedge their options via perps, or use spot asset as collateral, you would have to do this across multiple venues, some that aren't even on the crypto/onchain side of the fence. This not only fragments your liquidity, but also leaks capital efficiency in comparison to a unified venue
When people ask me what the answer is to the "why would I switch?" question, this is my answer:
If we are serious about facilitating the big players that are responsible for the quadrillions of $ in settled (yes, with a Q) volume each year, we need to provide a unified, SPAN-style margining system that assesses your entire portfolio, gives each asset a correlation score and maximises efficiency on your capital
The only venue building for this today, is BULK