Spent an hour poking around the $TMX interest-rate curve interface before I noticed something: the default view only lets you take a position on short-duration rate moves, while the "advanced" tab — buried under a settings toggle most people won't find — is where the actual duration-matching and hedging tools live. #TermMax , @TermMax ,l markets itself as letting anyone trade rate risk the way institutions do, but the UI quietly gates the institutional-grade part behind extra clicks. Two things stood out: first, the default liquidity pool for short-term positions was noticeably deeper than the long-duration pool, which tells you where actual usage is concentrated versus where the pitch decks point. Second, the fee structure rewards frequent rebalancing on short positions but barely accounts for the slippage cost of unwinding a long-duration hedge early — a detail you'd only catch by trying to exit one. It made me wonder whether the product was really built for the yield-curve hedgers it advertises, or whether that audience is more of a roadmap item than a present reality. Retail gets the simple bet; the sophisticated tool sits there, technically available, mostly untouched. Who is this actually for right now?