The usual disclaimer applies: I'm new to all this stuff, so be gentle.

It seems like the spectrum, as defined by Balmer, of the stable homotopy category of finite complexes is something like $M_{FG}$, the stack of formal groups (that is, $Spec L/ G$ where $L$ is the Lazard ring and $G$ acts by coordinate changes). I'm not actually sure if that's true, I don't think I've seen it written quite like that, but the picture of the spectrum in Balmer's paper looks an awful lot like how I'd imagine $M_{FG}$ looking.

If the above is right, then there's another tensor triangulated category with the same spectrum, namely the derived category of perfect complexes on $M_{FG}$ (whatever that means for stacks...).

So my question is:

Just how far away is the stable homotopy category from actually being equivalent to this derived category? Is there a theorem to the effect that it can't be equivalent to such a thing? Do we even know that it's not equivalent?

I've heard that chromatic homotopy theory is about setting up a rough dictionary between algebro-geometric terminology regarding $M_{FG}$ and the stable homotopy category, so I guess the question is about whether or not we can make the dictionary into a proper functor.

Complex cobordism and algebraic topologysays something about this and provides references for sub-questions. Here's an arXiv link: arxiv.org/abs/0707.3216 . – Eric Peterson Aug 19 '11 at 8:18