#稳定币发展 After reading this in-depth article about perpetual contracts, I was reminded of a recurring dilemma I often mention when chatting with investors over the years.

Many people are captivated by the leverage effect of perpetual contracts, but few truly understand the self-regulating pricing mechanism behind it. The funding rate mentioned in the article is actually like an invisible stabilizer—when the market tilts excessively in one direction, it automatically corrects the price deviation through economic incentives. It sounds elegant, but the problem is that the higher the transparency, the easier it is for traps to be exposed.

What I want to emphasize most is that the birth of this mechanism essentially reflects the market’s true pricing of liquidity costs. It won't soften just because we wish it to be gentle, nor will it disappear because we fear risk. On the contrary, the more we understand this pricing logic, the more we need to maintain reverence for position management.

It reminds me of a saying I often mention: market transparency is a double-edged sword. It makes pricing more efficient, but also means that incorrect decisions are amplified instantly and ruthlessly. Especially in high-leverage perpetual contracts, those seemingly "low probability" fluctuations are often the moments when the funding rate suddenly jumps.

In the long run, the system of stablecoins combined with perpetual contracts will become increasingly mature, but maturity does not equal safety. Instead, it requires every participant to have stronger risk awareness and more rigorous asset allocation planning. Sometimes, refusing certain opportunities is the most prudent choice.