# 永续合约交易

#永续合约交易 Seeing this case, I want to discuss the psychological issues behind perpetual contract trading.
The first place on the leaderboard with a profit of $47.21 million is indeed astonishing, but the phrase "no longer expecting to break even" reveals a painful truth — even top traders can find themselves in a dilemma with certain positions. This is not a technical problem, but a human nature issue.
The magic of contract trading lies in leverage, which can quickly amplify gains. The tempting part is that some people have succeeded. But this is also its most dangerous aspect. When you use 5x,

#永续合约交易 I want to sound a warning again about perpetual contracts. Looking at how Infinex's mechanism crashed — from a 93% bullish outlook straight down to 18% — you realize what it means when the rules suddenly change. Retail traders were locked out in a disgusting way, whales were frozen by limits, and in the end, the founders tried to fix the situation by changing the rules temporarily, which ended up damaging trust even more.
This gave me a profound reminder: **wherever there is counterparty risk, mechanism design can become a tool for front-running**. Perpetual contracts are especially t

#永续合约交易 Seeing Trove launch an ICO on Hyperliquid with a fundraising scale of $2.5 million and a FDV valuation of $20 million reminds me of the evolution of the perpetual contract DEX ecosystem over the years.
Do you remember the DeFi derivatives boom in 2021? Back then, everyone was chasing dYdX, Perp Protocol, and those projects' valuations skyrocketed, but only a few truly survived and generated sustained trading demand. The key wasn't how innovative the concept was, but whether the three pillars of liquidity, capital efficiency, and user experience were truly running smoothly.
This time,

#永续合约交易 Trove's current ICO has a pretty clear logic—Hyperliquid's ecosystem is gaining popularity in perpetual contracts, and now it's about further locking in liquidity and user stickiness. The $2.5 million fundraising target may seem modest, but it's quite interesting in the DEX space, especially with the 100% TGE unlock setting, which shows the team’s confidence in their product’s liquidity.
From a copy-trading perspective, the explosion of this type of Perp DEX often coincides with innovation in trading mechanisms and high leverage opportunities. An observed phenomenon on similar platfor

#永续合约交易 Perpetual contracts really give the feeling of "never learning enough"😅 I just saw some news that Infinex is optimizing their perpetual contract interface, and I wonder if this is the right time for me to get started... But at the same time, I see Lighter doing buybacks, and various Perp DEXs competing, making this track quite lively but also pretty complex.
I want to ask everyone, for complete beginners with zero foundation, how should perpetual contracts be understood? Is it just like "betting" on the price going up or down with leverage? And what about concepts like "funding rate,

#永续合约交易 Damn, realized a loss of $511 million vs. a profit of $312 million, this data is really incredible 😤 A bunch of people are still admitting losses and running during the rebound, indicating that the market is really doing its final clearing. This kind of capitulation sell-off is often a bottom signal, brothers!
I think Eugene's approach is quite clear-headed too. The longs have already taken profits and closed, only holding the core Bitcoin position, waiting for the psychological barrier of $100,000 to be broken before getting back in. Instead of being stuck in the awkward range of 94

#永续合约交易 Trove ICO details overview: from January 8-11, raising $2.5 million, FDV of $20 million, 100% unlock at TGE. The key information is that the allocation is prioritized for Trove users—this indicates that the project team is locking early trading volume.
From an on-chain perspective, competition within the Hyperliquid ecosystem's Perp DEX is gradually intensifying. Trove aims to carve out a share from the existing landscape, and the ICO design reveals several intentions: low FDV + full liquidity imply considerations for quickly establishing market depth, while favoring early users can e

#永续合约交易 Seeing Infinex's token issuance mechanism shift from 93% bullish to 18%, I feel a mix of emotions. This case is very typical—no matter how good the product design is, if the rules themselves contain seeds of unfairness, trust can be broken easily and hard to repair.
Perpetual contract trading is inherently a high-risk area, requiring platform stability and transparency as its foundation. But when users discover that rules are being changed temporarily or that there are loopholes in mechanism design, emphasizing product differentiation becomes powerless. This reminds me of a simple tru

#永续合约交易 In the past few days, I've seen debates about UNI token burns and Ondo's stock tokenization, which really highlight the issue—market opportunities and traps are often just a thin line apart.
The UNI burn of 4,000 tokens for $39,500 in assets, netting a profit of $14,500, appears to be a clever on-chain arbitrage at first glance, but in reality, it's a classic information asymmetry game. Large traders and on-chain analysts can detect contract vulnerabilities in real-time, while retail investors often see the information only after the fact. That's why I've always emphasized that copyin

#永续合约交易 The changes in perpetual contracts in 2025 are truly worth paying close attention to. From the data, the daily trading volume of on-chain derivatives has already surpassed $1 trillion, and open interest remains stable at around $15.4 billion — this is no longer the stage of "usable products," but a genuine move into infrastructure.
What excites me most is the shift in the competitive landscape. Platforms like Hyperliquid, Lighter, and Aster have formed a tripartite rivalry. No longer are they competing solely on subsidies and listing speed; instead, they are vying to see whose depth i