#永续合约交易 After reading this in-depth article about the origins of perpetual contracts, I have to say, this thing has been a hidden mine from the very beginning.

The inspiration from Shanghai taxis in 2015 sounds romantic, but in reality, it was creating an invisible pricing trap for the entire market. The surface problems that perpetual contracts solve are clear—users don’t want to understand basis or want to avoid frequent rollovers. But the funding rate mechanism designed by Delo essentially extracts the "liquidity pricing" from a transparent market and forces it into a self-reinforcing black box.

Premium indices, 8-hour settlements, dynamic adjustments—these sound scientific and rigorous, but the most cunning part of this system is that it makes retail traders feel like they are competing with the market, when in fact they are being led by a mathematical model. When funding rates are high, long traders lose everything; when funding rates plummet, shorts are suddenly harvested. The entire system appears to be "auto-balancing," but in reality, it constantly creates new opportunities to trap retail investors.

Even more terrifying is what this has evolved into now. A shadow LIBOR, subtly influencing dollar liquidity pricing. Transparency? It simply doesn’t exist. How many years and regulatory efforts went into reforming traditional LIBOR? The funding rates of perpetual contracts are entirely a product of natural evolution—no one knows if the underlying pricing logic has been exploited by certain big institutions.

My straightforward advice: if you want to trade perpetual contracts, first understand exactly how the 8-hour funding rate is calculated. Don’t be fooled by the rhetoric of "transparency, science, automation." The more cleverly this system is designed, the more hidden the risks are for retail traders. To survive long on-chain, you need to learn how to identify those seemingly reasonable but actually deadly product designs.