Contracts can make retail investors rich overnight, but they can also bankrupt big players in three days. It is both Wall Street's nuclear weapon and the harvesting machine in the cryptocurrency world. Let’s explain the understanding of contracts to beginners, starting with the hardest truth: 83% of the wealth gained globally is related to contracts, but 98% of retail investors are cannon fodder. Now, the key point is that this contract was originally created as a protective tool for farmers. In 1848, Chicago farmers collectively collapsed as vegetable prices fluctuated wildly, causing some to turn gray overnight. The farmers' dilemma back then has now evolved into Bitcoin miners worrying about price halving, quantitative teams in exchanges frantically placing orders, and retail investors playing Russian roulette with perpetual contracts. Let's compare: traditional agricultural contracts lock in price fluctuations to around ±5%, while modern cryptocurrency contracts can leverage up to 125 times, with some smaller exchanges reaching as high as 300-400 times. Data from a certain exchange shows that 90% of retail investors open positions near the liquidation threshold, while institutional accounts' take-profit and stop-loss lines are always 300% lower than those of retail investors. Tesla uses contracts to hedge lottery risks, while European and American entities use perpetual contracts to consume retail investors' margins. The essence of contracts is the ultimate form of zero-sum game; every penny you earn comes from the liquidation notice of the counterpart's account. The higher the leverage amplifies profits, the greater the risk of consuming the principal. Exchanges use insurance funds to subsidize liquidation, large players collaborate to manipulate marked prices. Data from a certain blockchain indicates that 30% of liquidations on a top exchange are targeted explosions from a single IP cluster. When contracts become mental opium and leverage turns into a gallows, in this zero-sum game, are you the hunter or the prey? Welcome to discuss in the comments.