Leverage is a double-edged sword; when used well, it can amplify the voices of retail investors.

When beginners stare at the leverage selection interface of the exchange, the red number of 100x is like a roulette in a casino—exciting but deadly. Yesterday, a trader said: 'Using 30x leverage to go long on BTC, ended up liquidating after a 1% drop at dawn.' What he didn't understand is that leverage is never a symbol of courage but a mathematical problem that must be calculated. In the zero-sum game of perpetual contracts, those who miscalculate their liquidation line will ultimately become fuel for others. The essence of leverage: using mathematical formulas to dismantle the trap of 'small bets big.' The core scam of perpetual contracts lies in the fact that exchanges package leverage as a 'wealth accelerator' but never tell you the risk formula behind it. Assuming the current price of BTC is 47000U as an example: