Newt Trading Competition Beginner's Guide

On Binance, there was an announcement on June 24 about a newt trading competition, with a total of 1.2 million newt tokens, valued at 442680u (1,200,000 × 0.3689).

Why do we say this is not a trap?

In the previous Huma trading competition, I brushed 30wu and finally received 700u in tokens.

This is still without hedging.

I saw this announcement and immediately shorted 400u to try and made 30u before leaving.

Why close the position? Because the funding fee is too expensive. It charges once every hour for 24 hours a day, and if you do nothing for a day, you lose 8% of your principal, which is terrifying!

Now that the funding rate has come down, we can hedge by shorting before the end on July 8th. Sneaking onto the leaderboard, hahaha