1️⃣ What are perpetual contracts, really?
In simple terms: It’s like betting on whether the future price of 'something' (like Bitcoin) will go up 📈 or down 📉. But you're not actually buying and selling the physical item (like Bitcoin spot), rather you are signing a 'price betting agreement'.
Where is the 'perpetual'? The biggest feature is that there is no expiration date! Unlike traditional futures which have a delivery date (must settle), you can hold onto your 'bet' indefinitely, and close it whenever you want (as long as... you still have money).
Goal: Make money from price fluctuations (regardless of whether they go up or down). If you are bullish, go long (buy up), if you are bearish, go short (buy down).
2️⃣ How does it 'work'? Core mechanism revealed
Leverage: This is the key to 'getting rich/losing big'! It allows you to use a small amount of capital (margin) to control a much larger amount of funds for trading. For example, with 100x leverage, 100 bucks can act like 10,000 bucks.
Temptation: A 1% price fluctuation could amplify your gains/losses by 100 times!
Deadly risk: A slight reverse price movement could wipe out your capital (even leave you in debt) — this is called liquidation! 💥
Funding rate: This is the secret behind the 'perpetual' nature of perpetual contracts!
Function: Keeps the contract price closely following the spot price (anchoring).
Principle: Periodically (e.g., every 8 hours), a small fee is settled between longs and shorts. If market sentiment is bullish (more long positions), then the longs have to pay the shorts, encouraging everyone to short, which pulls the price back a bit, and vice versa.
Impact on you: While holding a position, you may receive money (positive rate) or pay money (negative rate). Consider this when holding long-term positions!
3️⃣ 'Playing' perpetual contracts? It's more accurate to say 'how to survive'!
Important warning: Perpetual contracts are extremely risky and not suitable for the vast majority of ordinary investors! Beginners should stay away!
If you fully understand the risks and decide to try, the following are not 'play strategies', but 'survival rules':
1. Deeply understand leverage: Start with very low leverage (like 5x, 10x)! High leverage (50x, 100x+) is a fast track to liquidation. Don't be fooled by 'all-in riches' stories, they are all survivor bias!
2. Strict stop-loss! Stop-loss! Stop-loss! This is your lifeline! You must set a stop-loss order before placing a trade. Once the price hits the stop-loss point, the system will automatically close your position to limit your maximum loss. Never hold a losing position!
3. Only use money you can afford to lose: The funds you invest must be completely idle, money that you can afford to lose without affecting your living expenses. Never borrow money, take out loans, or use living expenses to trade contracts!
4. Position management: The margin invested in a single trade should not exceed a small portion of your total funds (like 1%-5%). Diversify risks to avoid losing everything in one mistake.
5. Pay attention to funding rates: Long-term positions should monitor whether the rates are positive or negative, as they affect your holding costs.
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