Recently, many people have profited off Bitget's bugs, but behind this, it actually exposes Bitget's consistent old problems.
1. The contract market is only for their own team to make a market.
Want to apply to be a contract market maker? Sorry, they don't open it up at all. Only their own people are in control, how to adjust parameters and how to harvest all relies on mere words.
2. Manipulating funding rates to draw you in and then turning against you.
First, they pull out a seemingly attractive arbitrage opportunity to entice you to open a position; once you're hooked, the funding rate is immediately reversed. Not only do they eat your fees, but they can also profit from the price difference.
3. Set thresholds to restrict new users from opening positions.
Want to arbitrage? Sorry, the minimum opening threshold starts at 500 USDT, only allowing their own people to profit, while others struggle to even get a taste.
4. Slow market updates; ordinary people can't compete with them.
Bitget limits the market refresh rate to 100ms, while their own people may get within 10ms; anyone who understands quant knows what this means—ordinary users are just there to serve.
5. Rebate accounts can be frozen at any time.
Do you think bringing in people for rebates can lower costs? When the trading volume increases, the platform directly freezes the rebates, and the fee rate has no advantages at all.
What's even more outrageous is that their market-making team doesn't work on weekends, so many bugs and parameter adjustments have to wait until Monday to be addressed...
Ultimately, this model of 'internal control market + closed-door operation' is bound to cause trouble. Today's bug arbitrage is just the tip of the iceberg.
In summary: a makeshift operation that is bound to crash sooner or later! #币安HODLer空投HYPER $BTC
