In crypto futures contracts, users do not 'play' directly with a specific individual or organization. Instead, they participate in a system designed by the exchange or decentralized platform. Below are the involved parties:
1. **Trading on Centralized Exchanges (CEX)**
- **Other Users**: Most orders are matched through the exchange's order book. When you buy/sell, you are trading with other users who have corresponding orders (e.g., the seller if you buy, and vice versa).
- **Exchange**: In some cases (e.g., illiquid markets), the exchange may act as a partner (market maker) to ensure liquidity. However, this poses a risk of conflict of interest if the exchange is 'counterparty' to the users.
2. **Trading on Decentralized Exchanges (DEX)**
- **Liquidity Pool**: Users trade through smart contracts and liquidity pools. When you open/close a position, you are interacting with this pool, not a specific individual.
- **Other Users**: Some DEX platforms connect buyers and sellers directly (peer-to-peer), but this mechanism is less common with futures contracts.
3. **Market Makers and Liquidity Providers**
- Organizations or individuals specializing in providing liquidity (e.g., hedge funds, trading companies) often act as indirect partners by adding orders to the order book. They profit from the price difference (spread).
4. **Risks of Not Having a Direct Counterparty**
- **Counterparty Risk**: If the exchange or liquidity pool lacks sufficient capital, users may lose money even if the market moves in the right direction. This often occurs on less reputable exchanges.
- **Price Manipulation**: Some exchanges may interfere with prices to cause users to incur losses (e.g., stop hunting).
In summary:
- **Primarily**: Users trade with each other through the exchange's order matching mechanism.
- **Indirectly**: Exchanges, liquidity pools, or market makers can be partners in some cases.