#永续合约 Seeing Hyperliquid and OKX launching STABLE perpetual contracts these days, with leverage configurations ranging from 3x to 50x, the first thought that flashed through my mind was—this scene looks all too familiar.

Back in the 2017-2018 cycle, when perpetual contracts first emerged, exchanges were also launching new products one after another, fearing to fall behind competitors. At that time, everyone was chasing the hot trend, with increasing leverage and more densely packed trading pairs. What was the result? A large number of retail traders rushed in under the temptation of high leverage, only to be liquidated in extreme market conditions. Exchanges made huge profits, while user accounts shrank through repeated liquidations.

This time, STABLE appearing as the underlying asset in perpetual contracts seems logically stable—after all, it’s a stablecoin, with relatively controllable volatility. But this is precisely the most dangerous part. History has shown us that the more "stable" a product appears, the easier it is to lower vigilance and increase leverage multiples. 50x leverage sounds crazy, but once exchanges open it up, someone will inevitably use it.

The current prosperity is not a bad thing; just remember: behind every hype of new product launches, there are lessons learned from the bloody lessons of the previous cycle. In the market cycle, the logic of exchange competition remains unchanged, and human greed remains the same. When caution is needed, we should not only look at the returns.