Is the funding rate for perpetual contracts really going to be restricted? On the surface, it seems constrained, but for those market participants who play tricks, the impact isn't that significant.

Just do the math: the funding fee equals the position value multiplied by the funding rate. The rate is mainly determined by the difference between the perpetual price and the spot price. As long as someone controls the on-chain spot holdings, they can manipulate the rate to extreme levels.

To put it simply, small-cap coins should be approached with caution. Some people chase the fee income, only to have the market maker directly take their principal. If you're lucky and encounter a sophisticated market maker, you might still make some small profits, but if you run into a ruthless one, not only can they cause liquidation and multiple stops, but even if you set your liquidation price safely, they can slowly drain you through fees. The price movements of certain coins are like living textbooks.