#数字资产动态追踪 Is the capital fee vampiric model really going to be restricted? On the surface, it seems tightened, but its impact on the manipulators harvesting profits is actually limited.

Let's do the math: Capital fee = position value × fee rate. The fluctuation of the fee rate depends on the perpetual contract price and the spot price difference. As long as the manipulators control the on-chain spot chips, they can push the fee rate to the ceiling.

To put it simply, avoid lightly touching altcoins. If you’re drooling over fee income, the manipulators can directly use the fees to drain your principal. If you're lucky enough to encounter a sophisticated manipulator, you might get some profit, but what if they’re ruthless? Long and short positions can both explode. You might think the liquidation price is set stably, but they can slowly erode you with gradual fee depletion—$PIPPIN is a textbook example.