#以太坊大户持仓变化 Once saw someone complain: The market judgment was completely correct, and the bullish direction was right, but after four days, they were drained of 1000U by funding fees, and in the end, they were liquidated. The most ironic part is, they were already gone when the market started moving.

To put it simply, it’s not that they misread the market, but that they were played by the game rules. Trading perpetual contracts only thinking about price rises and falls means you have no idea where the pitfalls are, which is like driving blindfolded.

**Funding Fees — The Invisible Cost Black Hole**

Settles every 8 hours, used to adjust the price difference between perpetual contracts and spot. When the bullish market is hot, the rate is often high, and longs pay shorts. Many people got the direction right but were slowly drained by these small, continuous fees, ultimately falling before dawn. The way to avoid the pit is simple: monitor when the funding rate exceeds 0.1%, and try not to hold positions during that period; or conversely, consider shorting when the rate is high to collect this fee.

**Liquidation Price Is Closer Than You Think**

You think that with 10x leverage, a 10% drop will liquidate you? But exchanges include fees and interest in their calculation of the liquidation price, so it might trigger at a 5% drop. Never go all-in with full position; switch to isolated margin mode to isolate risk, and keep leverage strictly between 3 to 5 times, leaving enough buffer for market volatility.

**High Leverage Is a Double-Edged Sword**

100x leverage sounds exciting, but here’s the problem — fees and funding are calculated based on your actual borrowed amount. Even if you pick the right direction and make money, these hidden costs can eat up more than half of your profit. The straightforward conclusion: super high leverage should only be used for very short-term quick trades. If you want to hold a position and catch a trend, never play with high leverage.

Exchanges fear not your technical skills but that you truly understand their rules. In this market, understanding the rules often yields more than just predicting the market correctly.