#永续合约市场 How deep is the water in the perpetual contract market? After seeing Hyperliquid's recent clarification, I was reminded of the pitfalls I've encountered over the years.

Honestly, when a platform needs to refute accusations like "under-collateralized," "market manipulation," or "hidden lending" one by one, the first reaction of a normal person is to be cautious. But upon closer inspection of this clarification, there are several details worth noting — they laid out the total USDC supply, on-chain data, governance mechanisms, and even promised decentralization and open-source by 2025. This is indeed rare in the DEX space.

However, this is also what I want to remind everyone: transparency statements ≠ absolute safety. I've seen too many projects make big promises early on and then change their tune later. Perpetual contracts are inherently high-risk products, and combined with the leverage characteristic of the contract market, you need to guard against not only platform risks but also your own FOMO psychology.

Ask yourself the key questions: Has this platform’s validator mechanism truly decentralized? Is the liquidation logic fair to retail investors? Do you have the ability to verify on-chain data in real-time? If the answers are all "not really," then more important than believing any clarification is — don’t leverage up first.

The first rule for surviving on-chain: better to miss an opportunity than to be killed by the mechanism.