#数字资产市场动态 The most heartbreaking thing about contracts is not misjudging the market, but actually being right and still losing due to the starting point.

A friend once held a position stubbornly for a week, watching the trend gradually approach his target, only to be gradually eroded by funding fees, and eventually get liquidated. Not long after the liquidation, the market suddenly moved. I asked him what he thought afterward, and he just said: I might have lost to the rules themselves.

This hits home for many people. Most traders have a misconception — thinking that being correct about the direction means victory. In reality, the derivatives market is like a trap maze, with hidden blades that target those who don’t follow the usual patterns.

**Funding fees are a silent black hole**

You might have guessed the right direction, but if you’re on the side where fees are draining your capital, time becomes your enemy. Every 4-hour cycle, your principal silently diminishes. By the time you realize it, you’re almost at the bottom.

**Liquidation price looks safe but is actually close to the cliff**

Your account shows you still have margin, but after accounting for trading fees and market slippage, you’re already standing on the edge of a cliff. A small retracement can ignite a cascade.

**High leverage is a double-edged sword**

It can turn small gains into big ones, but also small losses into bottomless pits. In choppy markets, a moment of carelessness can wipe you out.

Those who truly survive in the derivatives market may not have keener instincts than others, but they definitely understand their bottom line —

when to heavily load, when to cut and run decisively;

how to peel back surface prices to see hidden costs;

always leave enough buffer for yourself, so your position doesn’t reach the breaking point.

The market’s biggest fear isn’t you making money fast, but that after understanding the game rules, you can still control your greed. To put it simply, the path is laid out there, but you need patience to walk it step by step. $ETH $SOL