The real edge in perpetual futures trading isn't just about volume or price prediction—it's the mechanism itself. Here's the thing: liquidation risk in perps isn't simply "you got the direction wrong." It's far more brutal. The system forces you out at the absolute worst moment, turning a temporary drawdown into a game-ending loss.

This is where the design difference matters. Traditional margin systems and decentralized perpetual protocols handle liquidation triggers very differently. One approach locks you out the instant things go sideways, while smarter mechanisms give traders more breathing room—letting market recovery work in their favor instead of punishing them for timing.

The real alpha? Understanding that mechanic. It's not exotic strategy talk. It's recognizing whether your trading environment is rigged against forced exits or actually built to let you survive volatility.