Today I was explaining to my friends: why I often jokingly refer to this version as the bull market for perp. Because liquidity (money) is concentrated here in perp; compared to meme, perp is the real large-scale PVP scene. Phenomenon: The trading volume of spot may be less than 1/10 of the contract trading volume, even if it has increased by 5 times. Why is liquidity concentrated in contracts? Besides various leverage/wealth stories/institutional funds, there is also a rendered "consensus" - the operational paradigm of shorting new coins heavily, which gives retail investors a sense of "awareness" of how to play the game. Perp has a characteristic - your position will ultimately become fuel for further price increases/decreases (unlike spot). Your liquidation will further tilt the market in my favor, amplifying the overall market volatility; combined with the funding rate mechanism, it attracts more capital to enter the market (arbitrageurs can also get a piece of the pie). Why didn't we see this before? This is thanks to the fact that the initial circulation of new projects in this version is very small, providing the necessary conditions for perp market-making to play out. (A typical case where a small number of tokens determine the game of large funds). I'm just rambling; if there are any similarities, it's purely coincidental.