#数字资产市场动态 How many times should you open a perpetual contract? I've heard this question so many times—from bull markets to bear markets, both newbies and veterans have fallen into traps.

Let's get straight to the point: leverage is never a printing machine; it's a double-edged sword. When used correctly, it amplifies gains; a misstep, and everything is gone.

The most hidden trap in perpetual contracts is this—no expiration date, no liquidation, so you can hold forever. Sounds like freedom? Actually, it's all a trap. The lure of endless duration makes you want to chase profits when you're up, hold on when you're down, and in the end, max out your leverage with only doubling returns in mind, while risks are completely hidden away.

Last week, I chatted with a seasoned crypto friend. He said he’s been using 30-50x leverage on ETH for years. I asked him jokingly why not just go for 100x. He rolled his eyes: "100x blows up too fast, I don’t even get a chance to run." That’s the key—leverage is essentially walking a tightrope. 50x is like a slow cut, 100x is a quick slash; the only difference is how many seconds the market gives you to react.

Look at the specific numbers for $BTC: 30x can’t withstand 16-point swings, 50x can’t handle 10 points, and 100x only tolerates 5 points. 1x is as stable as a savings account but earns slowly; 100x is fierce but reckless, and minutes can wipe you out.

What really sends you to liquidation isn’t the high leverage itself, but reckless position sizing and bottomed-out margin. Trying to leverage several thousand dollars’ worth of gains with just a few hundred USDT, and getting shaken out by minor fluctuations. The most heartbreaking part—you're right about the market direction, but because your position is too full, small oscillations wash you out, and you can only watch it rise helplessly.

**Three ironclad rules for survival:**

1. Use only isolated margin mode; cross margin is like tying a bomb to your account.
2. Always set a stop-loss when opening a position; holding a position without one is a countdown to liquidation.
3. Don’t be greedy with targets; for mainstream coins like $BTC$ETH, a principal of $5000 can earn $50-$100 daily safely. Relying on compound interest is much more reliable than gambling on a big win.

Leverage doesn’t magnify the market; it magnifies human greed and execution. A trader who understands risk control at 100x is a million times safer than someone recklessly holding at 5x. Perpetual contracts are not about having the guts to go high; they’re about surviving longer—solid risk management is the key to coming out smiling.

The real question isn’t whether you dare to open high leverage, but whether you have the discipline to survive the next cycle.