Are perpetual derivatives markets becoming a liability for pre-launch tokens?

Take $SENT and $ZAMA—both caught in the crossfire as perp pre-markets turn into pressure cookers. The dynamic is brutal: early leverage positions, razor-thin order books, and premature price discovery all happening before any real user demand materializes. It's a perfect storm for volatility.

The mechanics work against emerging tokens. Traders can establish outsized positions with minimal capital, but the shallow liquidity means every order move creates massive swings. Price discovery becomes distorted—less a reflection of genuine adoption potential, more a stress test of how hard short sellers can push before supply dries up.

So here's the real question: are perp pre-markets functioning as a legitimate price-finding mechanism, or have they morphed into something that systematically punishes early-stage projects before they even launch?