The 'Dimensional Reduction Strike' of Crypto Perpetual Contracts on U.S. Stocks and the Impossible Trinity

SK Hynix ($SKHYNIX ) 20x full-margin long position. Every time I open such a position, I can't help but marvel: the crypto industry's introduction of perpetual contracts into traditional assets is a dimensional reduction strike on the traditional leverage system of U.S. stocks.
Previously, it was extremely difficult to use high leverage in U.S. stocks; the only method was options. But options have two fatal flaws:
1. Limited leverage: constrained by Delta and strike price, unable to freely max out like this.
2. High friction: must pay a hefty premium to options market makers. Market makers take both sides, pass on risks, and essentially skim off a layer. Now with perpetuals, there are no middlemen taking a spread; longs and shorts directly face off in pure gambling, and you are free from the anxiety of theta (time value) decay.
The 'Impossible Trinity' of Perpetual Contracts
There is no such thing as a free lunch. Perpetual contracts have eliminated market makers, but they cannot escape the underlying financial impossible trinity:
Liquidity (leverage), ADL (Auto-Deleveraging), and Funding Rate
Core logic: you can't have it both ways. You want high leverage, but you don't want to be ADLed, and you don't want to pay funding fees.
To have high leverage/liquidity: during one-sided extreme market conditions, you must bear the high cost of funding rate adjustments.
To avoid loss-sharing: exchanges must introduce the ADL mechanism, which directly force-closes the most profitable positions during extreme market conditions.
Perpetual contracts, with their crudest and most efficient liquidity, have torn off the fig leaf of high friction costs of U.S. stock options. Although one must endure the constraints of funding rates or ADL, this ultimate game of facing the counterparty head-on is indeed the pinnacle of derivative efficiency.