Dilema de liquidez dos contratos perpétuos: a estratégia neutra dos market makers desfeita, o livro de ordens global cai ao nível mais baixo em três anos

【BitTui】October’s crash not only impacted retail wallets but was catastrophic for market makers. According to the latest market analysis, this market movement triggered the ADL (Automatic Deleveraging) mechanism, which directly tore apart the neutral hedging strategies that market makers were proud of.

What exactly happened? When ADL was triggered, the short positions held by market makers for hedging were forcibly liquidated. The problem is that in a rapidly declining market environment, they were caught off guard — the long and short positions that were supposed to offset each other instantly became unbalanced, forcing them to be exposed in spot positions. How severe was this shock wave? Approximately $20 billion in cascading liquidations.

The results were brutal. Market makers began large-scale withdrawals, global liquidity plummeted accordingly, and order book depth fell back to its lowest level since 2022. The Delta-neutral strategies that once easily earned returns through funding rate arbitrage now have annualized returns compressed below 4% — and this is occurring amid a wave of followers attempting to replicate the strategy.

Interestingly, trading platforms operating under the B-book model actually profited handsomely from this chaos. While the DeFi perpetual futures market remains prone to manipulation, traditional finance’s perpetual futures products experienced explosive growth — the market is voting with its feet, flowing toward a more regulated direction.