#永续合约 Another wave of new perpetual contracts for new tokens is here. Hyperliquid has STABLE, and OKX is also jumping on the bandwagon, offering up to 50x leverage. It looks very lively, but I have to be honest—every time exchanges race to list new contracts, it's usually when the most bagholders are caught.

Remember those hyped-up new tokens? Good liquidity, high leverage, many trading pairs—sounds perfect. But what’s the result? The token price drops sharply, and 50x leverage gets liquidated immediately. I’ve seen too many people lose everything because of "new token opportunities" and "high leverage."

The key question is: at what stage is the lifecycle of STABLE itself? Where does the hype come from? Is this listing driven by institutional strategies, or is it another signal of a new round of rug pulls?

My advice is simple—observe first, don’t rush to jump in. Watch the trading volume, position distribution, and whale movements. If it’s just retail traders following the trend to open positions, you can basically gauge how risky it is. The charm of perpetual contracts lies in leverage, but the biggest use of leverage has always been to amplify losses.

Living longer is much more important than making quick money.