Perpetual contract fee rate design should allow for reasonable price differences between spot and futures, but the mechanism of settling once every hour completely destroys this logic. Just look at Pippin's performance these days—frequent charges with no signs of price regression. This kind of correction has long become a tool for market manipulation.

Since some projects discovered the trick of negative fee rates to pump prices, the entire contract ecosystem has started to change. Coins like TRB and Pippin frequently perform the same tricks, and exchanges have also begun to join in—rumored to take as much as 37% of the revenue. What’s the result? Most retail investors lose the desire to open orders when they see such coins, fearing they’ll be chopped up like leeks.

This is very ironic. If exchanges profit from fees, how does this kind of user discouragement and order-blocking manipulation benefit the exchanges themselves? Unless the exchange also wants to get a piece of the blood money. Some users even lament: playing like this, it’s better to go back to A-shares—at least the regulations are strict, and such tricks are impossible.