Perps are increasingly like a leverage knife handed to the average Joe; if you use it right, you can flip your position, but if you mess it up, you’re out in a flash. This week, there’s some eye-popping data on-chain: the liquidation rate for younger addresses has spiked again, indicating many traders aren’t directionless, but rather their positions can’t handle the volatility. Perpetual contracts themselves aren’t the issue; the problem is when you’re fully leveraged chasing the market just as the funding rate turns negative. Those who survive this wave aren’t just the ones with good calls, but the ones with lighter positions.