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Why on-chain perpetuals feel different — and how to trade them without getting steamrolled

Whoa! Perps on-chain are wild. Seriously? Yes. My first impression was that on-chain perpetuals would just copy off-chain models and run the same playbook. Initially I thought they’d be a straightforward migration: same funding, same mark price, same squeeze mechanics. But then I watched a few liquidations cascade on a low-liquidity pair and my instinct…

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