I recently came across an interesting innovation in derivatives— a new type of perpetual contract product that attempts to break the traditional logic of leverage trading.

For a long time, the trading community has had a consensus: using high leverage inevitably leads to liquidation. But the underlying design of this product seems to challenge this unwritten rule. The core innovation lies in— it forcibly combines high leverage with a non-liquidation mechanism.

It's not the traditional lending model, but a redefinition of risk management logic. The leverage component and the liquidation engine are completely decoupled, transforming the user position protection mechanism from "passive liquidation" to "active risk control." This innovative underlying approach is quite interesting— breaking the fixed framework of derivatives design over the past decade.