Zero-Sum by Design Perpetual swaps are negative-sum after fees; every dollar of P&L is peeled from another player’s hide. Meme-coin perps just make the knife fight visible: no cash-flow, no DCF, only attention arbitrage. Once participants accept the arena is not collaborative, the only question becomes how to weaponize human bugs—greed and loss aversion—for protocol cash flow. Leverage ≠ Capital Efficiency; Leverage = Emotion Steroids 10× turns a 5 % move into a 50 % equity shock, but the rea...
