Many traders, despite seemingly controlled operations, end up suffering unnecessary losses—or even liquidation—due to insufficient understanding of mark price mechanisms, funding fee accumulation, liquidation logic, and Auto-Deleveraging (ADL) systems. The P&L algorithm of perpetual contracts is never as simple as what you see on the exchange interface. It hides a game of multiple variables:Funding ratesMark price vs. last traded priceLiquidation mechanismsUnrealized P&L display logicYou migh...

Many traders, despite seemingly controlled operations, end up suffering unnecessary losses—or even liquidation—due to insufficient understanding of mark price mechanisms, funding fee accumulation, liquidation logic, and Auto-Deleveraging (ADL) systems. The P&L algorithm of perpetual contracts is never as simple as what you see on the exchange interface. It hides a game of multiple variables:Funding ratesMark price vs. last traded priceLiquidation mechanismsUnrealized P&L display logicYou migh...