Regarding the hedging strategy for $NIGHT, special attention needs to be paid to the time period between 18:00 and 19:00 yesterday at a certain exchange. The data was not released on time by that exchange, which made the subsequent trend assessment significantly more difficult.

To be honest, I added a short position when it rebounded to a high point before, but I was directly stopped out after it broke several points. This operation is a typical case of being beaten. Overall, $NIGHT's performance today is just not strong enough, and the fluctuations are relatively weak.

I just calculated my liquidation price carefully—based on the current price, I would need to go to 30x leverage for it to trigger liquidation. After thinking about it, I decided against it; the risk-to-reward ratio isn't worth continuing to gamble. For short-term hedging, it's most important to stick to the bottom line.