Leverage trading has become one of the biggest structural problems in crypto markets today.

Here's the reality: if price swings against your position, liquidation is instant. Game over. Sure, the potential gains look insane when you're winning. But that's the bait.

Exchanges will tell you they don't hunt for profit—that they're neutral platforms and money flows to whoever's on the winning side. Sound fair?

Think harder. They're the house. They see all order flows, all positions, all leverage levels. They control the matching engine, the price feeds, everything. When there's billion-dollar liquidation cascades, who benefits from the chaos? The exchange eats fees on the way up, the way down, and especially during the bloodbath.

It's not a fair game. It never was.