Liquidation on futures is the most profitable business exchanges have
1. Liquidation comes before your leverage runs out. With 2x leverage it should happen at roughly minus 50%. You get it at around minus 42%. The exchange pockets the rest.
2. Funding won't let you hold for long. While a futures position is open, a fee is regularly charged from it.
An option is paid for once, when you open it. Nobody can take the position away from you before expiry. You go long the market with a call and short it with a put.
I build my buy-side portfolio in on-chain options: an agent uses the API to read the order book and takes the best quotes via RFQ.
1October 12, 2026 6
