In the context of a rate-cutting cycle and insufficient market liquidity, Binance Alpha continues to showcase a "one-sided market": some unfamiliar small projects can often achieve several times their increase in a short period.

This article attempts to dissect the market-making logic of Alpha assets + perpetual contracts from the perspective of market makers, helping you understand the core gameplay of "dancing with the whales."

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Role Positioning of Alpha Assets

Binance Alpha acts as a natural liquidity pool. On the launch day, attention and retail traffic are concentrated and released, and native Alpha users will also participate in trading, with some selling off and others buying in.

• From the perspective of the project party/market makers: a cost of 1–2% in chips has already been incurred;
• The project party incurs additional costs to open perpetual contracts;
• The probability of abandonment decreases.

Thus, the "Alpha On-chain Bull Market" emerges. The spot market struggles to distribute, and market makers need to leverage perpetual contracts to continuously raise token prices, turning trading into a "gambling table." The logic of current projects has shifted from the past "narrative-driven" approach to a completely capital-driven one: whoever has thicker chips can pull off a stronger market; as long as there are enough gamblers entering the market, market makers can continuously create volatility and profit from it.

Core Logic:

• Alpha assets provide users and attention base;
• Perpetual contracts provide token and traffic amplifiers.

Market-Making Logic on Launch Day

• Alpha assets go live: accumulation + position building;
• Perpetual contracts go live: price increase + distribution.

Example: Alpha assets launch at 8:00 UTC, Prep starts at 10:30 UTC. The 2.5-hour window is the market makers' acquisition period.

• Most proactive market makers operate with a scale of $3–5 million, with almost "unlimited bullets" on the spot side.

Perp Phase Trading Techniques

• The key to perpetual contracts is not just hedging but creating attention and participation. Market makers push up the token while coordinating with: KOL promotions;
• Listings / positive PR;
• Creating market hotspots.

Funding rates become an important reference:

For example, from 9/12 to 9/15: tokens continuously increased, and funding rates soared.

• Peak: 0.3–0.4% / 4h (annualized 270–360%);
• Average: 0.1–0.2% / 4h (annualized 90–180%).

Market Maker Strategy: Spot acquisition + contract short hedging, profiting from funding rate arbitrage, forming stable cash flow.

Selling and Profit

• On 9/16, tokens were at a high, with severe long position accumulation. Price: 0.058 → 0.035, a drop of about 40%;

• Cost range: 0.015–0.02;

• Average selling price: 0.045–0.05;

• Single transaction profit margin: 150–200%.

(On-chain pool earnings are not included, and different market maker strategies may vary slightly.)

Key Points of Dancing with Whales

1. Projects with early control and community FUD are more worthy of attention;

2. Alpha assets + perpetual contracts launching on the same day provide more liquidity;

3. Deduce the profit logic of the whales to understand their mindset;

4. Pay attention to Pancake V3 pricing at the opening of Alpha assets to avoid initial overvaluation and wait for a pullback.

The ecological flywheel of Binance Alpha: Alpha assets provide traffic and launch base; perpetual contracts amplify depth and volatility. As long as the cycle can be maintained, the Alpha bull market can continue.

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