Binance's main MM doesn’t participate in the contract order book, which is quite different from the counterparty trading model of many exchanges: 1. 'Long losses' equal 'short profits,' but it doesn’t mean 'Binance profits.' Contract positions are 1:1—there are as many long positions as there are short positions. It’s the users on the short side making bank. 2. When I tried it out, I was able to place orders to catch the dip. The key is understanding the matching mechanism, which is maker & taker. In this kind of market, use limit orders instead of market orders. This is because liquidation orders are takers. When there’s a big taker sell order in the order book consuming buyer liquidity, it’s hard to catch the dip with a market taker buy order. But if you place a limit maker buy order near the bid, it’ll get filled quickly because the taker sell liquidation orders will automatically take your order. 3. The main reason many exchanges have smaller price fluctuations or liquidation scales is due to their smaller user base. The design of product mechanisms across the industry is largely similar.