Woke up to find the sky falling—now even paper trading has turned into perpetual contract innovation … Guess what those contract experience funds/contract coupons/contract position vouchers that many second- and third-tier exchanges hand out daily are? They're just these points that don’t go into the order book for matching—leftovers from the last cycle. 1. In this model, taking the counterparty side without limiting OI (Open Interest) means you’re bound to lose in a one-sided market. It’s basically betting that the losses in a one-sided market won’t exceed your accumulated gains. 2. Controlling the mid-price of Hyperliquid’s order book and then opening positions on paper trading is indeed one way to go. 3. If paper trading someday supports small-cap contracts, spot market manipulators can open positions on paper trading and directly blow up the counterparty… From what I recall, forex platforms also have a lot of similar trading products.