Been looking at @clickoptions_ai's Futures without liquidation now that they've launched, and the idea looks very interesting. Each contract is a deep in-the-money option with a fixed expiry, so it moves almost one for one with price and there's no liquidation price. You see the fee (0.01% per side) and the full funding to expiry before you open. On BTC yesterday it was 29x for tomorrow and 14x for 11 days out. At 29x a perp gets liquidated by a 3.45% move and you're out for good. With options, that move hurts just as much on paper, but you're still in the trade if price comes back before expiry. 1 in 5 liquidated 29x BTC longs were in profit 3 days later. The catch is that every contract expires, so staying in longer means new funding, and leverage drops on longer dates. You can still lose money if price goes against you and stays there.