No Summary provided as the original text is short
- On-chain Perpetuals: Perpetual futures contracts traded directly on a blockchain without an expiry date, enabling decentralized, continuous trading.
- Liquidation: The forced closure of a trader’s position due to insufficient collateral to cover losses, often during high market volatility.
- Centralized Exchange (CEX): A cryptocurrency trading platform operated by a centralized organization, controlling user accounts and order matching.