{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,28]],"date-time":"2026-04-28T00:57:35Z","timestamp":1777337855457,"version":"3.51.4"},"reference-count":46,"publisher":"Springer Science and Business Media LLC","issue":"1","license":[{"start":{"date-parts":[[2024,6,19]],"date-time":"2024-06-19T00:00:00Z","timestamp":1718755200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.springernature.com\/gp\/researchers\/text-and-data-mining"},{"start":{"date-parts":[[2024,6,19]],"date-time":"2024-06-19T00:00:00Z","timestamp":1718755200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/www.springernature.com\/gp\/researchers\/text-and-data-mining"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Electron Markets"],"published-print":{"date-parts":[[2024,12]]},"DOI":"10.1007\/s12525-024-00715-1","type":"journal-article","created":{"date-parts":[[2024,6,19]],"date-time":"2024-06-19T08:01:54Z","timestamp":1718784114000},"update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":5,"title":["Perpetual future contracts in centralized and decentralized exchanges: Mechanism and traders\u2019 behavior"],"prefix":"10.1007","volume":"34","author":[{"given":"Erdong","family":"Chen","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-7691-3269","authenticated-orcid":false,"given":"Mengzhong","family":"Ma","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Zixin","family":"Nie","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2024,6,19]]},"reference":[{"key":"715_CR1","unstructured":"(2021). GMX announcements. https:\/\/t.me\/s\/GMX_Announcements?before=33"},{"key":"715_CR2","doi-asserted-by":"publisher","first-page":"101234","DOI":"10.1016\/j.frl.2019.07.007","volume":"34","author":"E Akyildirim","year":"2020","unstructured":"Akyildirim, E., Corbet, S., Katsiampa, P., Kellard, N., & Sensoy, A. (2020). The development of bitcoin futures: Exploring the interactions between cryptocurrency derivatives. Finance Research Letters, 34, 101234. https:\/\/doi.org\/10.1016\/j.frl.2019.07.007","journal-title":"Finance Research Letters"},{"issue":"1","key":"715_CR3","doi-asserted-by":"publisher","first-page":"23","DOI":"10.1002\/fut.22050","volume":"40","author":"C Alexander","year":"2020","unstructured":"Alexander, C., Choi, J., Park, H., & Sohn, S. (2020). Bitmex bitcoin derivatives: Price discovery, informational efficiency, and hedging effectiveness. Journal of Futures Markets, 40(1), 23\u201343. https:\/\/doi.org\/10.1002\/fut.22050","journal-title":"Journal of Futures Markets"},{"issue":"1","key":"715_CR4","doi-asserted-by":"publisher","first-page":"478","DOI":"10.1016\/j.ejor.2022.07.037","volume":"306","author":"C Alexander","year":"2023","unstructured":"Alexander, C., Deng, J., & Zou, B. (2023). Hedging with automatic liquidation and leverage selection on bitcoin futures. European Journal of Operational Research, 306(1), 478\u2013493. https:\/\/doi.org\/10.1016\/j.ejor.2022.07.037","journal-title":"European Journal of Operational Research"},{"issue":"1","key":"715_CR5","doi-asserted-by":"publisher","first-page":"478","DOI":"10.1016\/j.ejor.2022.07.037","volume":"306","author":"C Alexander","year":"2023","unstructured":"Alexander, C., Deng, J., & Zou, B. (2023). Hedging with automatic liquidation and leverage selection on bitcoin futures. European Journal of Operational Research, 306(1), 478\u2013493. https:\/\/doi.org\/10.1016\/j.ejor.2022.07.037","journal-title":"European Journal of Operational Research"},{"key":"715_CR6","doi-asserted-by":"crossref","unstructured":"Ammann, M. (2002). Credit risk valuation: Methods, models, and applications. Springer Science & Business Media.","DOI":"10.1007\/978-3-662-06425-2"},{"key":"715_CR7","unstructured":"Aoyagi, J., & Ito, Y. (2021). Coexisting exchange platforms: Limit order books and automated market makers. Available at SSRN."},{"issue":"1","key":"715_CR8","doi-asserted-by":"publisher","first-page":"21","DOI":"10.2307\/2331149","volume":"28","author":"H Bessembinder","year":"1993","unstructured":"Bessembinder, H., & Seguin, P. J. (1993). Price volatility, trading volume, and market depth: Evidence from futures markets. Journal of Financial and Quantitative Analysis, 28(1), 21\u201339. https:\/\/doi.org\/10.2307\/2331149","journal-title":"Journal of Financial and Quantitative Analysis"},{"key":"715_CR9","unstructured":"Buterin, V. (2014). Ethereum: A next-generation smart contract and decentralized application platform."},{"key":"715_CR10","unstructured":"Capponi, A., & Jia, R. (2021). The adoption of blockchain-based decentralized exchanges. Preprint retrieved from arXiv:2103.08842."},{"key":"715_CR11","doi-asserted-by":"crossref","unstructured":"Chiu, J., Ozdenoren, E., Yuan, K., & Zhang, S. (2022). On the fragility of defi lending. Available at SSRN 4328481.","DOI":"10.2139\/ssrn.4328481"},{"issue":"3","key":"715_CR12","doi-asserted-by":"publisher","first-page":"492","DOI":"10.1002\/fut.22305","volume":"42","author":"R De Blasis","year":"2022","unstructured":"De Blasis, R., & Webb, A. (2022). Arbitrage, contract design, and market structure in bitcoin futures markets. Journal of Futures Markets, 42(3), 492\u2013524. https:\/\/doi.org\/10.1002\/fut.22305","journal-title":"Journal of Futures Markets"},{"issue":"2","key":"715_CR13","doi-asserted-by":"publisher","first-page":"383","DOI":"10.7208\/9780226426983-007","volume":"25","author":"EF Fama","year":"1970","unstructured":"Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383\u2013417. https:\/\/doi.org\/10.7208\/9780226426983-007","journal-title":"The Journal of Finance"},{"issue":"1","key":"715_CR14","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1002\/fut.3990060102","volume":"6","author":"P Garcia","year":"1986","unstructured":"Garcia, P., Leuthold, R. M., & Zapata, H. (1986). Lead-lag relationships between trading volume and price variability: New evidence. The Journal of Futures Markets (1986-1998), 6(1), 1. https:\/\/doi.org\/10.1002\/fut.3990060102","journal-title":"The Journal of Futures Markets (1986-1998)"},{"key":"715_CR15","doi-asserted-by":"publisher","first-page":"67","DOI":"10.1086\/296072","volume":"53","author":"MB Garman","year":"1980","unstructured":"Garman, M. B., & Klass, M. J. (1980). On the estimation of security price volatilities from historical data. Journal of Business, 53, 67\u201378. https:\/\/doi.org\/10.1086\/296072","journal-title":"Journal of Business"},{"issue":"1","key":"715_CR16","doi-asserted-by":"publisher","first-page":"11","DOI":"10.1007\/s12525-023-00637-4","volume":"33","author":"V Gramlich","year":"2023","unstructured":"Gramlich, V., Guggenberger, T., Principato, M., Schellinger, B., & Urbach, N. (2023). A multivocal literature review of decentralized finance: Current knowledge and future research avenues. Electronic Markets, 33(1), 11. https:\/\/doi.org\/10.1007\/s12525-023-00637-4","journal-title":"Electronic Markets"},{"key":"715_CR17","doi-asserted-by":"crossref","unstructured":"Green, A., Cammilleri, C., Erickson, J.\u00a0S., Seneviratne, O., & Bennett, K.\u00a0P. (2022). Defi survival analysis: Insights into risks and user behaviors. In The International Conference on Mathematical Research for Blockchain Economy (pp. 127\u2013141). Springer.","DOI":"10.1007\/978-3-031-18679-0_8"},{"key":"715_CR18","doi-asserted-by":"crossref","unstructured":"Gudgeon, L., Werner, S., Perez, D., & Knottenbelt, W.\u00a0J. (2020). Defi protocols for loanable funds: Interest rates, liquidity and market efficiency. In Proceedings of the 2nd ACM Conference on Advances in Financial Technologies (pp. 92\u2013112).","DOI":"10.1145\/3419614.3423254"},{"key":"715_CR19","doi-asserted-by":"crossref","unstructured":"Han, J., Huang, S., & Zhong, Z. (2022). Trust in defi: An empirical study of the decentralized exchange. Available at SSRN 3896461.","DOI":"10.2139\/ssrn.3896461"},{"key":"715_CR20","doi-asserted-by":"crossref","unstructured":"Hasbrouck, J., Rivera, T. J., & Saleh, F. (2023). An economic model of a decentralized exchange with concentrated liquidity. Available at SSRN 4529513.","DOI":"10.2139\/ssrn.4529513"},{"key":"715_CR21","unstructured":"Hayes, A. (2019). Bitmex leverage statistics."},{"key":"715_CR22","doi-asserted-by":"crossref","unstructured":"He, S., Manela, A., Ross, O., & von Wachter, V. (2022). Fundamentals of perpetual futures. Preprint retrieved from arXiv:2212.06888.","DOI":"10.2139\/ssrn.4301150"},{"key":"715_CR23","doi-asserted-by":"crossref","unstructured":"Heimbach, L., & Huang, W. (2023). Defi leverage. Available at SSRN 4459384.","DOI":"10.2139\/ssrn.4459384"},{"key":"715_CR24","doi-asserted-by":"publisher","first-page":"107","DOI":"10.1016\/j.jempfin.2021.03.001","volume":"62","author":"J-C Hung","year":"2021","unstructured":"Hung, J.-C., Liu, H.-C., & Yang, J. J. (2021). Trading activity and price discovery in bitcoin futures markets. Journal of Empirical Finance, 62, 107\u2013120. https:\/\/doi.org\/10.1016\/j.jempfin.2021.03.001","journal-title":"Journal of Empirical Finance"},{"key":"715_CR25","doi-asserted-by":"crossref","unstructured":"Kozhan, R., & Viswanath-Natraj, G. (2021). Decentralized stablecoins and collateral risk. WBS Finance Group Research Paper.","DOI":"10.2139\/ssrn.3866975"},{"key":"715_CR26","doi-asserted-by":"publisher","first-page":"1315","DOI":"10.2307\/1913210","volume":"53","author":"AS Kyle","year":"1985","unstructured":"Kyle, A. S. (1985). Continuous auctions and insider trading. Econometrica: Journal of the Econometric Society, 53, 1315\u20131335. https:\/\/doi.org\/10.2307\/1913210","journal-title":"Econometrica: Journal of the Econometric Society"},{"key":"715_CR27","doi-asserted-by":"crossref","unstructured":"Lehar, A., & Parlour, C.\u00a0A. (2022). Systemic fragility in decentralized markets. Available at SSRN.","DOI":"10.2139\/ssrn.4164833"},{"key":"715_CR28","unstructured":"Lehar, A., &\u00a0Parlour, C. (2021). Decentralized exchange: The uniswap automated market maker. Preprint, submitted August, 14."},{"issue":"3","key":"715_CR29","doi-asserted-by":"publisher","first-page":"889","DOI":"10.1111\/j.1540-6261.1996.tb02711.x","volume":"51","author":"G McQueen","year":"1996","unstructured":"McQueen, G., Pinegar, M., & Thorley, S. (1996). Delayed reaction to good news and the cross-autocorrelation of portfolio returns. The Journal of Finance, 51(3), 889\u2013919. https:\/\/doi.org\/10.1111\/j.1540-6261.1996.tb02711.x","journal-title":"The Journal of Finance"},{"key":"715_CR30","unstructured":"Milionis, J., Moallemi, C.\u00a0C., Roughgarden, T., & Zhang, A.\u00a0L. (2022). Automated market making and loss-versus-rebalancing. Preprint retrieved from arXiv:2208.06046."},{"key":"715_CR31","doi-asserted-by":"publisher","unstructured":"Mohan, V. (2022). Automated market makers and decentralized exchanges: A defi primer. Financial Innovation, 8(1), 20. https:\/\/doi.org\/10.1186\/s40854-021-00314-5","DOI":"10.1186\/s40854-021-00314-5"},{"key":"715_CR32","doi-asserted-by":"crossref","unstructured":"Perez, D., Werner, S.\u00a0M., Xu, J., & Livshits, B. (2021). Liquidations: Defi on a knife-edge. In Financial Cryptography and Data Security: 25th International Conference, FC 2021, Virtual Event, March 1\u20135, 2021, Revised Selected Papers, Part II 25 (pp. 457\u2013476). Springer.","DOI":"10.1007\/978-3-662-64331-0_24"},{"key":"715_CR33","unstructured":"Qin, K., Zhou, L., Afonin, Y., Lazzaretti, L., & Gervais, A. (2021). Cefi vs. defi\u2013comparing centralized to decentralized finance. Preprint retrieved from arXiv:2106.08157."},{"key":"715_CR34","doi-asserted-by":"crossref","unstructured":"Qin, K., Zhou, L., Gamito, P., Jovanovic, P., & Gervais, A. (2021). An empirical study of defi liquidations: Incentives, risks, and instabilities. In Proceedings of the 21st ACM Internet Measurement Conference (pp. 336\u2013350).","DOI":"10.1145\/3487552.3487811"},{"key":"715_CR35","doi-asserted-by":"crossref","unstructured":"Ramirez, H.\u00a0E., & Sanchez, J.\u00a0F. (2023). Optimal liquidation with temporary and permanent price impact, an application to cryptocurrencies. Preprint retrieved from arXiv:2303.10043.","DOI":"10.2139\/ssrn.4584895"},{"key":"715_CR36","doi-asserted-by":"crossref","unstructured":"Rivera, T.\u00a0J., Saleh, F., & Vandeweyer, Q. (2023). Equilibrium in a defi lending market. Available at SSRN 4389890.","DOI":"10.2139\/ssrn.4389890"},{"key":"715_CR37","doi-asserted-by":"crossref","unstructured":"Schaible, M. (2022). Decentralized lending: Empirical analysis of interest and liquidation mechanisms. Springer Nature.","DOI":"10.1007\/978-3-658-39056-3"},{"key":"715_CR38","doi-asserted-by":"crossref","unstructured":"Schuler, K., Nadler, M., & Sch\u00e4r, F. (2023). Contagion and loss redistribution in crypto asset markets: Modelling the intersection of defi and cefi. Available at SSRN 4499113.","DOI":"10.2139\/ssrn.4499113"},{"issue":"2","key":"715_CR39","doi-asserted-by":"publisher","first-page":"405","DOI":"10.1093\/rfs\/6.2.405","volume":"6","author":"CT Shalen","year":"1993","unstructured":"Shalen, C. T. (1993). Volume, volatility, and the dispersion of beliefs. The Review of Financial Studies, 6(2), 405\u2013434. https:\/\/doi.org\/10.1093\/rfs\/6.2.405","journal-title":"The Review of Financial Studies"},{"issue":"3","key":"715_CR40","doi-asserted-by":"publisher","first-page":"911","DOI":"10.1111\/j.1540-6261.1993.tb04024.x","volume":"48","author":"RJ Shiller","year":"1993","unstructured":"Shiller, R. J. (1993). Measuring asset values for cash settlement in derivative markets: Hedonic repeated measures indices and perpetual futures. The Journal of Finance, 48(3), 911\u2013931. https:\/\/doi.org\/10.1111\/j.1540-6261.1993.tb04024.x","journal-title":"The Journal of Finance"},{"key":"715_CR41","doi-asserted-by":"crossref","unstructured":"Soska, K., Dong, J. -D., Khodaverdian, A., Zetlin-Jones, A., Routledge, B., & Christin, N. (2021). Towards understanding cryptocurrency derivatives: A case study of bitmex. In Proceedings of the Web Conference 2021 (pp. 45\u201357).","DOI":"10.1145\/3442381.3450059"},{"key":"715_CR42","doi-asserted-by":"crossref","unstructured":"Tsay, R.\u00a0S. (2005). Analysis of financial time series. John wiley & sons.","DOI":"10.1002\/0471746193"},{"key":"715_CR43","doi-asserted-by":"crossref","unstructured":"Wang, Z., Qin, K., Minh, D.\u00a0V., & Gervais, A. (2022). Speculative multipliers on defi: Quantifying on-chain leverage risks. In International Conference on Financial Cryptography and Data Security (pp. 38\u201356). Springer.","DOI":"10.1007\/978-3-031-18283-9_3"},{"issue":"5","key":"715_CR44","doi-asserted-by":"publisher","first-page":"427","DOI":"10.1002\/fut.10021","volume":"22","author":"C Wang","year":"2002","unstructured":"Wang, C. (2002). The effect of net positions by type of trader on volatility in foreign currency futures markets. Journal of Futures Markets, 22(5), 427\u2013450. https:\/\/doi.org\/10.1002\/fut.10021","journal-title":"Journal of Futures Markets"},{"key":"715_CR45","unstructured":"Warmuz, J., Chaudhary, A., & Pinna, D. (2022). Toxic liquidation spirals: Evidence from the bad debt incurred by AAVE. Preprint retrieved from arXiv:2212.07306."},{"key":"715_CR46","unstructured":"Zinsmeister, N., & Robinson, D. (2020). Hayden adams hayden@uniswap.org."}],"container-title":["Electronic Markets"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s12525-024-00715-1.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s12525-024-00715-1\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s12525-024-00715-1.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,12,26]],"date-time":"2024-12-26T08:27:14Z","timestamp":1735201634000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s12525-024-00715-1"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,6,19]]},"references-count":46,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2024,12]]}},"alternative-id":["715"],"URL":"https:\/\/doi.org\/10.1007\/s12525-024-00715-1","relation":{},"ISSN":["1019-6781","1422-8890"],"issn-type":[{"value":"1019-6781","type":"print"},{"value":"1422-8890","type":"electronic"}],"subject":[],"published":{"date-parts":[[2024,6,19]]},"assertion":[{"value":"8 January 2024","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"7 May 2024","order":2,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"19 June 2024","order":3,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}}],"article-number":"35"}}