// THE FORGE DISPATCHES
// Field notes from the board. Funding arb, DEX mechanics, the edge before the tourists notice it.
What Is a Perp? Perpetual Futures Explained
Most traders learn what a perp is by donating their account to the market. Read this instead. Spot vs perp, why max leverage is a countdown, the three prices, and the one rule that keeps an account alive.
Your First Crypto Trade: The Size, The Shield, The Exit
Beginners pick a direction. Survivors pick a size. A step-by-step first trade — the four zones of the screen, sizing before aiming, the shield, and why getting out is where accounts actually die.
Hyperliquid vs Paradex vs Lighter — The Board's Verdict
Comparison posts on other sites are PR. This one is scraped. Three perp DEXes, three use cases, one verdict — pulled from the Forge's own stored funding data and live open interest.
The Real Cost of a Trade — Why Gross APR Is a Tourist Trap
Of 199 arb opportunities on the board right now, 43 — twenty-two percent — have positive gross spread and negative net APR. Pure fee traps, quoted as yield. Here's the math they don't want you to do.
Funding Arb 101 — The Oldest Delta-Neutral Play in the Wasteland
The tourists trade price. You trade the difference in what two venues charge each other for the same position. Here's the mechanic, the math, and the trap that kills the tourists.
Welcome to the Forge — A Warlord's Guide to Defi Warlord Forge
The wasteland is full of yield. Most of it is poisoned. Here's how to read the signals.