Why does Binance only offer futures, not spot? Because it’s well known that Binance futures have nearly the best liquidity depth in the world. If a large holder wants to sell (exit), they can open a Binance futures position and then sell on-chain. This way, there’s almost no significant slippage loss, because the on-chain pool isn’t that big, and there’s no liquidity to exit from. Once you go into futures, the first step is to deposit money into Binance to go short, so for Binance, this becomes incremental capital.