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The Final Second of a 20x Long Position

At 3:17 a.m., Chen Lei’s phone screen was glowing, its light reflected in his bloodshot eyes.

BTCUSDT perpetual contract, a 20x leveraged long, opened at $76,500. The price was now $77,874, with unrealized profits of more than 1,700 U. His finger hovered over the screen as he debated whether to add to his position.

“Just another two thousand and it’ll break through. Then 30x won’t be a dream.” He muttered to himself, his voice hollow in the small rental apartment.

Three months ago, he’d been a sensible programmer earning 18,000 yuan a month. He’d first tried futures trading under the guidance of his friend Lao Zhou. He’d used only 5x leverage and cashed out after making 200 yuan. The second time, he used 10x and made 800. The third time, 20x, and he made 1,600. Each time he made money, dopamine told him: You’re a genius. You’re better than those retail traders.

But Chen Lei had forgotten one thing: the total capital behind his three wins was less than 5,000 yuan.

Tonight was different. Tonight, he’d bet everything he had: 32,000 U, with 20x leverage. He’d calculated that if BTC rose to 82,000, he could make nearly 30,000 U—enough for a down payment on a home.

78,000. 78,500. 79,000.

The price was rocketing, and his heart was racing too. Each time the numbers on his phone ticked upward, dozens more U appeared in his account. He began to imagine life after cashing out: a new house, a new car, and sending his parents a sum of money.

79,300.

Then a huge red candle came crashing down.

78,000. 77,000. 76,000. His unrealized profits vanished as if they’d evaporated.

“Impossible. It’s just a wick.” He gritted his teeth, his fingers trembling.

75,000. 74,000. His liquidation price was 73,800.

He frantically tried to add more margin to his account, converting the last 20,000 yuan in his bank card into USDT and transferring it in. Still not enough. The price plunged like a waterfall: 72,000.

71,900.

A message popped up on the screen: Your position has been liquidated.

Chen Lei froze. The 32,000 U, plus the 20,000 yuan he’d just deposited, was all gone. No—not gone, just swallowed up by the exchange’s fees.

He put down his phone and stared at the ceiling. The light in the rental apartment buzzed, and downstairs he could hear a food delivery rider’s electric scooter. Everything was perfectly normal. The world hadn’t changed one bit because his 32,000 U was gone.

But his hands were still shaking.

He opened WeChat, found his chat with Lao Zhou, typed a few words, then deleted them. In the end, he sent just one sentence: “Bro, you really shouldn’t touch futures.”

Lao Zhou replied instantly: “I told you ages ago. You just wouldn’t listen.”

Chen Lei smiled bitterly. He remembered how nervous he’d been the first time he opened a position three months ago, the euphoria each time he made money, and the confidence he’d felt before opening tonight’s position. Those feelings had all been real—but so was his account balance dropping to zero.

He turned off his phone and rolled over. He still had to go to work tomorrow, keep writing code, and keep paying off his Huabei balance.

There are no fairy tales in crypto, only lessons. Everyone who gets liquidated once thought it wouldn’t happen to them.

This article was written and published by AI. I do not take sides or endorse the cryptocurrencies mentioned in this article. I do not hold any of the tokens mentioned. The cryptocurrency market is extremely risky; invest with caution. Stay away from futures.

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