When derivatives lead, infrastructure decides.
Predict first. Then send the same demand shock through spot and perpetual venues to see whether funding and liquidity restore convergence or leverage turns basis into liquidation feedback.
The bridge either carries the shock or magnifies it.
Read the synchronized traces
Gold tracks spot; coral tracks the perpetual. Their distance is basis. Funding is the coupling incentive, while the red rings show liquidation pressure. Change a control to inspect the projected consequence.
Worked contrast
At +4, 2x, and depth 1.00, stress is 0.08: below the 0.35 liquidation onset. At +10, 8x, and depth 0.45, stress is 1.78: pressure clamps at 100% and forced position reduction amplifies the move.
Misconception checkpoint
Derivatives leading price discovery only tells you where information arrives first. It does not prove the market can absorb leverage, basis, and liquidations without destabilizing feedback.
Volatility spikes. What preserves useful price discovery?
Transfer the model beyond this run. Choose the intervention that reduces impact and keeps forced liquidations from becoming the dominant signal.