According to @moonshot, a post on X on Nov 10, 2025 draws attention to the unique challenges of trading newly listed pairs, emphasizing the need to manage volatility and liquidity risk in early sessions (source: @moonshot on X). Major centralized exchanges warn that new listings can experience rapid price swings and wider bid-ask spreads, which increase slippage and liquidation risk for leveraged traders (source: Binance Support; Coinbase Asset Risk Disclosure). On DEXs, shallow initial liquidity often causes large price impact for market orders, making early trades prone to significant slippage until pool depth improves (source: Uniswap Docs). For perpetual swaps, funding rates vary with long-short imbalances and thin order books can magnify moves, raising short-term carry and execution risk around illiquid markets and launch periods (source: dYdX Docs).

According to @52kskew, aggregate short positioning is rolling off, with passive spot buying mainly via Coinbase and a Coinbase premium at the moment. source: @52kskew on X, Oct 11, 2025 Spreads remain very wide across markets, and market makers are likely assessing damage before liquidity returns later. source: @52kskew on X, Oct 11, 2025