Am I correct in saying that with the leverage system in crypto perpetual futures contracts, the user does not borrow from the exchange and the exchange does not have to borrow from external sources to "fund the leverage"?
Who pays the shorts profit if the long counterparty bought without leverage?
Is each trade matched with longs and shorts of the same X leverage? (e.g both sides have 5X leverage) or 1 long of 10,000 USD notional value can be matched with 100 short contracts if each contract is worth $100 of notional value. Thank you.