> You’ve missed something, but I’m not sure what.

This is what I'm trying to figure out too.

Basically, how do you buy $1m worth of BTC/USDT perps without depositing $1m of USD into Binance? Let's say if we put in $100k USD with a 1:10 leverage, it means the position on Binance is wiped out if BTC drops by more than 10%. So the only way for this to work is to deposit $1mil of USD into Binance and opening the position. But this means we lost a whole $1m when Binance implodes, cancelling our gain in the short position.

Otherwise, we need to borrow $1mil of USDT to open the Binance BTC/USDT position.

What did I miss?