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One difference between linear futures (i.e. dollar or stablecoin-margined) and inverse futures (asset-margined) is that for a long position in linears, as price falls the value of your collateral stays the same but required collateral falls, which cushions you a bit ...
... whereas for inverse futures, your collateral falls in value but the required collateral stays the same, which accelerates your loss. One consequences is that a fully collateralized position in linears can survive a 100% fall in the underlying, ...
... but a fully collateralized position in inverse futures can only survive a 50% fall in the underlying, since you take a 50% loss on the futures and a 50% loss on your collateral at the same time, and then get liquidated (you are actually 2x leveraged).
It works the other way for short positions! A fully collateralized short position in linears cannot survive if the underlying doubles in value, but a fully collateralized short position in inverse can survive big price spikes, since the collateral offsets the futures loss.
This is why you get this price chart for inverse perpetuals during a big price spike ...pic.twitter.com/aQOPGqv0AM
And the inverse (pun intended) is also true: a fully collaterized short position in inverse cannot get liquidated (it's basically synthetic dollars) whereas in the linear a 2x rally gets it liquidated
The knock-on effects of convexity is very cool to observe when mkt participants reveal their hand :)https://twitter.com/egirl_capital/status/1322445601359847425 …
Great thread. Bonus points for not saying "convexity" 
Cf 12/03/2020
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