  In this paper, we analyze traders' behavior within both centralized exchanges
(CEXs) and decentralized exchanges (DEXs), focusing on the volatility of
Bitcoin prices and the trading activity of investors engaged in perpetual
future contracts. We categorize the architecture of perpetual future exchanges
into three distinct models, each exhibiting unique patterns of trader behavior
in relation to trading volume, open interest, liquidation, and leverage. Our
detailed examination of DEXs, especially those utilizing the Virtual Automated
Market Making (VAMM) Model, uncovers a differential impact of open interest on
long versus short positions. In exchanges which operate under the Oracle
Pricing Model, we find that traders primarily act as price takers, with their
trading actions reflecting direct responses to price movements of the
underlying assets. Furthermore, our research highlights a significant
propensity among less informed traders to overreact to positive news, as
demonstrated by an increase in long positions. This study contributes to the
understanding of market dynamics in digital asset exchanges, offering insights
into the behavioral finance for future innovation of decentralized finance.
