In the case of an exchanger, I never trust it fully there exist many reasons. Firstly I know very well that if everyone takes a long position in future trade and the price pump then the owner of the exchanger will face a loss and they won't allow to bring loss for them. Then they will liquidate the long position first before to start to rise up. The same thing is applicable for the short position.
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You're trading against other traders there usually, that's what the interest/fee thing represents, basically you're trading against those shorting if you go long. With greed these days, though, either whales or exchange owners can still decide to take everyone's money.