{"id":97816,"date":"2026-06-02T09:06:04","date_gmt":"2026-06-02T06:06:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=97816"},"modified":"2026-06-02T09:11:36","modified_gmt":"2026-06-02T06:11:36","slug":"dopamine-and-uncertainty-how-perpetuals-turn-crypto-markets-into-a-casino","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dopamine-and-uncertainty-how-perpetuals-turn-crypto-markets-into-a-casino\/","title":{"rendered":"Dopamine and Uncertainty: How Perpetuals Turn Crypto Markets Into a Casino"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-disclamer article_disclamer\"><span class=\"gtb_text-wrappers_disclamer_head\">Disclaimer<\/span><\/p>\n<p><em>ForkLog is not responsible for readers\u2019 investment decisions.<\/em><\/p>\n<\/div>\n<p>In April 2026, spot trading volumes on crypto exchanges <a href=\"https:\/\/www.coindesk.com\/research\/spot-trading-at-lowest-since-november-2023-as-volumes-fall-for-fourth-straight-month\" target=\"_blank\" rel=\"noopener\" title=\"\">fell to their lowest<\/a> since November 2023, while derivatives reached 77.1% of turnover. It looks almost paradoxical: actual asset trading is shrinking, but appetite for leveraged bets remains high.<\/p>\n<p>The shift isn\u2019t driven by market conditions alone. As <a href=\"https:\/\/wublock.substack.com\/p\/study-from-rational-trading-to-speculative\" target=\"_blank\" rel=\"noopener\" title=\"\">noted<\/a> by crypto journalist Colin Wu, perpetual contracts have become embedded in the industry partly because they tap a quirk of the human brain \u2014 the same one slot machines have exploited for generations.<\/p>\n<p>Here\u2019s how rational trading morphs into gambling \u2014 and why it\u2019s harder to step away than it seems.<\/p>\n<h2 class=\"wp-block-heading\">Spot deflates as bets rise<\/h2>\n<p>A perpetual contract (perpetual, \u201cperp\u201d) is a futures contract with no expiry date. As far back as 1992, economist Robert Shiller <a href=\"https:\/\/www.nber.org\/papers\/t0131\" target=\"_blank\" rel=\"noopener\" title=\"\">floated<\/a> the idea of a \u201cperpetual\u201d derivative for assets that are hard to price directly, such as real estate. The concept never caught on in traditional finance, but it proved a natural fit for crypto.<\/p>\n<p>BitMEX <a href=\"https:\/\/blog.bitmex.com\/five-years-ago-the-perpetual-swap-was-born-everything-changed\/\" target=\"_blank\" rel=\"noopener\" title=\"\">launched<\/a> a bitcoin perpetual (XBTUSD) on May 13, 2016, and the product quickly became an industry standard. That was the mass-market rollout. The \u201cperp\u201d itself was pioneered earlier \u2014 the first inverse perpetual was <a href=\"https:\/\/en.wikipedia.org\/wiki\/Perpetual_futures\" target=\"_blank\" rel=\"noopener\" title=\"\">implemented<\/a> by ICBIT in 2011.<\/p>\n<p>Why crypto specifically? A few reasons:<\/p>\n<ul class=\"wp-block-list\">\n<li>The market runs 24\/7 with no weekends or trading sessions, making expiring futures less convenient here;<\/li>\n<li>digital assets have no single authoritative price \u2014 quotes are scattered across dozens of venues. The funding rate keeps the contract near a spot index, replacing expiry-based settlement;<\/li>\n<li>speculation is baked into the culture, and perps offer leveraged access and a way to profit in both directions with a relatively low barrier to entry.<\/li>\n<\/ul>\n<p>According to <a href=\"http:\/\/www.coinglass.com\/pro\/perpteual-spot-volume\" target=\"_blank\" rel=\"noopener\" title=\"\">CoinGlass<\/a>, bitcoin perpetual volumes steadily exceed spot by 5\u201310 times. Real asset trades are increasingly giving way to directional wagers.<\/p>\n<p>The paradox: a tool designed for hedging and price anchoring has, for the mass user, become a mechanism for rapid-fire betting.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-cfa06f85cc67c91f-5981187456605990.webp\" alt=\"image\" class=\"wp-image-280867\"\/><figcaption class=\"wp-element-caption\">Turnover dynamics in spot and derivatives since April 2025, plus derivatives\u2019 share of total volume. Source: <a href=\"https:\/\/www.coindesk.com\/research\/spot-trading-at-lowest-since-november-2023-as-volumes-fall-for-fourth-straight-month\" target=\"_blank\" rel=\"noopener\" title=\"\">CoinDesk<\/a>.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">The brain craves uncertainty, not winnings<\/h2>\n<p>Gambling hooks people not with winnings but with unpredictability. In the mid-20th century, psychologist B. F. Skinner <a href=\"http:\/\/www.simplypsychology.org\/schedules-of-reinforcement.html\" target=\"_blank\" rel=\"noopener\" title=\"\">showed<\/a> that behavior is reinforced most strongly by random rewards \u2014 the so\u2011called variable reinforcement schedule.<\/p>\n<p>In his experiments, pigeons that received food after a random number of lever presses pecked more often and persistently than those rewarded on a fixed schedule. What drove them was anticipation born of uncertainty.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-c0370c1dfb28533f-5981187833392102.webp\" alt=\"image\" class=\"wp-image-280869\"\/><figcaption class=\"wp-element-caption\">Students place a pigeon in a Skinner box. Source: <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%AF%D1%89%D0%B8%D0%BA_%D0%A1%D0%BA%D0%B8%D0%BD%D0%BD%D0%B5%D1%80%D0%B0\" target=\"_blank\" rel=\"noopener\" title=\"\">Wikipedia<\/a>.\u00a0<\/figcaption><\/figure>\n<p>The same mechanism drives humans, and dopamine is central to it \u2014 a neurotransmitter of anticipation, not pleasure per se. These neurons respond less to the reward itself than to the error in predicting it: the more surprising the outcome, the stronger the spike. When a win is guaranteed and predictable, the response is muted. When the result is unknown, the brain fires at full tilt.<\/p>\n<p>It\u2019s no accident slot machines long ago overtook card tables and roulette as casinos\u2019 top earners. Anthropologist Natasha Dow Schull, in her study of Las Vegas gambling <a href=\"https:\/\/press.princeton.edu\/books\/paperback\/9780691160887\/addiction-by-design\" target=\"_blank\" rel=\"noopener\" title=\"\">industry<\/a>, showed how solitary, continuous, rapid play induces a trance\u2011like state regulars call the \u201cmachine zone.\u201d<\/p>\n<p>A slot doesn\u2019t pay on schedule but unpredictably, and that very uncertainty becomes pleasurable. Losses barely sober a player up: the next spin could hit the jackpot.<\/p>\n<p>The \u201cnear-miss\u201d is especially insidious \u2014 when a combination almost lines up. The brain reacts much like it would to a real win, and the hand reaches for the lever again.<\/p>\n<p>Neurobiology backs this up: the dopaminergic system is highly sensitive to unpredictable rewards, while it habituates to what\u2019s expected and routine. That helps explain why players fixate on risky, low\u2011probability bets: the thrill comes from uncertainty itself, not the odds. The win is almost secondary \u2014 the brain wants not to know the outcome in advance.<\/p>\n<p>Pleasure tied to the unknown can thus sustain itself even without regular rewards. For dependency to form, winnings needn\u2019t be frequent or large \u2014 it\u2019s enough that outcomes stay unpredictable.<\/p>\n<h2 class=\"wp-block-heading\">A slot machine in your pocket<\/h2>\n<p>Perp trading reproduces this variable\u2011reward loop. Traders place frequent bets with immediate but unpredictable outcomes \u2014 essentially spin after spin on price direction.<\/p>\n<p>Researchers <a href=\"http:\/\/pmc.ncbi.nlm.nih.gov\/articles\/PMC8997227\/\" target=\"_blank\" rel=\"noopener\" title=\"\">compare<\/a> intraday trading with gambling disorder: in both, people repeatedly stake money on unknown outcomes and receive irregular rewards.<\/p>\n<p>Each app open and chart refresh works like a slot pull: a position either ticks into profit \u2014 even a small one \u2014 or bleeds, sometimes all the way to liquidation.<\/p>\n<p>Modern trading apps supercharge the effect. Price alerts, flashing P&#038;L badges, flickering candles \u2014 they fragment trading into a nonstop stream of micro\u2011wins and micro\u2011losses. Social feeds use the same trick: at any moment the timeline might surface a like, a repost or a riveting post \u2014 that very unpredictability keeps many from closing the app.<\/p>\n<p>An extra layer comes from the <a href=\"http:\/\/forklog.com\/cryptorium\/stavka-finansirovaniya-kak-fanding-pomogaet-predskazyvat-razvoroty-tseny-bitkoina-i-ethereum\/\" target=\"_blank\" rel=\"noopener\" title=\"\">funding rate<\/a>. Every eight hours, longs and shorts pay each other: when the rate is positive, longs pay shorts; when negative \u2014 the reverse.<\/p>\n<p>Formally it anchors the contract to spot. Psychologically it\u2019s a small win or loss inside an open position, arriving with the regularity of a machine that dispenses a token payout every few spins. The reward cycle shortens further.<\/p>\n<p>Behavioral finance calls the state that follows an \u201cillusion of control\u201d \u2014 the belief that constant monitoring and tinkering can steer a fundamentally random process.<\/p>\n<p>A trader can\u2019t leave the screen for fear of missing a move \u2014 a fixation barely distinguishable from a gambler hovering over the roulette wheel.<\/p>\n<h2 class=\"wp-block-heading\">A casino that never closes<\/h2>\n<p>Perps trade 24\/7 \u2014 pushing the thrill to a new level. Traditional exchanges shut overnight and on weekends, offering natural breaks to cool off.<\/p>\n<p>Crypto never closes. The casino literally sits in your pocket, its doors unlocked: no breaks, no forced time\u2011outs to slow the spiral.<\/p>\n<p>Leverage turns up the heat. Many venues allow multiples in the dozens and, in places, up to 100x <a href=\"http:\/\/forklog.com\/cryptorium\/chto-takoe-aster-i-kak-ej-udalos-obojti-hyperliquid-po-obemu-torgov\/\" target=\"_blank\" rel=\"noopener\" title=\"\">and beyond<\/a>. That\u2019s akin to raising the slot stake: risk and potential reward soar \u2014 as does the urge to go all\u2011in. Combined with round\u2011the\u2011clock access, it becomes an endless high\u2011speed game where balances swing in seconds and traders\u2019 brains stay on high alert.<\/p>\n<p>Researchers <a href=\"http:\/\/bircheshealth.com\/resources\/24-7-stock-trading\" target=\"_blank\" rel=\"noopener\" title=\"\">note<\/a> that a 24\/7 schedule materially amplifies compulsive trading \u2014 people simply don\u2019t get a natural signal to step away.<\/p>\n<p>Bets placed in such a mode can prove costly. Analysts warn that if traditional markets move to 24\/7, investors will face the same psychological risks as online\u2011casino users.<\/p>\n<p>When the market resembles a round\u2011the\u2011clock slot hall, some participants become so dependent they may need medical help.<\/p>\n<p>And this isn\u2019t a side effect \u2014 it\u2019s the business model. Economically, casinos thrive on nonstop play and high unpredictability \u2014 and crypto exchanges mirror those principles.<\/p>\n<p>High\u2011frequency interfaces, leverage tools and 24\/7 access ensure there\u2019s always a reason \u2014 and a way \u2014 to place one more bet. Trading itself gets gamified: the \u201ctrade \u2014 settle \u2014 instant feedback\u201d loop is as gripping as a video game.<\/p>\n<h2 class=\"wp-block-heading\">Why traders lose to themselves<\/h2>\n<p>It\u2019s not just dopamine. Cognitive biases push retail traders into decisions against their interests.<\/p>\n<p>Three core mechanisms:<\/p>\n<h3 class=\"wp-block-heading\"><strong>Loss aversion<\/strong>\u00a0<\/h3>\n<p>The pain of loss outweighs the joy of a comparable gain. Instead of realizing a loss, people average down, deny reality or simply close the app to avoid looking. Small cuts turn into a deep hole.<\/p>\n<p>Many take profits too early \u2014 afraid gains will vanish. Professionals do the opposite: they treat losses as a planned expense, not a personal defeat.<\/p>\n<h3 class=\"wp-block-heading\"><strong>Illusion of control<\/strong>\u00a0<\/h3>\n<p>This is the conviction that the market can be outplayed. It motivates hyperactivity that only entangles traders deeper in noise.<\/p>\n<p>Experienced players, by contrast, accept that uncertainty can\u2019t be tamed \u2014 and rely on risk\u2011management tools instead of fighting it.<\/p>\n<h3 class=\"wp-block-heading\"><strong>Peer pressure<\/strong>\u00a0<\/h3>\n<p>Screenshots of others\u2019 profits and overnight\u2011riches stories set a \u201csuccess at any cost\u201d template, while <span data-descr=\"Fear of Missing Out \u2014 the fear of missing out\" class=\"old_tooltip\">FOMO<\/span> whispers that the \u201cnext 10x\u201d is about to slip away.<\/p>\n<p>In such groups, blowing up an account is hardly shameful \u2014 a gripping liquidation tale draws sympathy. Emotional, even reckless trading becomes a badge of belonging.<\/p>\n<p>A vivid example: in spring 2025, trader James Winn <a href=\"https:\/\/forklog.com\/en\/news\/whale-takes-1-1bn-40x%e2%80%91leveraged-bitcoin-long-on-hyperliquid\">opened<\/a> a 10,200 BTC long ($1.14 billion at the time) with 40x leverage on <a href=\"https:\/\/forklog.com\/en\/news\/hype-or-a-new-standard-what-hyperliquids-airdrop-historys-most-generous-teaches-us\">Hyperliquid<\/a>. At the peak, the \u201cpaper\u201d profit reached $87 million on roughly $3\u20134 million of initial capital.<\/p>\n<p>Then the very biases above kicked in. After bitcoin fell below $105,000, Winn <a href=\"https:\/\/forklog.com\/en\/news\/whales-losses-on-hyperliquid-near-100-million\">faced<\/a> liquidation: the drawdown from the peak totaled $99.3 million \u2014 in a single week.<\/p>\n<p>He conceded it would have been wiser to keep bitcoin in cold storage. Yet days later he resumed trading, building a new position up to $140 million.<\/p>\n<p>Winn blamed his setbacks on a conspiracy \u2014 the machinations of <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-market-maker\">market makers<\/a> and a supposed \u201cdeep state\u201d steering prices. He repeatedly announced he was quitting the \u201cHyperliquid casino,\u201d only to return soon after \u2014 pure loss aversion and illusion of control.<\/p>\n<h2 class=\"wp-block-heading\">How the house stays ahead<\/h2>\n<p>If retail mostly gambles, professionals take the casino\u2019s side. Their strategies rely on positive <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%9C%D0%B0%D1%82%D0%B5%D0%BC%D0%B0%D1%82%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%BE%D0%B5_%D0%BE%D0%B6%D0%B8%D0%B4%D0%B0%D0%BD%D0%B8%D0%B5\" target=\"_blank\" rel=\"noopener\" title=\"\">expected value<\/a> \u2014 a statistical edge that compounds over long series of trades.<\/p>\n<p>Common approaches include:<\/p>\n<p>1. <strong>Statistical arbitrage<\/strong>. Quant models capture short\u2011term dislocations in related assets. <a href=\"https:\/\/forklog.com\/en\/news\/stop-guessing-bitcoins-price-a-guide-to-delta-neutral-strategies\">Market\u2011neutral positions<\/a> isolate profits from market direction. High trade frequency and tight risk controls turn many small wins into steady results.<\/p>\n<p>2. <strong>Trend following<\/strong>. Entries by strict rules when momentum appears, and decisive stop\u2011loss exits on reversals. Big wins in strong trends offset small losses \u2014 producing a positive expectation.<\/p>\n<p>3. <strong>Market making<\/strong>. Continuous two\u2011sided quotes earn the spread regardless of direction. A very high share of winning trades with minimal margin on each.<\/p>\n<p>4. <strong>Non\u2011directional option strategies.<\/strong> Delta\u2011 and <span data-descr=\"portfolios structured so that their sensitivity to the asset\u2019s price movement remains stable and does not require constant rebalancing\" class=\"old_tooltip\">gamma\u2011neutral portfolios<\/span> earn from time decay and risk premia.<\/p>\n<p>What unites these strategies isn\u2019t foresight but discipline. Pros cap per\u2011trade risk at a small slice of equity (typically 0.5%\u20132%), use stop\u2011losses and position limits. After losses, they follow the rules and review mistakes instead of trying to \u201cwin it back.\u201d<\/p>\n<p>That composure \u2014 not entry precision \u2014 explains the long\u2011run gap between the groups. The seasoned participant aims to be the house with a statistical edge, not the player at the machine.<\/p>\n<p>Math also matters. Fees, spreads and funding steadily leak from traders\u2019 pockets, turning trading into a negative\u2011expectation game. Those who collect these costs \u2014 exchanges and market makers \u2014 reliably stay ahead. Just like in a casino.<\/p>\n<p>The price of lax discipline shows up at the macro level. In October 2025, the market <a href=\"https:\/\/forklog.com\/en\/news\/crypto-com-ceo-urges-regulatory-scrutiny-after-19-billion-liquidations\">saw<\/a> the largest liquidation cascade on record: more than $19 billion in positions were force\u2011closed in a day. The trigger was a macro shock \u2014 the announcement of 100% US tariffs on imports from China \u2014 and the fall was amplified by the large stock of leverage in the system.<\/p>\n<p>Up to 90% of closures hit longs, with Hyperliquid the epicenter \u2014 $10.3 billion. Each downtick triggered new liquidations, which pushed prices lower \u2014 a self\u2011reinforcing spiral. Mass all\u2011in bets became a systemic risk not just for individual accounts but for the entire market.<\/p>\n<h2 class=\"wp-block-heading\">Is the casino moving on\u2011chain?<\/h2>\n<p>Barriers keep falling. Perpetuals are migrating to decentralized venues with no <span data-descr=\"Know Your Customer\" class=\"old_tooltip\">KYC<\/span> and no intermediaries \u2014 everything is non\u2011custodial, fast and nearly seamless.<\/p>\n<p>The segment\u2019s new center of gravity is the Hyperliquid exchange. The leading platform accounts for <a href=\"https:\/\/www.datawallet.com\/crypto\/hyperliquid-statistics\" target=\"_blank\" rel=\"noopener\" title=\"\">more than 30% of volume<\/a> across perp DEXs.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-9e487735fdaeed91-5981187834620424.webp\" alt=\"image\" class=\"wp-image-280868\"\/><figcaption class=\"wp-element-caption\">Perp DEX rankings by trading volume and open interest. Source: <a href=\"https:\/\/www.coingecko.com\/en\/exchanges\/derivatives\/decentralized\" target=\"_blank\" rel=\"noopener\" title=\"\">CoinGecko<\/a>.\u00a0<\/figcaption><\/figure>\n<p>The \u201ccasino in your pocket\u201d is getting more accessible, but it\u2019s still niche \u2014 perhaps the only good news in this story of removing the last brakes.<\/p>\n<p>For years, trading has seemed to many the most direct and thrilling path to wealth. You can enter and exit positions anonymously, without trading hours or TradFi intermediaries. Leverage, instant execution and the ability to play both ways complete the picture \u2014 making the market look like a perfect arena for endless play.<\/p>\n<p>But that very freedom, paired with the siren song of fast riches, quietly blurs trading into gambling. A newcomer believes they\u2019re mastering cutting\u2011edge finance. In reality, they\u2019re slipping deeper into the psychological trap of speculative dependence.<\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/what-is-web3\">Web3<\/a> and the on\u2011chain world aren\u2019t just a \u201ccasino for screen\u2011glued traders,\u201d but a space to rebuild trust mechanisms, cooperation models and data ownership. <a href=\"https:\/\/forklog.com\/en\/news\/what-is-decentralised-finance-defi\">DeFi<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-dao-decentralised-autonomous-organisation\">DAOs<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/what-are-rwas-real-world-assets\">RWA<\/a>, digital identity, confidential computing and transactions \u2014 these are all evolving frontiers.<\/p>\n<p>Perp trading is only one lane, not the essence of Web3 or a mandatory route. While retail migrates to derivatives and thrills, the other pole is increasingly visible: institutions and holders who long ago moved coins to cold storage.<\/p>\n<p>What makes this world complex and compelling is precisely the lack of one right answer. Speculation and creation coexist, narratives and technologies matter equally, and whales and regulars share the same <a href=\"https:\/\/forklog.com\/en\/news\/what-are-liquidity-pools-and-how-do-they-work\">liquidity pool<\/a>.<\/p>\n<p>Some earn on perpetuals, some exit after their first liquidation. Some build protocols and reshape industries, others find a home in community life. There is no single correct script here.<\/p>\n<p>Before visiting the \u201ccasino\u201d again, it\u2019s worth asking a simple question: does the silent whale\u2011hodler who parked bitcoin in cold storage long ago really need to become a trader glued to charts day and night?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How trading becomes a game of chance that\u2019s harder to quit than it looks.<\/p>\n","protected":false},"author":1,"featured_media":97817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"How perpetuals hook traders on uncertainty and make crypto feel like a 24\/7 casino.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1267,787,32],"class_list":["post-97816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-cryptocurrency-trading","tag-dex","tag-gambling"],"aioseo_notices":[],"amp_enabled":true,"views":"5","promo_type":"1","layout_type":"1","short_excerpt":"How perpetuals hook traders on uncertainty and make crypto feel like a 24\/7 casino.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/97816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=97816"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/97816\/revisions"}],"predecessor-version":[{"id":97818,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/97816\/revisions\/97818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/97817"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=97816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=97816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=97816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}