How Can Derivatives Trading on an Exchange Be Affected by a Successful 51% Attack?

A successful 51% attack, particularly a double-spend, can cause extreme volatility and price manipulation on the exchange. If the attacker deposits coins, sells them (potentially shorting futures/options), and then reverses the deposit transaction, the exchange suffers a loss and the market is destabilized.

This sudden, artificial price movement can trigger massive liquidations in futures and perpetual contracts, leading to significant systemic risk for the exchange and its users. The integrity of the underlying asset's price is compromised.