All of these CEX listed $PIPPIN in PERP. Let me break down why.

1. They SPOT buy enough $PIPPIN before announcing PERP listing. They do this to have enough weight to manipulate the market. 

 2. They do a massive sell off to liquidate all the LONGS. TAKE YOUR MONEY and buy more SPOT.

3. Once the order volume for SHORT positions reaches high $$$, they rebuy in SPOT in the open market to once again liquidate the SHORT positions.

4. Rinse repeat until they hold enough of the underlying asset to list in SPOT.

Don't let them win you $PIPPIN