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Tether is The House. It doesn't matter what exchange you trade on, the price of Bitcoin (and by extension all crypto) is settled in Tether.

Take a loan in tether, sell it for real USD. Wait for tether to crash. Buy tether back and pay back your loan.

Why should I care about BTC when shorting tether?

No one is giving you an unsecured loan in Tether.

What's your collateral?

USD.