Perpetual contract funding rates are basically a money grab, especially when continuous negative rates appear. They are charged once every hour, and over two weeks, even if you don't get liquidated, your account has been significantly drained. No matter how much USDT is in your account, it’s all useless; the key is whether you can withstand this kind of wear and tear. When you see orders with persistent funding rates, you should either find an opportunity to lock in your position and stop the bleeding or decisively cut your losses. Don’t expect to beat this system.

The truth of the market is also quite harsh. Bulls enter at low levels, and the funding rate keeps biting. Trying to reverse and short to recover some losses, only to find that the short position’s gains haven’t materialized, and half of the funding fee has already been eaten up. This is the trap of perpetual contracts — seemingly flexible, but actually slowly eroded by various costs.

From the chart, a volume breakout to the 0.76 level indeed shows some top characteristics technically. But these days, as long as retail traders flock to short, the big players can turn around and push another wave, forcing a short squeeze that’s incredibly fierce. Instead of getting tangled in these tricks, it’s better to admit that the game rules of perpetual contracts are fundamentally a test of psychology. Every time you try to make a profit, you’ll be repeatedly washed out.