When the funding rate breaks through the 1.6%/hour level, it's time to consider what is really happening in the market.

What seems like a "benefit of interest" with high fees is essentially shorts paying interest with your margin—why are they willing to burn money? It's nothing more than a tempting prey, where a single market move can recover their losses.

Even more heartbreaking is the liquidity data on the spot side. A trading depth of only $1 million means that a slightly large order can cause the price to oscillate back and forth. Carefully set stop-loss orders are almost useless in this liquidity environment.

Looking at the distribution of long and short positions, the situation is even more interesting—the 693% ratio indicates that nearly 70% of participants are betting on the long side. It sounds like consensus, but in reality, it's more like a herd. Once the market shifts, the crowded long positions will become extremely narrow to exit.

This is not a market bearish warning, but a reminder of a fundamental logic: when everyone is on the same boat, the probability of a capsize is no longer a small number. The question is not how much you can make, but whether you can afford to lose.